Changes in the USA
Until May 2018, Nevada was the only state in the USA to allow sports betting. Then, a landmark ruling by the Supreme Court changed everything: it gave states the authority to legalise sports betting. So far, 30 states have begun the process of legalising sports betting. That’s more than half of the country.
Betting companies were initially reluctant to embrace sports betting. Now, four of the country’s major sports leagues — the NBA, NFL, NHL and MLB - have contracts with major sportsbook operators, and TV broadcasts now routinely display odds during games.
Partly as a result of the Supreme Court Ruling, in 2021, the sports betting industry exploded, with $57.2 billion ‘in handle’ — an insider’s term for the amount of money wagered.
According to a poll conducted by Morning Consult in December, 1 in 5 Americans said they bet on sports at least once a month. That is 80% more than in January. As the market grew, more gaming companies appeared in the market. Competition is fierce. How can your company get ahead of the others?
Data in the betting industry
Data is the secret to increased conversion, and the gaming industry is no exception. As you can measure gamers' preferences, you can better adapt your product to suit their needs. That could be things like an improved user interface, the colour of buttons, or the time it takes to complete a specific action. Most companies in the industry have adopted this new reality. According to a recent study, 74% in the industry see improved use of data as a focus area. 53% find that the improved use of data has contributed positively to their performance in 2021.
The challenge here lies in choosing what kind of data to focus on. In theory, you can measure almost anything your users do, but focusing only on the relevant numbers will ensure you double down on those things that move the needle for your betting business. That’s especially true when it comes to the latest trend in the gaming industry: live betting.
The rise of live betting
Hardly anything offers such a dynamic as live bets do - they increase the excitement at every moment and provide bettors with a healthy dopamine rush. Mobile apps make betting even more convenient.
Placing a live bet is simple: the user has to log in to his account, click on the event of his choice, and then place a live bet. Most sportsbooks have a special live betting section, an indication of how popular this kind of betting has become. It’s possible to place bets on thousands of betting markets in real time. That is if your login process is fast enough to accommodate live bettors.
Many gamers are on the move when placing a bet, and jumping between different browser windows or typing an OTP number with one hand doesn’t make for a great customer experience. It can even lead to gamers abandoning your website. How many gamers will you lose if your website increases friction between them and a live bet? If you don’t measure your login rate, you won’t know. Data can help fill the gap and increase revenue with the right MFA solution. But are betting companies aware of that?
More numbers, more data, more confusion
The rise of AI combined with more US allowing betting is a unique opportunity for exponential growth. But what kind of data would be relevant? It’s easy to get lost in numbers. We argue that, in the last months, the industry has overlooked a crucial metric for profit: Login data.
Why is login success rate important?
Until now, no data about the login success rate in the betting industry exists. Companies don’t realise how many users they lose in these crucial login seconds. Users who find it difficult to register or log in will quickly go elsewhere. And thanks to the new legislation, there is plenty of competition they can choose over you.
The opposite is also true: a faster, safer login process can give you an edge over other betting companies. We’re talking seconds here.
In eCommerce, conversion rates increase by 45% if companies offer guest checkout. That alone should indicate how much consumers hate having to deal with passwords: they’d rather type in their address and payment details again than create a new password. Bettors want a fast, easy login experience so they can spend more time betting. The gaming industry should serve them better than adding more and more steps on the way to the gaming experience.
The faster, the better
Most US states require gaming companies to add multi-factor authentication (MFA) to their login process. It requires the user to add an additional layer of security to their password. That could be a code sent to their mobile device (known as OTP) or a link sent to their email address. Whatever it is, users now have to wait longer before they can access your website. And that, in turn, often means a loss of revenue.
MIRACL take the most frustrating part of every user experience – the multi-step, multi-factor authentication process – and replace it with a single PIN code (or biometric) that takes less than two seconds. Bettors can enjoy the website experience almost immediately without being bogged down by extra authentication layers. But that doesn’t mean they have to forego security: MIRACL is compliant with NIST Digital Identity Guidelines and highly secure. We call it single-step MFA, and it’s as easy to set up as it is to use. That means no matter how computer literate your consumers are, they will be able to enjoy the benefits of a quick login.
Are you missing out on revenue?
It’s easy to check if your login costs you clients and profit. You can use our revenue calculator here- no email address is needed:
See how MIRACL Trust can reduce your user’s time to bet by scheduling a demo here.