How Free Offers & Bonuses Have Transformed Online Gambling
Online gambling is one of the biggest growth industries in the world with the sector generating huge annual revenues for operators. It is estimated that the global online gambling market was worth around $53.7 million in 2019 and has been tipped to close to $60m in 2020.
In a burgeoning sector like this one it is inevitable that there will be plenty of competition, with companies eager to grab a bigger piece of the pie for themselves.
Offers like matched deposits and free spins are among the many ways that firms strive to attract new customers and retain existing ones. Learn more as we take a look at free offers and bonuses and how they have helped to transform the online gambling industry.
The Origins of Offers & Bonuses
If you have ever visited a land-based bookmaker or casino it is highly likely that you will have had the opportunity to take advantage of offers and bonuses.
Most leading bookies have historically advertised special odds in their shops which are designed to entice you into placing a bet there rather than with their competitors. Brick and mortar casinos traditionally employed similar tactics, although their bonuses often took the form of free food or drinks.
For high-rollers, casinos have been known to offer free hotel rooms to players in order to ensure that they played the games in their venues.
Online gambling operators use welcome promotions as a way of enticing new customers into opening a new account on their website. These are effectively a reward for signing-up and will generally give you more funds with which to place bets or play casino games.
Sign-up offers vary between different operators and it often pays to shop around before deciding which ones to take advantage of. Many players open accounts with numerous operators, giving them a greater opportunity of securing winning returns.
Most betting firms also offer ongoing promotions to existing customers in order to entice them into continuing to wager on their sites. In sports betting these can include boosted odds, free bets, acca insurance, cash back and incentives to branch out into other verticals.
It is a similar story for online casinos, with free spins, bonus money and reload bonuses amongst a plethora of promotions on offer.
There are also plenty of operators who run VIP programs which offer tiered rewards for customers who are regular visitors to a site.
How Offers & Bonuses Have Evolved
Online offers and bonuses have evolved over time, with operators often making it difficult for players to unlock any winnings they may accrue from using them.
Most promotions now have wagering requirements attached to them, meaning that you have to ‘play through’ the bonus a specified number of times before you can cash out. Some operators force players into using bonuses on games where they have a much higher edge, thus reducing your chances of securing a winning return.
However, if utilized correctly offers and bonuses can be a great way for savvy punters or players to seriously boost their bankroll.
The Future of Offers and Bonuses
Gambling operators are continually looking for new ways to boost their business revenues, meaning that offers and bonuses will continue to evolve.
The traditional offers that exist now are unlikely to disappear and new types seem certain to be added into the mix over the next few years. Rewards for using cryptocurrency could become more prevalent, particularly as these are a more cost-effective payment method for operators to process.
Special eSports bonuses may also increase in popularity as gambling firms try to cash in on this growing worldwide phenomenon.
This article has been published in accordance with Socialnomics’s disclosure policy.