Optimove Report Details Scope of March Madness Betting
It is not much of a secret that March Madness provides a major spike for U.S. legal sports betting providers, including many of our best sports betting sites. Optimove has revealed just how important the NCAA basketball tournament is for the bottom line of American sports betting providers.
A recent study by Optimove took data from 495,000 U.S. bettors and took into account 5.5 million wagers placed during the 2023 March Madness tournament from tip-off to the Championship game. It was able to identify patterns of which providers in the American market should be aware regarding their betting public. There were 12 days of NCAA Basketball action last year.
The study highlighted how important it is for our best sportsbooks to grab bettors at the start of the tournament and keep them engaged throughout. More teams and more games at the beginning of the tournament lead to more new and existing bettors placing a wager on their favorite team.
The report claimed, "The purpose of the Optimove Insights Report on March Madness Sportsbook is to provide sportsbook operators insights on how to optimize player (bettor) value during the tournament."
As Pini Yakuel, CEO of Optimove, said in a statement, “To leverage these insights effectively, sportsbook operators are encouraged to adopt targeted marketing strategies and employ journey orchestration techniques. With these insights, operators can tailor experiences for first-time depositors, ensuring maximum engagement and retention throughout the tournament and beyond.”
Why the report is so important
March Madness is the second-largest betting event on the U.S. legal sports betting calendar, behind only the Super Bowl.
The American Gaming Association claimed that 68 million Americans placed wagers on the tournament in 2023 and bet an estimated $15.5 billion on the games.
March Madness represents an enormous opportunity for U.S. sports betting apps, including our best sports betting apps, to engage new bettors while at the same time catering to the millions of Americans who have already signed up for a legal sports betting account in the nearly 40 U.S. states.
Findings of the report
Unsurprisingly, the first and perhaps main finding of the Optimove Insights Report on March Madness Sportsbook Trends was that the NCAA Basketball tournament leads to a spike in the number of overall bettors in America.
The report also suggests that the sportsbook's energies should be put into attracting bettors at the very start of the tournament. In the first weeks of the tournament, sportsbooks should focus on first-time bettors to maximize their sign-ups and ultimate revenues. According to the report, a strategic retention focus should follow.
This would be done through targeted promotions at the beginning of a new bettors' sportsbook experience and focused retention programs during the tournament.
The report said, "Sportsbook operators have a golden opportunity to leverage the heightened interest and increased number of bettors during March Madness by implementing targeted marketing strategies to orchestrate the customer journey. By employing journey orchestration techniques, operators can effectively guide first-time depositors through a tailored experience designed to maximize engagement and retention."
The Optimove report focused on more than just drawing new bettors into the legal sports wagering fold. The study also concentrated on retention and operators' ability to deliver "the right message at the right time" to attract new bettors and keep them engaged past the tournament games.
The study revealed that 50% of bettors never return after the first bet and that "Effective retention strategies, woven into the fabric of the customer journey, can significantly enhance customer lifetime value and drive long-term profitability."
According to the report:
- The 1st/2nd Round (+87%) had the largest increase in bettors. We believe this could be directly connected to more teams in the hunt, whose fans bet, and there are more games (48 in total).
- The Sweet 16 (+61%), Elite 8 (+71%), and Final Four (+68%) showed a significant increase in the number of overall bettors.
- The Championship game day revealed a +27% increase over the benchmark.
- The First Four had a +18% bettor engagement over the benchmark on two games days.
Optimove demonstrated the importance of the early days of the NCAA tournament while giving sportsbook providers a roadmap for betting during March Madness.
Because of its findings, the Optimove report will surely be a hot read for anyone in the sports wagering industry during the countdown to the March Madness tournament.
