It shouldn’t be surprising that Market Data Forecast expects the casino industry to grow by a CAGR of about 6.47% within the next few years. According to the institution, the global market has already reached $308.52 billion and is on its way to reaching $542.41 billion within the next few years. This growth is anticipated because companies like Betway Malawi have been adopting various strategies to attract and retain as many players as possible.
Of course, gambling on online platforms like Betway Malawi itself is already convenient and really helps the industry to advance. But beyond that, these platforms can take advantage of the popularity of sports like motorsports to improve their edge. Apparently, some are already doing that, and in this article, we will learn why this trend can actually be beneficial for online casinos.
Brand exposure at lightning speeds
We can all agree that getting a brand in front of millions of passionate fans is a no-brainer. But taking advantage of the popularity of motorsports, whether Formula 1, NASCAR or rally racing, can really help brands like Betway Malawi. By the way, do you know these sports often welcome over 500 million people for their annual events?
Other experts suggest that F1 alone welcomes over 750 million attendees each year. This is a huge number to ignore, especially if you’re targeting a global audience. Partnering with racing teams or events allows your logo to be plastered on cars, driver suits, pit crew uniforms, etc., which increases the chances of racing fans spotting you and becoming your customers.
Every time a car zips by at 200 mph with your branding, it plants a mental seed in the viewers’ minds, which can really improve your brand recognition. Take Apple Inc., for instance. Any time you see an apple icon from a distance, you can quickly associate it with the brand.
Remember, a good number of customers easily transact brands they recognize. In fact, according to WiserNotify, 50% of consumers easily buy from such brands. With the costs of acquiring casino players expected to increase, you want to use such statistics in your favor.
Improving fan experiences
Both industries seem to be a perfect match because of the high-speed action and sheer unpredictability of events. A casino platform like Betway Malawi that knows this quite well might want to take the entertainment beyond the racing tracks. For instance, they may want to integrate betting experiences that allow fans to place bets on different outcomes.
Given that finding a suitable betting site like Betway Malawi is already a hassle by itself, offering such an experience can really help casinos improve player engagement. And the results of improved player experiences can really be mind-blowing. Can you imagine that, according to Help Scout, more than seven in ten customers will tell at least six people about them?
Since many people trust word-of-mouth recommendations more than anything else, you may begin to notice significant organic growth. Actually, some experts claim that about 88% believe such recommendations more than any other type of marketing.
To make the experience even tighter, consider adding an option for in-play betting. Think of it this way: A fan is watching an f1 race, and their favorite driver has just made a risky overtaking move.
Your platform pings them with odds on whether that driver will finish in the top three. Since a considerable number of modern gamblers crave such encounters, you want to capitalize on them to stay ahead of your competitors.
Legitimacy & trust through association
In the e-commerce world, consumers don’t just buy from a brand because it offers the products they are looking for – they must also be able to trust the brand in the first place. In fact, Exploding Topics notes that the percentage of such customers is as high as 81%. This highlights why improving brand trust is important for online casinos seeking to reach new audiences.
Thankfully, motorsport sponsorships can really help with that. Of course, a well-respected team won’t just partner with any brand; it must be reputable and credible. That’s why associating with such teams sends a message. It’s like when you are stranded about an item you want to purchase, and a trusted friend offers you a recommendation. The likelihood of buying it increases just because the recommendation came from a trusted person.
Similarly, when casinos like Betway Malawi partner with reputable teams, fans may perceive them as trustworthy and be prompted to sign up for their products. This leads to higher conversion rates, which may lead to better business performance.
Our final words
Motorsports offers a great opportunity for online casinos to rev up their success. Already, this sport appeals to millions of people, and casinos can take advantage of this existing market to discover new audiences. By consistently featuring their logos on the teams’ cars, casinos can improve their brand recognition and conversion rates.
On top of that, integrating features like live betting can improve player experience, which may lead to the company’s organic growth. Acquiring new players is becoming more expensive, and approaches that help attract them effortlessly are usually welcome.
And, of course, we can’t fail to mention how these partnerships help to strengthen customer trust, which is a very important aspect of a consumer’s journey. Most people prefer transacting with brands they trust.
