the-pros-and-cons-of-influencer-marketing-for-betting-platforms-during-major-sports-events

The Pros and Cons of Influencer Marketing for Betting Platforms During Major Sports Events

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The online sports betting industry is skyrocketing: according to Statista, the market revenue is predicted to reach approximately $46B in 2024, and grow up to $65.68B by 2029. This growth is driven by numerous factors, including accessibility and convenience of betting from home; shift in consumers preferences; emerging trends and technologies; female users growth; and more. 

 The availability of a wide range of sports events and the ease of placing bets with just a few clicks attract increasing numbers of people seeking excitement and wins. And it is obvious that major events like the UEFA Euro, Copa America, the Super Bowl, and the Olympics represent golden opportunities for betting platforms to engage with their audiences and boost deposits. These events capture the attention of millions of fans worldwide, and create a fertile ground for marketing strategies that can drive user engagement and boost platform activity. One such strategy that has gained significant traction in recent years is influencer marketing

Influencer marketing has proven to be a powerful tool across various industries, and its impact on the betting sector is no different. 89% of marketers admit that the ROI from influencer marketing is comparable to or better than other marketing channels. By leveraging the reach and credibility of influencers, betting platforms can tap into their followers’ enthusiasm and encourage participation in betting activities. 

Most betting platforms prefer to invest in influencer marketing during major sports events. However, while the benefits are significant, there are also challenges that must be navigated. In this article, Pavel Beinia, CEO & Founder of Famesters, will delve into the pros and cons of this approach, providing insights and strategies for betting platforms to maximize their marketing efforts.

The pros of influencer marketing for betting platforms

  • Engaged audience eager to bet. 

Major sports events generate an immense amount of excitement and engagement among sports fans. This heightened interest creates an opportunity for betting platforms to capitalize on the attention. Influencers, with their dedicated follower base, can amplify this excitement by sharing their own enthusiasm for the events, thereby encouraging their followers to engage in betting activities. 72% of consumers trust influencers’ opinions as much as their own friends’. When influencers discuss upcoming matches, share their predictions, or highlight special bets, it resonates with their audience, making them more likely to participate.

  • User acquisition. 

Influencer marketing can extend the reach of betting platforms beyond their typical audience. During major sports events, even individuals who do not regularly engage in betting might be tempted to place a wager. Influencers can appeal to these casual fans by framing betting as an integral part of enjoying the event. For example, an influencer might say, “Everyone’s placing bets on the Euro – it’s part of the fun!” This approach can draw in new users who might not have considered betting before, broadening the platform’s user base.

  • Enhanced user attraction mechanisms.

Betting platforms can leverage influencer partnerships to promote special bonuses and other promotions tied to major sports events. For instance, a platform might offer a limited-time promotion where deposits are doubled if users enter a specific promo code shared by the influencer. However, the bonus program can be enhanced further – for instance, “only for this match”, or “if you register today before midnight, you will receive not only the standard $200 deposit bonus, but also 50 free spins”. Additionally, influencers can create excitement around merchandise giveaways or exclusive event-related contests. These tactics enhance user attraction mechanisms and not only encourage to place bets but also create a sense of urgency that prompts users to act quickly to take advantage of the offers.

 

The cons of influencer marketing for betting platforms

  • High demand for top influencers.

One of the significant challenges of influencer marketing during major sports events is the high demand for top influencers. Influencers with large followings and strong engagement rates are often booked months in advance. This means that betting platforms planning their campaigns close to the event dates may find it difficult to secure these high-profile influencers. As a result, they might have to settle for less popular influencers who may not deliver the desired results. Moreover, last-minute planning increases the risk of relying on influencers who have suddenly become available due to cancellations, potentially compromising the quality and consistency of the campaign.

Start planning and reaching out to influencers several months before the event. This will increase the chances of securing top influencers at more reasonable rates.

  • Saturation of advertising content.

Many betting brands are taking advantage of increased audience attention during sports events and buy  lots of influencer integrations. This leads to a saturation of advertising content, with numerous brands competing for the same audience. When multiple betting platforms launch similar campaigns, the audience may experience ad fatigue. This leads to decreased effectiveness of brands’ marketing efforts: ad fatigue can lead to a 30% decrease in engagement rates. This is why it is crucial for betting platforms to differentiate their campaigns and constantly vary the advertising content and messaging. 

Avoid repetitive and intrusive advertising by diversifying content. Incorporate behind-the-scenes footage, live interactions, and unique storytelling to keep the audience engaged. 

  • Increased rates from influencers.

The high demand for influencers during major sports events often results in increased rates. Influencers are aware that brands are competing for their endorsement and can therefore command higher fees for their services. For betting platforms, this means a higher marketing budget to secure the right influencers

Select influencers in advance and negotiate long-term contracts that include multiple posts leading up to and during the event. By locking in agreements early, platforms can avoid last-minute price surges and ensure a more stable and predictable budget.

 

Conclusion

Influencer marketing is a potent strategy for betting platforms, especially during major sports events when audience engagement is at its peak. While influencer marketing during major sports events presents both opportunities and challenges, strategic planning and execution can lead to significant rewards. Betting platforms that effectively leverage the power of influencers will find themselves well-positioned to engage their audience, attract new users, and drive successful campaigns.

As you prepare for the next major sports event, consider how you can integrate influencer marketing into your strategy. Plan early, be creative, and form strategic partnerships to maximize your campaign’s impact.

Pavel Beinia, CEO & Founder of Famesters influencer marketing agency

The post The Pros and Cons of Influencer Marketing for Betting Platforms During Major Sports Events appeared first on European Gaming Industry News.

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