Live casino and sports betting have been at the heart of the online gambling revolution. Whether it’s sitting down for a game of live blackjack or placing a bet on a horse, players are increasingly flocking to platforms that can offer the latest and greatest online gambling products and services.
In the past, operators specialised in particular areas. For example, one might focus on sports betting, while another might focus on video slots. However, times are changing, operators today must be ready to meet the expectations of the modern player and must be ready to offer a wide range of different services. Do live casino and sports betting offerings go hand in hand? Let’s find out.
The Live Casino Market
In the early days of online gambling, the technology available only allowed for relatively rudimentary digital emulations of classic casino games. Blackjack and roulette were among the first, with early versions offering only single-player modes and very limited features.
Things couldn’t be more different today. Now, technology allows for advanced live casinos, where players can sit at a virtual table and watch a live dealer operate their favourite casino games. They’ll be joined by other players from around the world in what makes for an incredibly immersive and engaging gaming experience. Live blackjack and roulette have proved the most popular, but we’re also seeing an increase in the popularity of other games like live baccarat.
Assessments of the wider online gambling market pinpoint live casinos as a key contributor to growth. As technology further improves and we see the integration of VR and AI tech, we can expect live casinos to become increasingly realistic and, as a result, even more popular among players.
The Sports Betting Market
The sports betting market is enormous and it’s growing all the time. Experts predict the global market value could reach upwards of $182 billion by 2030.
Part of the reason behind sports betting’s incredible success has been increasing regulation and legalisation across the world, particularly in the US. Sports betting revenue in the US skyrocketed from $1.55 billion in 2020 to $4.33 billion in 2021.
It’s not just the US that operators should be targeting with a sports betting offering. The UK has a booming sports betting market, widely regarded as one of the most active and lucrative in the world, while certain African and South American regions also have healthy sports betting markets.
Where Do Live Casino and Sports Betting Meet?
The online gambling industry is varied and segmented. However, there’s often more overlap than you might expect. As an operator, you must be able to identify intersections where demographics meet and use this knowledge to your advantage.
Research suggests that as much as 10% of sports bettors will also place bets on casino games. Often sports bettors are unfamiliar with classic casino titles, but as they become more accustomed to industry terminology and how things work, they will become more likely to participate in casino games while also maintaining their interest in sports betting.
In the past, sports bettors would have to visit a bookies or sportsbook to place a bet on a sport. If they wanted to, for example, play blackjack or roulette too, they would have to visit a casino as well.
With the power of modern online gambling platforms, players can access these services all in one place with the click of a button. A player could place a bet on a football match and then sit down at their favourite live roulette table seconds later.
What this means is that we are seeing further overlap between live casino and sports betting, and the lines between the two demographics are becoming increasingly blurred.
Should You Offer Both Live Casino and Sports Betting?
As an operator, what benefits can you see as a result of offering both live casino and sports betting?
Research from Optimove tells us that the future value of players who participate in both live casino and sports betting is higher than players who focus on just one, 50% higher when compared to sports bettors.
Players who take part in both live casino and sports betting also demonstrate higher retention rates. In fact, casino players who had placed a bet on just one sports event show increased retention rates.
This demonstrates why it’s so important that your online casino offers options for live casino and sports betting. Doing so can have a direct impact on your bottom line and how well you retain your players.
Live casino and sports betting may seem disparate, but in reality, the two go hand in hand. Modern online casino platforms are comprehensive and offer a wide range of different products, ensure you have both live casino and sports betting available for your players and reap the rewards.