Sports betting is a massive portion of the global gambling market, which is why there is a Vivo sports betting platform available to iGaming companies. In 2021, sports betting accounted for around 39% of the total global gambling market according to research firm H2 Gambling Capital and when the global sports betting market is estimated to be worth $203 billion as of 2021, it’s important not to take that lightly.
It’s ingrained in the culture. The world watches sports, and they then head to their nearest bookie or sportsbook and put money on their favourite team. Simple.
Or is it as simple as “favourite team”? After all, your favourite team might not be the frontrunner this year – or any year! – which means you’re just throwing money away. That doesn’t seem like a good bet. So, what goes into making a sports bet? It’s not as much a game of chance as blackjack or roulette, so what’s the logic that goes into it?
Of course, that logic changes from person to person. Two guys walk into a bookie: one is meticulously studying player stats before he is convinced to make a bet, and the other is waiting for a sign. A third already there has its own system. We explore the ways Vivo sports bettors can determine their choices for betting.
Motivation
Bettors have lots of different motivations for making their bet – the excitement of winning, supporting their favourite teams and players, testing their knowledge of the sport, etc. There might be a social element on Vivo sports betting platforms with betting pools and fantasy team bets, or simply a source of entertainment that adds to the thrill of watching the sport.
Understanding the motivation of your bettors helps you better understand the market and target Vivo sports bettors with your marketing campaign. Additionally, bettors looking to develop a strategy need to address the underlying motivation first.
Research
The most common strategy for those not simply supporting their team with a bet as a means of manifestation is to research. If the goal is to really win money by making a smart bet, the way bettors get there is to start studying. They might naturally absorb all the little narratives and statistics that come naturally to a fan, or they might start making a conscious effort to start reading up on the best in the league, for example. Successfully handicapping games requires objective research and analysis. Look at stats, injuries, matchups, etc. to make an informed guess on what the outcome will be, rather than a shot in the dark.
Cognitive biases
Bettors should make a point to not make picks based on fandom or hunches, however, a lot of bettors fall victim to biases like confirmation bias and overconfidence. Bettors can offset this by being aware of tendencies and not let biases cloud research while playing on Vivo sports betting platforms.
Patience and discipline
Successful betting requires discipline to stick to strategy over the long term, not get greedy, and wait for good opportunities. Vivo sports can help keep bettors on the platform by offering impulse betting opportunities, like a “bet now” button or live in-game betting to encourage repeat customers. Additionally, although it sounds counterintuitive, offering deposit limits, wager limits, and loss limits shows concern for customers, building trust and loyalty.
Learn and improve
Bettors should learn from their betting failures. Marketing for Vivo sports betting platforms should enforce that there is an opportunity to do it right next time. Bettors can review both wins and losses to improve their strategies.
Expect loss
Even with the perfect strategy that keeps working for you, losing is inevitable. Players have bad days, circumstances interrupt the narratives you see in the coverage. Never bet more than you can afford and have proper bankroll management and bet size to withstand variance. Don’t chase losses or go on tilt.
Enjoy the process
It’s important to have fun but keep perspective while you’re betting on your favourite choices. Only bet what you can afford, and that goes for financially but also emotionally. Betting evokes excitement, frustration, and regret. Don’t make bets based on emotion. Have rules and stick to an analytical system. Sports betting is entertainment with no guarantees. Wager sensibly within a proper budget.
