Sports betting is growing rapidly in the United States, as more individual states begin to legalize services. A new study of the industry has shown that one-third of bettors in the nation are women. Despite this large percentage, sportsbooks lean their marketing campaigns more towards men. This leaves the female side an untapped market.
Marketing agency Hot Paper Lantern completed a study on the bettors in the US and found that the number of female participants was higher than expected. The American Gaming Association has studied the industry as well and found that in 2019, 32% of the sports bettor in America were women.
Male-Driven Industry
CEO of PlayUp U.S. operations, Dr. Laila Mintas was interviewed on the topic and explained how female sports bettors are a massive opportunity for the industry. She feels the female market is unserved, especially since 50% of sports fans are women.
Dr. Mintas pointed out that in the market right now, operators are offering the same types of deals. Everything is similar and has a male focus. The industry is male-driven, even though a large percentage of bettors are female.
Of the female bettors from the Hot Paper Lantern study, 27% are Gen Z and 28% are Millennials. These players are wagering at least once a month. Older female bettors are wagering as well, but usually during major events like the Kentucky Derby and the Super Bowl.
Social Betting
In the study, it revealed the women are more focused on social sports betting. Females are wagering on significant social events and they are seeing promising results. A study by 888 Holdings last year showed that its operations in New Jersey saw women winning more bets and making more money than men.
Women were seeing an average of a 20% return while men were losing on average, around 5%. Women seem to have a more strategic approach than an emotional one. To pull in female bettors, operators are going to have to provide different promotions and events to cater to the demographic.
Right now, most offers are sign-up deals with a men’s focus. Top male athletes are pictured alongside sign-up deals providing a risk-free wager or a percentage of cashback based on the deposit amount. This type of offer does not necessarily appeal to women.
Sportsbooks could easily see additional growth by coming up with campaigns that cater to the female audience. Right now, operators seem more focused on gaining a market share by trying to pull in sophisticated male bettors. All the while, there is an untapped market of female bettors waiting to be catered to.
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