Attention sports media organisations: Sports betting is a massive market that’s about to explode with opportunity for media companies. More than 20 U.S. states have legalised sports betting so far, and this is expected to expand to around 40 states by 2024.
In a recent interview on KKFX Fox 11, I noted approximately US$35 billion-US$45 billion dollars of online gambling is happening in the United States. That number is growing, and everyone wants a slice of the pie.
And now, Viafoura’s wagering that breaking into the sports betting market will help media organisations build loyal, profitable communities of sports fans.
Monetising on-site audience members
By pumping out engaging sports content and related on-site experiences, media companies have been forming active digital communities. While these communities of sports fans have been monetised in various ways, publishers have yet to tap into online betting as a revenue stream.
But now that it’s becoming legal, what’s stopping you from further diversifying your revenue by bringing sports betting experiences right onto your Web site or app? I encourage media companies to think about how sports betters are already part of their audiences.
Media businesses can easily access interested audiences and monetise them directly on their sites by making sports betting a part of their digital offerings.
Elevating audiences’ digital experience
It’s worth noting media companies aren’t the only ones who will benefit from their inevitable journey into sports betting. Audience members will also be able to access satisfying experiences around sports in an engaging, streamlined way.
The reality is digital visitors already rely on sports media companies to stay up-to-date with the latest sports games. Once media organisations start incorporating sports betting into their on-site user experiences, sports fans can fulfill all of their digital needs — from content consumption and discussion to online betting — in a single place.
Through sports betting, media organisations will inevitably become trusted providers of exceptional experiences for sports fans.
Unpacking the long-term value of sports betting
We’re currently living in a world with impeccable digital experiences across every industry and service. To satisfy the evolving expectations of sports fans, media companies need to focus on building and engaging loyal communities around sports.
Media leaders can get ahead of the game to captivate sports fans by implementing outstanding, interactive experiences across their digital properties. Naturally, sports betting offers a significant interactive component that has the power to keep active audiences on publisher properties for longer periods of time.
If you’re concerned that online sports betting could become nothing more than a fleeting trend, industry professionals are confident that the market will continue growing. “[Since the] coronavirus remains volatile and the reality of consumers reassembling the cable cords they’ve cut remains unlikely, the investments in and attention given to sports betting only stand to expand,” wrote Todd Longwell for Variety.
As a leading community-building service provider, Viafoura has seen firsthand how interactive, on-site experiences can elevate audience engagement across sports media. And, the sports betting market is practically overflowing with potential for new tools and experiences that can help media organisations engage and monetise sports fans. For this reason, sports betting and the media industry are bound to collide in the future.