The future of free bets
"Ivan" (2018-12-14)
When looking to the future of online gambling, it is a hazy one, with the general feeling that competitors may either adhere to the new tax, find a loophole to get around this, slightly change the message tone of their offers, or find a new angle or hook to keep the free bet punters coming back.
It presents a new and somewhat appetizing challenge to the companies and the many agencies associated with their brands, and who work tirelessly to promote them, while also trying to change the way the public perceive them and ensure they don’t appear in the tabloids for the wrong reasons.
Recent prevalence study estimated that 64% of Europeans adults gambled at least once in 2015, 22% bet on races and 13% free bet on sports, which has doubled in popularity since the previous national prevalence survey in 2013. Previous research has had to rely on inaccurate self-reports of betting behaviour but the use of data from player account-based gambling has begun to make a substantial contribution to the understanding of gambling behaviour and player profiles.
It is a culmination of public and governmental pressure that will see gambling companies increase their social and corporate responsibility efforts to promote gambling in a responsible manner. For operators like asian bookmakers, depending on a variety of factors, this could provide a positive knock-on effect, as consumers will view the company as mindful of the harsh effects of uncontrolled gambling, and appreciate the aforementioned efforts of promoting responsible gambling. There are various ways of getting this message across, and a few are outlined below.
The current study aimed to analyse player account data from an Australian corporate bookmaker. Investigation of online wagering patterns will further the understanding of how individuals wager online, including the types of free bets placed and the outcomes of these. This information can be used by stakeholders, including policymakers, who may be able to implement a more targeted approach relevant to this type of gambling. The rapid increase in online betting has caused some unease among stakeholders, including governments, sporting organisations, and community groups. Sports betting was dominated by ball sports, reflecting a popular interest in these events. More than three-quarters (77.63 %) of the bets were losses and there was a large variation in bet size between bet types and events bet on although average bets were higher than in previously reported studies. The most popular free bets placed to win had a relatively high rate of losses and lowest average returns, which may reflect less sophisticated betting behaviour. Further concerns have also been raised regarding the importance of safeguarding the integrity of sports and preventing match-fixing and corruption. However, little is known about online betting behaviour, which makes it difficult to create appropriate policies and practices to regulate this activity. The difficulty in successfully prohibiting offshore gambling and the importance of providing a safe, regulated environment for gamblers has been cited by the majority of international governments that have liberalised online gambling. Online wagering is increasing in popularity as it is easily accessible through websites which market these services widely. However, few studies have examined online betting based on actual behavioural data.
Here it describes the results of an analysis of more than 0.3 million free bets placed with a European online wagering operator over a 1-year period. The majority of free bets placed were for a win (45.31 %) and were placed on races (86.74 %) or sports (11.29 %). More specific handicap and total bets were placed by fewer customers but were larger with free bets with the greatest returns. Similarly, bets placed on less popular sporting events had greater average returns potentially reflecting greater customer sophistication and knowledge raising the possibility of a proportion of bettors being more 'skilled'. As the first paper to analyze the types of bets placed on events and outcomes the results support the notion that wagering is an entertainment activity, and the majority of customers are motivated by factors other than simply winning money.
Central concerns focus on the impact of the availability and accessibility of Internet gambling on vulnerable populations, including young people and problem gamblers, the prevention and detection of fraud and money laundering through online websites, and the ability to appropriately regulate an online activity across border states. The prohibition of certain types of wagering or placement of strict restrictions and requirements on wagering operators may have the unintended effect of stimulating illegal gambling, including offshore gambling sites.
For example, although sports betting is illegal in the vast majority of the US, research estimates that over two-thirds of Americans have gambled at least once and that over $380 billion is wagered illegally each year with free bets.