Bojoko CEO Joonas Karhu reveals the deposit methods that still drive growth at UK casinos
The UK has one of the most mature betting cultures in the world. With tight regulation from the Gambling Commission, there’s fierce competition between operators jostling for position and securing their share of new player sign-ups.
At a glance, it might seem crowded, but there’s still a wealth of opportunity for operators to drive new sign-ups and first-time depositor numbers through affiliate marketing. A major advantage of leveraging affiliates is the trackability of your campaigns and marketing spend – giving you granular data about how players engage with your product at all stages of the funnel.Drawing on Bojoko data over the past 12 months, we’ve found some striking results and strategies operators can use to not only draw in first time depositors (FTDs), but keep them.
Leverage low deposit limits
In many cases, but especially in a mature market like the UK, FTDs will be scoping out your platform. They’ll be familiarising themselves with the user interface, learning how you structure your product offering and getting a general feel for your site.
These are all things to build certainty and trust in your brand and ensure that they’re comfortable spending their money with you. Keeping your deposit limits low encourages FTDs to play as it’s less of an ask, and there’s a smaller upfront risk to test out your site.
In the past 12 months, we found that there’s a sliding scale between what an operator sets as their deposit limit and the number of FTDs they gained through Bojoko. Operators who set their deposit limit at £5 increased their FTD numbers by between 3 and 8 each month.
When lowered to £3, operators were garnering 10-20 FTDs per month. One operator decided to experiment with a £1 minimum deposit and it drove an enormous number of sign-ups. The site garnered between 100 and 140 FTDs per month in conjunction with effective marketing campaigns.
While lower deposit limits mean less money upfront, it’s more than compensated in volume. It’s clear that FTDs want to explore a site and ensure it’s right for them, and a low deposit limit allows operators to lean on the strength of their product and player experience to build brand trust and loyalty.
No deposit bonus
We all know that bonuses are a great way of attracting new players, but they usually involve the player spending their own money and this leads some to question the ultimate value of these offers.
A no deposit bonus, on the other hand, allows players to enjoy free cash or free spins without spending their own money.
Bojoko data suggests that offering a no deposit bonus can add between 8 and 20 FTDs. These players convert into depositing players not at the time of sign-up, but in the coming months or years afterwards. It’s an effective means of creating a first touchpoint from which you can nurture a new player.No-wagering bonuses are still a hit
Signing up to a casino and playing your favourite games on the house is still a successful conversion method. Promotions like sign up and get 40 free spins on slots are commonly offered by operators because they are so popular, but they usually come with T&Cs including a wagering requirement on any winnings.
No wagering bonuses are still rare but they convert incredibly well, generating as many as 40 more FTDs over the course of a campaign.
Our data suggests that combining no-deposit free spins and no-wagering free spins upon first deposit is a sure-fire way to drive more FTDs at your casino.
Percentage-based deposit bonuses
Rather than flat deposit bonuses regardless of how much the FTD puts in, you can drive more sign-ups while lowering your bonus costs by scaling your bonus according to the amount deposited.
Operators offering a 200% deposit bonus have been converting FTDs very successfully. Data suggests that this offer in particular has been a strong way to differentiate your brand from others on the market. You can browse what kind of deposit bonuses operators offer from Bojoko here.
Many offer to double a player’s first deposit, but tripling the deposit has on average driven an additional 8-15 FTDs per month. And unsurprisingly, some operators who have offered a 500% deposit bonus have converted extremely well.
The way players move and use money is constantly changing. Operators who cater to a wide range of deposit methods are able to net themselves FTDs they would otherwise miss out on.
PayByPhone deposit methods have proven popular and driving a solid number of additional FTDs, with ApplePay gaining a lot of traction among casino players. Over the last 12 months, we’ve found that operators catering to niche deposit methods have gained an additional 10-15 FTDs per month.
In a mature, regulated and competitive market like the UK, casino brands need to differentiate themselves to gain new sign-ups. There are only so many new people joining the player pool every month, leveraging these tips can remove friction for first time depositors and help you gain and keep players at your casino.