Education holds key to online sports betting participation, consumer study finds
Non-bettors were 78% more likely to bet online if they were educated on how to bet, a recent study found.
The study by open bet marketplace WagerWire and market research firm Leger discovered more than three-fourths of respondents cited a lack of education and understanding as the top reasons for not participating in sports betting. In the study, 43% of non-bettors said “they don’t feel like they know enough about sports betting” and 41% said “they don’t know enough about how to bet online.”
An additional 23% of the non-betting respondents said they aren’t betting because “they don’t know how or where to bet on sports.”
Zach Doctor, co-founder and CEO of WagerWire, said: “The data from our study clearly shows how a lack of adequate betting education is the greatest barrier to entry for would-be bettors. However, education is also the industry’s greatest opportunity to grow and expand.
“There is a notable impasse in the current sports betting landscape regarding operators pulling back on their promotional and marketing spend, while also striving to grow their user bases and gain market share.
“While promotions and free bets are flashy, basic betting education can be the formula needed to develop more confident, engaged, and responsible players that will result in a stronger, more sustainable industry,” Doctor said.
The study was completed between July 8 – July 21, 2022, including 500 US sports bettors and 200 non-sports bettors. WagerWire plans to release more information from the study in the coming months.
WagerWire CEO Zach Doctor: “While promotions and free bets are flashy, basic betting education can be the formula needed to develop more confident, engaged, and responsible players.”
WagerWire is the first start-up announced in the newly launched HPL Digital Sport and Cardinal Sports Capital Accelerator Program, according to a release. The company also recently announced its seed round led by Miami Marlins co-owner Roger Ehrenberg.
In announcing the first part of the study, WagerWire said it was curating “a growing community of content creators and social media followers” with the “resources, information and tips on how to bet” as well as use products such as its upcoming secondary marketplace.
WagerWire will co-sponsor an event with The Gaming Society, a content and gaming platform focusing on education as well as athletes’ perspectives on sports betting, at the 2022 Global Gaming Expo in Las Vegas later this month. Gaming Society founder Jaymee Messler and investor as well as NBA Hall of Famer Kevin Garnett will preview a newly launched Betting Academy experience.
“We, at the Gaming Society, believe that by educating bettors we can build a stronger, more sustainable and responsible sports betting community,” said Messler in a statement. “The WagerWire team not only shares our vision but is already developing new strategies to integrate education into their new platform.
“Through our new partnership, we’ll unite both our platforms to build a larger community, create stronger data on bettor behavior and use that data and knowledge base to collaborate on new tools and content to continually empower the American sports bettor,” Messler said.