Sports gambling is now legal in most US states. In May 2018 the Supreme Court ruled 6:3 to strike down the Professional and Amateur Sports Protection Act. This was a federal law that barred online gaming. It had made Nevada the only state where a person could bet on the results of a single game. By striking it down, the Court gave states the go-ahead to legalize betting on sports.
Opportunities in Online Payments
Legalization means that sports betting, online casinos, and gaming, will converge. The federal government restricted payments when it banned online gambling back in 2007. This ban caused many online operations to fold.
Analysts hypothesize that many changes will happen over time, and eventually, the different platforms will operate within the same regulatory controls and legal framework. Opportunities exist for online gaming platforms as well as payment processors. The time is ripe to take advantage of this burgeoning market.
Why is Market Research Important?
It would be best if you never underrated the benefits of a good market research exercise. Online gaming and sports betting are now moving to the mainstream. If you don’t do research, it’s sure to affect the bottom line. Research helps with the testing and promoting of new gaming products. A proper analysis also assists marketers in finding out consumer response to their product offerings. Market research can help online platforms to identify opportunities in the marketplace.
Qualitative Market Research
Qualitative market research observes consumer behavior. The researcher can test subjects and issues in-depth as he or she gains new information. At SIS Research, we use several tools to gather qualitative data:
- Focus Groups: This research technique involves a small group of people. This type of group shares a standard set of characteristics. A moderator leads them in a discussion of predetermined topics.
- Customer Interviews: This method is useful for providers that want detailed information. It gives them insight into their customers’ thoughts and behaviors. Each respondent will provide the interviewer with unique points. Other people will not be able to influence their answers, as often happens in Focus Groups.
- Ethnography: This type of research is useful at the beginning of a project. That’s because it can support future design decisions. New online platforms can use it to identify and analyze unexpected issues. It’s important to know the ethnography of your target audience as you set up shop on the Internet.
Quantitative Market Research
We use polls, surveys, and questionnaires for our Quantitative Market Research efforts. We then analyze the responses, which will show you how you can improve your platform. This will, in turn, increase the satisfaction levels of your clients. Quantitative Research helps you to become “customer-centric.”
One of our game-changing questions is, “On a scale of 1-10, how likely are you to recommend us to a friend or colleague?” Gaming platforms can use this question to determine how much more (or less) they have to spend. This single question helps them to set up a budget for paid promotions and advertising. It also tells them how well their word-of-mouth efforts are doing. They can use it to determine which areas of their service quality need improvements.
We offer Strategic Research, which can help your platform identify and explore opportunities. If needed, you can make these opportunities priority. Online gaming and sports betting are new for most states. Many entrepreneurs entered this space because they did Strategic Research. It allows firms to take an unbiased look at whether their operation is likely to be profitable.
Market Research is an invaluable tool that might seem slow and expensive, but it is an investment. When you go straight to the target audience, you will learn the real sentiments of your audience. Remember, these people are less attached to your gaming service than you are. Which would you choose: remaining uninformed with only your assumptions? Or do you prefer to gain insights from a cross-section of your customers?