Marketing a sports betting exchange has its difficulties in comparison to more traditional wagering platforms, as it is harder to attract customers who are new to the betting market.
Speaking on the Caan Berry Pro Trader YouTube channel, Betfair’s UK and Ireland Sports Director, Richard Hayward, explained the intricacies of marketing an exchange as opposed to more traditional methods of sports betting.
“We’ve been marketing the exchange a lot in the last few years. So if we look at the Clive Owen campaign, that’s a two year, multi-million pound marketing campaign all around the exchange that finished just before our Cheltenham campaign.
“Our Road to Cheltenham campaign was where customers could bet in the horse meetings before Cheltenham in February to get bonus points on the exchange.
“To grow the exchange, we do need to compete as a sports betting product, competing as an exchange on its own just simply wouldn’t grow the exchange. It’s a difficult product to bring someone on who is fresh, and to actually keep those customers.
“The goal with our customer base is to create as many jewel users as possible, the key for us is getting customers that want to place their accumulators or their multiples on our sportsbook but then getting that single activity on our exchange.”
The Director also detailed the significance of free bet mechanics as a method of customer acquisition and retention, noting that the feature ‘has clearly become a very popular area of the market’, and was something Betfair previously lacked.
However, the exchange still requires further investment, both in terms of marketing and with regards to products, he explained.
“There’s still plenty more to come within this year,” he continued. “We’ve moved to an insight led strategy, we are really listening to customers now as opposed to thinking ‘this is what we need to do next.”
“Hopefully you’ll see more and more opportunities to tell us what it is that you want, and the changes that customers want to see. There is a Betfair community, which is essentially a forum of 2,500 users, where we post a lot of questions, and we are really using that to make our decisions.”