The Rewards System is a standalone sportsbook tool which allows operators to offer large prize pools to players to encourage brand loyalty.
It brings the excitement of casino-style jackpots to sports betting and allows players the opportunity to win huge prizes at no extra cost.
In our comprehensive guide to the Rewards System, we take a detailed look at the way in which it operates and the different options available to operators.
How Rewards System works
The Rewards System offers free entry into a prize draw in return for any bets placed in pre-specified sports/championships/events/markets.
On the main page of the sportsbook is a banner that when clicked goes through to the Rewards System page. All details of the campaign will also appear in the banner.
When the campaign expires, the total prize is distributed to the players accordingly. The prize pool can vary depending on the rules set up by the operators, meaning a set amount can be offered or the pool can increase based on the number of qualifying bets placed.
Operators can customise the qualifying criteria by stating the minimum odds or minimum stake which are eligible for a reward.
Campaign creation consists of the following steps:
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General settings - Name, start and end of campaign, description and banner.
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Eligible bets - Criteria for qualifying bets such as event, market, minimum odds and minimum stake.
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Reward options - Whether a fixed or variable reward is being offered and, if variable, how this will be calculated (e.g percentage of stake).
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Reward entry options - Valid bets for the campaign and reward tickets per bet or per unit.
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Payout options - Structure for prize distribution.
The campaign page in the back end allows the operator to set up a new campaign and monitor the status of live, pending and completed campaigns.
Fixed-time campaigns can be ended at a predetermined time, for example at the end of a football match for which qualifying 1x2 bets were given reward entries.
The Rewards System page will consist of one widget with a set structure but with customisable elements. The widget functionality will include campaign tabs, campaign banner, eligible events, payout structure, and rules/details.
Restrictions are in place so that bets which are later cashed out or voided do not receive reward entries.
Problems Rewards System solves
Player retention is a major part of growing a sports betting brand and enhancing the user experience is one of the key ways to do this.
Players can easily be persuaded to open new accounts with other operators in return for welcome offers, or may opt to bet elsewhere for better odds, so finding a way to reward the loyalty is an important part of any marketing strategy.
The Rewards System encourages players to place qualifying bets which could, at the end of the campaign, see them win large cash prizes regardless of the outcome of their bet.
Providing the potential for such significant prizes with free entries creates a clear incentive for players to remain loyal to your brand in the hope that more entries will see them win the top prize.
Benefits of Rewards System for users
The Rewards System can be used to target a variety of different player types and increase site traffic and revenue.
Users who are familiar with casino betting will be aware of the concept of trying to win large jackpots at no extra cost, and the Rewards System can be used to entice these players into sports betting.
For bettors who prefer to focus on sport, this new feature is a way to create extra excitement and reward brand loyalty.
The tool can also be used as part of a larger marketing campaign around major events, for example by offering draw entries as reward for betting on the World Cup or Champions League final.
Comparison with Competitive Solutions
Offering casino-style jackpots via a sportsbook is an industry first and allows brands to stand out from the competition.
As clients have come to expect from Altenar’s products, it has all the flexibility needed to be used by brands of all sizes. Regardless of the size of the prize pool, it can be used to offer prizes which are often significantly greater than any winnings a player could hope to achieve through their own betting strategy.
There are plans for upgrades to the tool in the future too. Recurring campaigns will be made available, which will run automatically in the sportsbook and trigger multiple prizes. These campaigns can be triggered either in a fixed time (for example when the pot reaches a stated amount) or at a random time. An operator can set up the number of lotteries they wish to run and the amount needing to be collected before the rewards are triggered.
A later iteration will also include bonus money payouts, which will allow operators to award winnings as bonus money rather than cash.
Conclusion
This feature aims to be used as a promotional tool for the skin to attract more traffic from users using specific campaigns that specify the criteria for bets to participate in the rewards system.
Every time a bet meeting these criteria is placed, an amount is added to the pot and the user gets a number of lottery tickets. When the reward is triggered, the total amount in the pot is distributed to winners according to a specified pay-out structure.
Used as part of a wider marketing campaign or just a standalone feature, this is an innovative way to reward player loyalty and encourage betting on the events and markets of the operator’s choosing.
Speak to your account manager to learn more about how this product can be used in your region, or get in touch with our sales team.
