Winning Strategies for Increasing Casino Deposit Rates
The financial success of the iGaming business relies on the active engagement of its player base. A significant challenge arises when traffic volume does not translate into real users, putting the business’s long-term cost-effectiveness at risk.
While attracting players to the platform can be achieved through appealing welcome offers and bonuses, the crucial objective is the conversion of visitors into depositors. Considering the plethora of options available to players in the market, maintaining their loyalty to a single platform is a formidable task. Although players can generate substantial traffic, the conversion of these users into paying customers requires a complex and strategic effort. The sustained loyalty of players represents the primary revenue stream for the business.
This article explores some of the most effective strategies for converting non-depositing users into depositors and methods of nurturing existing players’ loyalty.
What is a first-time deposit (FTD)?
First-time deposit conversion is a widely adopted acquisition metric within the online gambling industry. This metric is calculated by dividing the number of unique visitors by the count of first-time deposits. The amount of the initial deposit and, if applicable, the second deposit can be a robust indicator of the potential lifetime value of a customer.
Conversion rates for first-time deposits in iGaming companies tend to be notably low, occasionally falling below 1%. Consequently, acquisition costs for casinos may reach hundreds of dollars per player. Low conversion rates make it hard to conduct effective A/B tests on many gambling websites since it could take months to get enough conversions for clear results.
How to increase casino deposit rates?
Activating in-game bonuses
In-game bonuses prove highly effective for enhancing customer retention on online gambling platforms. These bonuses can come in various forms, including free spin rewards and exclusive offers. With incentives based on a player’s in-game progress, casinos can increase player engagement and deposit rates.
For example, reaching certain levels in a game might unlock extra rewards or benefits, promoting long-term retention. Furthermore, online casinos have the ability to provide additional incentives for real-money bets on games or when players make deposits.
Providing extra incentives, the Trueplay Play to Earn feature is a big part of promoting player engagement. As an example, a casino might introduce a promotion where players can earn extra branded tokens in the form of a daily cashback.
Increase casino deposit rates by up to 10% with the Hold to Earn program
Hold to Earn is a key feature of the Trueplay loyalty program, created to encourage players to hold their rewards directly on the iGaming platform for 8 hours, 1 day, or 3 days. The received reward is calculated as a percentage of the casino’s GGR over the holding period and is subsequently distributed among participants within the staking pool based on their personal stakes.
The Trueplay value lies in the straightforward and fully automated reward mechanism. When the casino’s GGR maintains positive numbers throughout the specified period, players get a modest reward at the conclusion of the holding duration. Conversely, in the scenario of a negative GGR, players do not receive any rewards, and the staked amount is promptly refunded to the user.
On average, operators can anticipate a 10% increase in deposit volume within a few months of integration, resulting in an additional 5.6% Net Gaming Revenue (NGR).
Casinos implementing gamification seamlessly blend traditional gambling games with the mechanics and narratives commonly associated with video games. It’s easy to see why it’s a trend. A study from The International Journal of Gaming and Computer-Mediated Simulations found that platforms with gamified mechanics kept 35% more players than those that didn’t.
Integration of Video Game Elements in iGaming
Narrative and world-building: Players now engage in more than just spinning slots, they take on quests, solve mysteries, and unlock new areas in virtual worlds.
Levels and progress bars: Similar to popular video games, players can monitor their progress, earn points, and advance to higher levels.
Achievements and badges: Recognizing player loyalty and skill, these reward systems are designed to operate as motivational tools for continuous play.
Social integration: Through leaderboards, chat functions, and multiplayer modes, players can interact and compete, mirroring features found in popular online games.
Hosting streams with CopyStake
CopyStake is a new Trueplay feature that enables hosting live gambling streams directly on casino websites. The streamers invite their audience to try CopyStake on the casino platform and offer casino players the opportunity to automatically replicate their bets, sharing both wins and losses in real time.
By integrating CopyStake, casinos provide players with a distinctive and immersive experience with the sensation of gambling alongside their favorite streamers. This feature increases the casino deposit rates, and moreover, collaborating with streamers has the potential to increase the active audience, thereby enhancing visibility. Casinos can engage with the same streamers as before the CopyStake integration but in a brand-new manner.
To wrap up
The iGaming industry presents both challenges and opportunities for operators seeking persistent financial success. The multifaceted approach of activating in-game bonuses, implementing innovative loyalty programs such as Hold to Earn, incorporating gamification elements, and hosting engaging streams through the CopyStake feature provides a comprehensive strategy to increase casino deposit rates and foster player loyalty.
Trueplay makes a positive impact by offering a unique combination of features that appeal to the diverse preferences of players. As operators adopt these winning strategies, the potential for a substantial increase in deposit volume becomes apparent, resulting in a NGR boost.
The industry continues to evolve, and those who embrace and adapt to these dynamic strategies are expected not only to succeed but to redefine the future of online gambling.