Non-bettors are 78% more likely to bet online if they are educated on how to wager, a new study found. The report shows the general public lacks basic knowledge of sports betting, and that they would be more willing to participate if they were more knowledgeable.
The study was presented by WagerWire, a marketplace for open sports bets, and conducted by Leger, a market research and analytics company. It found that in addition to being the greatest barrier to entry, lack of betting education also happens to be the industry’s greatest area to grow and expand.
The lack of understanding was the top reason cited for not participating in sports betting. A total of 43% of non-bettors said “they don’t feel like they know enough about sports betting”; and 41% stated “they don't know enough about how to bet online.” An additional 23 percent of the pool of non-bettors said they aren’t betting because “they don’t know how or where to bet on sports.”
“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,” said Zach Doctor, the cofounder and CEO of WagerWire. The study was completed between July 8 - July 21, 2022, including 500 U.S. sports bettors and 200 non-sports bettors.
“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,” Doctor added. “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.”
The start-up is set to release a series of data from the study over the coming months, it noted in a press release. The company further describes education as a core tenet to its value proposition, and is currently providing a growing community of content creators and social media followers with “resources, information and tips on how to bet and how best to leverage its upcoming secondary marketplace.”
At this year’s Global Gaming Expo (G2E) in Las Vegas, WagerWire co-sponsored an event with gamification and content company Gaming Society focused on how to elevate the baseline education of bettors. Gaming Society Co-founders Jaymee Messler and NBA Hall-Of-Famer Kevin Garnett previewed a newly launched Betting Academy experience, along with an exclusive preview of their Bet on Women initiative. The sponsorship kicked off a new strategic partnership between the two companies focused on utilizing education “to create a healthier and more sustainable market.”
Thanks again to @KevinGarnett5KG and @GamingSociety for a great event at #G2E2022— WagerWire (@WagerWire) October 13, 2022
We’re so proud to be partnering with thought leaders like KG and @jmessler on bettor education, inclusion & responsibility.
Check out their first class initiatives @betonwomen & @bettingacademy pic.twitter.com/CXAbFQk4xE
“At Gaming Society, we believe that by educating bettors we can build a stronger, more sustainable and responsible sports betting community,” Messler said. “The WagerWire team not only shares our vision but is already developing unique strategies to integrate education into their platform.”
“Through our new partnership we’ll unite both our platforms to build a larger community, create stronger data on bettor behavior and use this information to build new tools and content that will empower the American sports bettor,” further noted Messler.
WagerWire is the first start-up announced in the newly launched HPL Digital Sport and Cardinal Sports Capital Accelerator Program. The company has also recently announced a seed round led by Roger Ehrenberg, co-owner of the Miami Marlins. The marketplace bills itself as allowing sports bettors to profit off real-time line movements and momentum swings by buying and selling bets on WagerWire’s platform or within their partner sportsbook apps.