In the competitive online casino industry, attracting new players and increasing first-time depositors is crucial for success. But sometimes, that is easier said than done.
Christoffer Ødegården, Head of the Casino at Bojoko, walks us through an extensive study they have conducted on the factors that can drive increases in first time depositors for online casino operators.
CasinoBeats: What were the main findings from your study?
CØ: What we found was that while the most obvious options to increase FTDs in the UK, such as offering enticing bonuses, indeed lead to more FTDs, there are other alternatives. Less talked about solutions, such as implementing lower deposit limits and ensuring that an extensive range of payment methods are available, have a significant and measurable effect on FTDs.
By understanding each factor’s importance and impact on FTD generation, operators can make informed decisions when designing their strategies to attract and retain new players.
CasinoBeats: It is interesting to hear that even increasing the number of payment methods can significantly impact FTDs. Why do you think this is the case, and what were the effects you detected in your study?
CØ: We can start with the why first, which is that players typically don’t have every payment method at their disposal, and even if they do, they tend to prefer some more than others. We are seeing a high search volume for casino queries related to all the key payment methods in the UK market. As we rank well for these terms, this translates to traffic for our pages dedicated to casinos offering Skrill, Neteller, Paypal and other popular payment methods.
One thing that is easy to forget is that the intent of searches and queries are different. For example, when a player is looking for a casino that accepts Skrill as a payment method, they tend to do this because they want to make a deposit using Skrill.
For this reason, we have created a specific page where players can compare all Skrill casinos we have reviewed. Their preferred user journey is to find the options that suit them best and proceed. In other words, these users are far more likely to become FTDs.
Circling back to the key part of your question, namely impact, it is not actually the standard payment methods that are likely to drastically increase the FTDs for a regular casino brand. While our pages for the most popular payment methods have a high conversion rate, the competition is also high. Not all casinos will stand out in a list of top Skrill casinos.
What is impactful, across the board, is incorporating niche payment methods such as Payforit, Boku and Pay by Phone. What we saw from our study was that casinos that added selected niche payment methods would gain an additional 10 to 15 FTDs per month from our platform alone. These are relatively high numbers for small operators and are an excellent way for casinos with limited budgets to stand out.
CasinoBeats: You mentioned that a casino lowering the deposit limits also significantly impacts FTDs. Can you explain why this is the case?
CØ: It is a fascinating case, and lowering the deposit limits is not often brought up as one of the big solutions to increasing the number of FTDs a casino can bring in. However, our research proves that this is one of the most effective strategies for increasing FTD numbers.
I have concluded that players are more inclined to test a website before making significant monetary investments. By setting low deposit limits, online operators can provide a positive player experience and foster customer loyalty.
Our data shows that operators who lowered their deposit limits from the standard £10 or £20 to £5 experienced an increase of 3-8 FTDs per month, just from our platform alone. The lower the minimum deposit, the higher the FTDs. Meanwhile, operators who set the limit at £3 saw an increase of 10-20 FTDs per month.
CasinoBeats: What bonuses have the most significant impact on FTDs?
CØ: Based on our findings, two kinds of bonus offers are particularly effective in attracting and engaging new players. These are high-percentage welcome bonuses and, of course, no-deposit bonuses.
Our study revealed that even a slight increase in the welcome bonus percentage beyond the usual 100% had a measurable impact. Meanwhile, Casinos that offered a bonus of 200% or higher would expect to gain an additional 8 to 15 FTDs, just from our website.
As expected, no-deposit bonuses have the potential to have a larger impact, but it is less notable than we thought. Casinos that add a no-deposit bonus offer can expect to gain 8 to 20 more FTDs from us, which is a very similar range. Of course, the better the no-deposit is, the higher the potential for more FTDs.
CasinoBeats: How does Bojoko’s platform contribute to increasing FTD numbers for online casinos?
CØ: Bojoko’s platform plays a vital role in driving FTD acquisition. We have a data-driven approach to assessing what players are interested in, what makes them choose one casino over another, and what visibility is most likely to benefit any given casino. We use this knowledge to simplify their user journey and drive them towards the best casinos for their needs.
Through our comprehensive platform, players can quickly compare casinos based on their bonus offerings and all other vital attributes. Casinos that partner with us will be listed on every page relevant to their brand. This includes pages for specific payment methods, bonus offers and other key features, such as low minimum deposits. All our pages also have advanced filters, allowing players to trim the list of casino options down and find their perfect match.
Through our commitment to enhancing visibility, Bojoko creates a mutually beneficial ecosystem for both players and casinos. Players benefit from a centralised platform that simplifies their search for appealing bonuses and other casino bonuses, while casinos gain increased exposure and engagement from their target audience.