While 2023 has seen many major changes in the social media industry, its popularity and importance in the iGaming and online sportsbook industry is expected to continue its upward trend in 2024 and beyond.
2023 managed to condense a decade's worth of drama into 12 months, with the growth of TikTok, TikTok's congressional hearings, Elon Musk's first year as head of Twitter, and its rebranding to X. But while social media seemed unsettled behind the scenes, on the ground it was business as usual.
At Checkd Group, we have a range of sports-related brands that have grown primarily through social media strategies and we are seeing marketing trends shift towards social as new generations dominate the platform and potential spend reaches a peak.
New audience faces and changing trends
In an industry where targeting the right age group is essential, Checkd Group strives to stay on top of where their target audience is spending and what they’re interested in.
Millennials have incredible purchasing power, and this momentum will continue as they pass the baton to Gen Z. There are approximately 1.8 billion millennials worldwide, and their combined annual income is about $2.5 trillion, and is expected to exceed $4 trillion by 2030.
Checkd targets people aged 25 and over, with millennials being its primary audience, but also including Gen Z, which includes those born in 1997. We are very careful to tailor our messaging around safer gambling to this generation, but we are also very aware that Gen Z is heavily influencing the social media landscape and its direction.
A study this year from consumer analytics platform CivicScience found that Gen Z adults are more likely to pay attention to social media ads than TV, print or other digital ads, which should give you some idea of where to spend your budget.
And with a more savvy, engaged generation turning to social media, the number of users across all platforms combined is expected to reach almost 6 billion by 2027, according to data provider Statista. The opportunity is clear: social media is where the majority of people are on a daily basis, and that majority is only growing. So without it, it would be virtually impossible to reach an audience unless you were to spend millions on TV ads that Millennials and Gen Z haven't seen yet.
Despite the drama, X still marks its place
The ongoing soap opera at X has been playing out in a very public forum over the past 12 months, but despite the negative press surrounding the company, X remains in a very strong position, particularly in the sportsbook department.
According to a survey by market research firm Insider Intelligence, Gen X users are extremely loyal to Twitter, despite being considered a more socially conscious generation, part of Gen Z. The same source predicts that Gen Z users will only decline by 2.4% next year, compared to declines of over 9% for other generations. This is likely because Gen Z sees Twitter as entertainment and is familiar with “Twitter humor,” while Gen X continues to be at the forefront of viral memes and content.
This return of X is a big one and will continue to be important for sports betting heading into 2024. Once a niche corner of the platform, the sportsbook audience has grown over the past 12 months into a bonafide subculture that attracts millions of people every day.
What's particularly great about the sports betting audience is that we're able to tap into something that our target audience feels is authentic – a true grassroots community, a true meritocracy. The sportsbook is often not at the center, but instead the lone content creator who has built a loyal following from the ground up, and this shows no signs of slowing down, especially with the platform development happening at X to further enhance it as a one-stop shop.
Getting the most out of social media
At the end of the day, if you want to engage with your audience, you need to respect and value them. This is the same social contract that applies to everything else. If you can provide real value to your followers when posting an offer or bet, then do so at your discretion. But make sure you speak to your target audience regularly. Avoid posting the same thing over and over again without a reason or perspective that someone should be interested in. Otherwise, people will naturally drift away.
The secret to winning is to build engagement that keeps people focused on the bet, and the offer will come naturally. Build interest and anticipation, keep people on their toes, and the moment you make the offer, it will create instant engagement. Then you'll have a compelling reason to include the offer in your strategy, and your audience will be much more likely to click on your link or share your content.
At Checkd Group, we look at peak weekly usage by followers for brands like FlashPicks in the US and Footy Accumulators in the UK. This can be as simple as looking at your X or Facebook analytics to see where your followers are most active during the day and week. This will help you pick the best times to promote tips and offers and build excitement a few days before an upcoming event.
Lastly, know when there is a “downtime” when demand for your betting content is. That's when you can post quality original/viral content to grow and engage your page. You have to accept that not all your followers will click the betting follow button, but the key is to give someone an extra reason to follow your page. All of this leads back to the goal of growth and being seen as an “account” to follow.
Much of the success of sports betting on social media comes down to common sense and trial and error. States with multiple professional teams are the most active on social media, and finding that sweet spot will require A/B testing. But the big opportunity is to leverage your followers or FTDs through targeted advertising. [first-time depositors]With great ad copy and creative, you can reach people now who may come across your ad organically in a few months, accelerating your growth.
About Checkd Group:
At the heart of our team and culture at Checkd Group is a love of sports. We are passionate about sports and care about enhancing the betting experience, both through our conversations and our products. With many well-known brands, such as FlashPicks in the US and Footy Accumulators and The Winners Enclosure in the UK, we see the sports betting industry as an integral part of the overall entertainment industry and are committed to making it fun.
Alex Beacham is Managing Director of Checkd Media. With extensive sports betting experience, he has previously held senior roles at Mr Green, William Hill and Sky Bet. Beacham currently leads the overall strategy and team at Checkd Media, which operates the Footy Accumulators, The Winners Enclosure and FlashPicks brands in North America.
