In previous guides, we have shown you a lot of ways to manage a sportsbook, like How to Be a Smart Bookie. Today, we want to help you improve your sportsbook with marketing efforts. But to do that, you will need to know the resources that you will need to promote your sportsbook properly and successfully. The first question we usually get in this topic, is how much should you allocate in sportsbook marketing costs?
In any business, the marketing budget varies depending on how aggressive you want to be, and the cost of the platforms you will be using to promote your sportsbook. But generally, the cost of a whole marketing budget for a year is around 5%-25% of your projected revenue. This applies in any industry- but some may be more expensive than others. With online businesses, like an online sportsbook, the amount need not reach that high.
How Much Should You Allocate for Sportsbook Marketing Costs?
First, you need to identify the goals of your marketing efforts first. Are you just learning how to start a sportsbook and just about to launch one? If that is the case, the first year may be a bit more costly if you want to run a strong campaign for your sportsbook. Getting your brand out there and establishing brand recall is important after all.
But since we are looking at an online sportsbook, there are more affordable options that make it easier for you to promote your sportsbook. You can put up blogs, work with bloggers and incentivize them, for instance. You can also build an active social community through online forums, social media sites and the like. And of course, you can avail advertising services from experts so they can tailor-make a campaign that aligns with your goals and fits your budget. Thus, you can easily say that you can spend a few hundred a month on ads, or go for thousands for a huge campaign. It really depends on your pace and scope.
And if you are ensuring a long term sportsbook business with a pay per head sportsbook software, then you are also maintaining a low operational cost. This helps you keep more of the money as your revenue. In that case, it also gives you more budget for marketing efforts if you want to. But generally, bookies prefer spending their marketing budgets on promotions and bonuses, as these directly benefit both their sportsbooks, and their players.
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