With betting customers becoming more demanding by the day, high performance and seamless user experience alone won’t retain your iGaming user base. On the other hand, the race to win players is heating up, and customer acquisition can eat up the lion’s share of an iGaming marketing budget.
So what can you do to make your service stand out? An exceptional bonus and promotion system is the answer.
In this article, we’ll look at the different types of betting bonuses and explain how VeliTech’s iGaming software platform Horizon helps you set up a flexible bonus system with minimal effort.
But first, let’s explore how lucrative an iGaming bonus system can be.
What’s the value of a bonus system?
The main reason for setting up a bonus and promotion system is simple: players spend more when playing for longer. Introducing perks and bonuses is common sense when you place a premium on increasing game session length and bet count.
Using loyalty bonuses to increase retention is a smart move, given that loyalty program members tend to gamble for 1.23 times longer and spend 1.37 times more per session than non-members. But you can also use bonuses in other ways, for example, to encourage players to take a specific action. Newcomers can also use deposit bonuses to test out a new game, whereas high rollers take on riskier bets with cashback programs.
With so much potential for a bonus system, the question is not whether you should have one but how to set it up to take your retention to the next level and stand out from the competition.
Let’s dive deeper into the main bonus types you can use to engage your customers.
Types of betting bonuses
To succeed with customer acquisition and player retention, you need a well-planned bonus system that links rewards to specific triggers. Just created an account? Boom, here’s a welcome bonus. Referred a friend? Well done, enjoy a cash reward!
Here’s a rundown of the main bonus types and levels you can use to build your promotion system.
Starting with a bang is key in iGaming, and sign-up bonuses are a great tactic to get players up and running quickly. One popular welcome bonus is a match deposit, which doubles customers’ initial deposits, allowing them to increase their bankroll. A free spin can be another perk of signing up. It lets users try their luck in a slot game without risking funds.
A cashback reward can be a lifesaver when luck isn’t on a player’s side. It’s a bonus that gives players a percentage of their losses back. Another type of this reward is deposit cashback. A user deposits $50 on the iGaming platform and gets 2%, 5% or 10% of this sum to spin the roulette or bet on their favorite team.
A VIP or high-roller bonus is an exclusive perk for seasoned players who regularly place large bets. These loyalty-based bonuses also come with privileges like faster payouts and access to exclusive events where high-level players compete for even greater rewards.
A reload bonus aims to re-engage players who haven’t been depositing for a certain time. It’s the perfect excuse to say, “We miss you,” and encourage customers to return for something extra, like free spins or a bonus on their next deposit.
Referral bonuses are a win-win for both you and your players. By awarding a flat bonus for successful referrals, you get new customers while your players receive more cash to spend in a game.
All these extras can effectively ward off player boredom and bring you a large pool of dedicated players. However, creating a bonus strategy isn’t a one-time deal but rather a long-term commitment. You must constantly check your bonus system’s performance and tweak it as needed.
Unfortunately, many businesses struggle to customize their reward systems due to the way online gaming software is designed. For example, there’s often no way to modify an existing bonus to include new triggers — you have to develop a new one with an additional condition from scratch.
With this and other limitations in mind, we set up VeliTech’s gaming platform Horizon to simplify things.
How the VeliHorizon approaches the bonus system
Horizon overcomes the rigid bonus systems in conventional iGaming solutions, meaning that you can react easily to player trends and create more effective rewards faster. Here’s what sets us apart.
A single bonus with several conditions
Horizon’s modular design means there’s no need for time-consuming and expensive code rewrites whenever you make changes to your bonus system. Instead of creating a series of individual, specialized bonuses for specific user segments or events, you can create just one bonus that adapts to different conditions.
Smooth reward combination
In most iGaming platforms, incorporating a new reward into a single promo is a manual process, as the new reward doesn’t work in tandem with existing options. We provide a centralized location where you can configure the terms of promotions that combine multiple rewards (such as free spins and cashback) on the fly.
A complete set of missions
With our bonus constructor, you can easily create a complete set of missions within one promotion. For instance, users can receive a first-level reward after fulfilling an initial condition or refuse and proceed to the next level. Other iGaming software providers use multiple promotions to implement this functionality.
A bonus and reward system is key to improving iGaming player retention and acquisition, but it should be flexible so you can respond quickly to player needs.
VeliTech’s modular platform Horizon makes it easy to set up and launch an adaptive bonus system that gives your online gaming software a competitive edge. Reach out to us and simplify your operations with the best turnkey gambling solution!