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NFTs and the future of fan engagement: How NFTs can boost engagement with sports brands
By: Evgeniy Babitsyn, Chief Marketing Officer, Bets.io
The sport industry finds itself amidst its own digital transformation journey with the introduction of new technologies, and at the forefront of this digital shift are NFTs – otherwise known as Non-Fungible Tokens.
NFTs can represent any kind of digital item, and in recent years have commonly been used for quirky collectibles and art work – but they now enter the sports arena in a unique way. The beauty of NFTs is the unique metadata and ownership information which is tracked via blockchain, making them a one-of-a-kind digital collectible that cannot be duplicated. As a result of their collectible nature, it’s only natural that NFTs caught the eyes of eager sports enthusiasts and die-hard fans.
In fact, according to Deloitte research, around 40% of Gen Z and millennial sports fans are at least somewhat familiar with the use of NFTs and fan tokens in sports.
But why is that? And how can they boost engagement?
NFTs are rapidly emerging as a powerful tool for sports brands in driving deeper fan engagement and unlocking new revenue streams. This is because sports fans are, by nature, competitive and eager to own exclusive content from their much loved players, teams and brands. They want to be part of the action.
By playing on this feeling, and reinforcing loyalty among fans in this way, sports brands have a huge opportunity to take their revenue streams to new heights and gain a competitive advantage over other brands.
Imagine an athlete releases a limited-edition NFT that represents the most iconic moment in their career, such as the winning shot or a record breaking performance. Fans who own that NFT can then access exclusive content related to that moment including behind-the-scenes footage or interviews.
There really is no limit to these tokens, and depending on the asset, they can be much sought after. As more and more sports fans embrace the digital tokens, sports brands are quickly learning that there is huge potential for fan engagement, if they continue to innovate with this technology.
Taking collectibles to the 21st Century
Sports memorabilia and collectibles have for centuries been a way for fans to feel more connected to their favourite teams and athletes. And now thanks to the advances of technology – more specifically, blockchain technology – fans can collect within the digital realm, gaining access to truly “own” unique digital items and experiences.
Beyond just digital art or collectibles, NFTs can also integrate the idea of gamification, exclusive content and experiences into their NFTs – allowing fans to engage more actively while unlocking new revenue opportunities.
The possibilities are endless, extending far beyond just digital collectibles. They can provide fans with access to exclusive digital or in-person experiences, events and merch as well. Think front row seats or the chance for a meet and greet post-game.
With this, NFTs provide an excellent way for brands to diversify their revenue streams by monetising their content and intellectual property strategically.
It really is win-win, fans can own a piece of their favourite team’s history while supporting their team financially. And sports brands can benefit from more loyal fans.
Transforming the fan experience
Engagement is everything to sports brands. After all, the fans are really the most important stakeholders in the end. And offering NFTs can be a powerful tool in fostering deeper engagement within fan communities. NFTs provide more innovative ways for fans to connect, prove their loyalty and gain recognition for their allegiance.
Let’s look at NBA Top Shot. NBA Top Shot is the perfect example of a blockchain-based platform that allows fans to own and collect officially licensed NBA collectibles digitally. The platform offers exclusive collectibles including videos of the biggest NBA moments and highlights.
And football teams are also following suit. Manchester City, PSG, FC Barcelona have all joined in on the NFT hype – offering their own NFT collections for keen supporters such as worn jerseys, trophies and more.
Sports Betting and NFTs
And when it comes to sports betting, NFTs take the iGaming experience to the next level. Fans can purchase NFTs that represent specific bets, such as the winner of a particular game or the performance of a specific player. These NFTs can then be traded or sold, just like other NFTs, providing a new level of flexibility and excitement for betting.
The use of NFTs in the sports industry is still in its early stages, but has already shown great potential. We can expect more applications to come in the world of sports – including at Bets.io. Watch this space.
Looking ahead, the future is incredibly promising for sports brands who leverage NFTs within their business operations. Those who embrace these new powerful ways to inspire fans and forge deeper relationships with their communities, will see their efforts translate into business value.
The post NFTs and the future of fan engagement: How NFTs can boost engagement with sports brands appeared first on European Gaming Industry News.
A recent survey has confirmed that almost two out of three (63%) of Illinois residents support legalizing online casinos.
The survey, created by casino bonus and online casino review site BonusFinder.com, asked 1,000 Illinois residents their take regarding legalizing online casinos. The focus group covered voters across a variety of political backgrounds, age groups, and different geos.
Despite online casinos currently being illegal in Illinois, and the only way to access them is illegally, the survey found that one in four residents (26%) admitted to having played at an online casino.
According to a separate analysis, which delved into how much US States could be missing out on in online casino tax revenue, it revealed that Illinois could be missing out on up to $788m. Instead of going to the State, this potential tax money is being funneled to unregulated offshore gambling platforms.
When questioned, hypothetically, how residents would prefer the tax revenue to be spent they prioritized: public education (61.4%), mental health and addiction services (54.8%) and improvements in infrastructure (44%).
Other services that were still important, but less of a priority, to those questioned in the survey were: affordable housing (38%), crime prevention (33.1%), community programs (26.2%) and environmental initiatives (22.7%).
“These findings show that Illinoisans are ready for online casinos, as long as it’s done responsibly,” commented Luciano Passavanti, Vice President at BonusFinder.com.
“The message from voters is clear – they want safe, transparent platforms and strict oversight.
“They also want to know that tax revenue from online casinos will directly benefit their communities; whether that’s through education, healthcare, or local infrastructure.
“Illinois is already a major gaming market. Legalizing online casinos is the next logical step.”
While the majority of voters were in favor (63%), 19% were against legalization and 17.5% remained unsure.
The largest age group supporters of legalizing online casinos was the 45-54 age group, with 68.8% being in favor. However, the age group whose least in favor of legalization remained to be those aged 65 and over – with 51.2% being in favor of legalizing online casinos in Illinois.
The second-largest age group in favor of legalizing iCasinos are those aged 35-44 (64.1%), the third-largest group stood to be those in the 18-34 age bracket with 63.7% of voters supporting legalization.
When it comes to the battle of the sexes, men were found to be significantly more open to the idea of legalization, with 70.5% of men in support. However, in comparison, just 58.3% of women were found to be in support of legalizing online casinos in the State.
Furthermore, a variety of correspondents across different political views were also questioned; with findings revealing that Republican voters were slightly more in favor (65.4%) of legalization compared to Democrat voters (63.3%).
The post Online Casino Legalization in Illinois: Study Finds Two-Thirds of Voters in Favor appeared first on European Gaming Industry News.
The number of people using safer gambling tools increased during the Safer Gambling Week 2024, according to the new figures released by the Betting and Gaming Council (BGC).
Analysis of last year’s successful campaign confirmed over 1.5m unique accounts used a safer gambling tool during Safer Gambling Week, a massive 22% year-on-year increase.
Meanwhile, the number of deposit limits set during the campaign increased by 14% compared to the previous year’s Safer Gambling Week, with 47% of players setting deposit limits for the first time.
Safer Gambling Week 2024 – which ran from November 18 to 24 – also delivered an astonishing 7.2m safer gambling messages to punters across the week, a 10% rise on 2023.
New records were set on social media too, with the campaign generating over 60 million impressions across major platforms X, Facebook, LinkedIn and Instagram, a huge 21% increase on Safer Gambling Week 2023.
BGC CEO Grainne Hurst said: “Safer Gambling Week has proved its worth once again by making a real impact encouraging even more punters to make the most of the broad range of safer gambling tools only available in the regulated sector.
“These new figures are a testament to its ongoing success, and this industry’s commitment to raising standards and ensuring the millions of customers who enjoy a regular flutter, do so in a safe and responsible environment.
“Our members promote safer gambling every day of the year, but a single dedicated week, bringing together the whole sector with support from MPs, peers, the regulator and other stakeholders, promotes that work in a uniquely powerful way.”
The aim of Safer Gambling Week is to kickstart a national conversation between staff, customers and their friends and family, about safer gambling, as well as highlight the range of tools that are available to help people stay in control of their betting.
The campaign also generated over half a million visits to the Safer Gambling Week website, which signposts help and advice for those who may be struggling, as well as offering advice on safer gambling tools like deposit limits and time outs.
The post Use of Safer Gambling Tools Increases 22% During Safer Gambling Week 2024 appeared first on European Gaming Industry News.
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Danish Gambling Authority Publishes the Annual Report “The Gambling Market in Numbers 2024”
The Danish Gambling Authority has published the annual report “The Gambling Market in Numbers 2024”, which summarises the year that has passed on the gambling market in Denmark.
The report shows that Denmark’s total gambling spend in 2024 amounted to DKK 11.0 billion. This is an increase of 5.6% compared to 2023. At the same time, “The Gambling Market in Numbers” shows that an increasing share of online gambling takes place at operators with a licence to offer gambling in Denmark. Thus, the channelisation rate in 2024 rose to 91.5% from 90.8% in 2023, placing Denmark in fifth place over the countries, with the largest share of online gambling taking place on the regulated gambling market.
Tables and figures also describe the development of all gambling categories: charity lotteries, land-based casinos, monopoly lotteries, online casinos, gaming machines and betting. The overall trend remains that the share of gambling spend that comes from online gambling is increasing while the share of land-based gambling is decreasing accordingly.
One theme in this year’s edition of “The Gambling Market in Numbers” is the Men’s Euro, which took place in the summer of 2024. The betting activity during the period clearly showed that the Danes play when Denmark plays.
In addition to statistics for the gambling market, the report also delves into key figures for ROFUS (Register of Self-Excluded Players) and StopSpillet, the Gambling Authority’s helpline on gambling addiction and responsible gambling.
The post Danish Gambling Authority Publishes the Annual Report “The Gambling Market in Numbers 2024” appeared first on European Gaming Industry News.
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