In a sector that’s as fiercely competitive as the online casino world every player counts. So just recruiting players is never going to be quite enough. Instead, it’s vital that they are retained for as long as possible before they move on.
The most obvious way for an online casino to achieve this is to mark out a particular niche for itself and to make itself unique. In an ideal world, this could partly be achieved through branding as well as by offering the very best selection of games But, it goes without saying, we’re not in an ideal world.
Most leading casinos have strong branding and all, pretty much, offer a similar selection of games. Others, such as casinos that accept cryptocurrency payments, do occupy a fairly rarefied position, but don’t have the broad appeal needed to become a major player.
So a casino will have bonuses to use as a key strategy why will begin with an initial welcome offer and be followed by others that continue to reward players’ loyalty.
The main forms of bonus
There are a number of forms of bonus that will change in nature the longer that a player remains loyal to the casino in question.
The welcome bonus
This is offered to new players to incentivise them to join a casino. It generally takes the form of matching an initial deposit up to a specified maximum amount. It can also include a number of free spins on specified slots games. In a few cases there are genuine free welcome bonuses which are awarded with no need for the player to match them – however these are very much a rarity.
Loyalty programmes
Loyalty programmes are used to reward players for continuing to play with a casino and reward their continuous engagement. Rewards can include anything from free stake money to more free spins. Often participation in a loyalty scheme will include climbing up through different tiers until reaching VIP status. This is when the rewards can start to be quite substantial, such as tickets to sporting events and even mini breaks.
In-game rewards
These are on-going rewards that can pop up at any time, but which are earned through regular gameplay much like any other game you play. They might be a cash bonus for logging in for a certain number of times each week or for hitting particular milestones and achievements. As with the loyalty programme, these tend to be progressive with the rewards growing increasingly generous over time.
Daily missions
Daily missions are one of the lesser-used forms of retention incentive but can be highly effective when targeted correctly. They feature a number of mechanics which can include having to play a particular game for a set length of time or a specified number of rounds on a given day. In return the player will be rewarded with extra rounds.
Another straightforward method requires a player to hit a series of wagering targets within a time period, again leading to a boost in the form of additional stake money.
Exclusive daily games
Also run on a daily, or sometimes weekly, basis, chosen players are invited to take part in a daily “Wheel of Fortune” style game in which they have a set number of spins with cash prizes to be won.
Special slots tournaments
One increasingly popular loyalty bonus is the slots tournament. Players are invited to spin the same slots game as their opponents. A leader board is created and the player who has won the most over a set time period wins an additional prize over and above their slot’s winnings.
The figures behind the facts
The first stat to take into account when weighing up the value of bonuses is that it can cost up to 25 times more to attract a new customer than it does to retain one. So that, alone, gives considerable financial leeway when it comes to offering bonuses.
Similarly, it has been found that increasing retention rates by as little as 5% can boost profits by up to 95%.
Then there’s the intangible benefit that is derived from making players feel welcomed and valued. And with 70% of people stating that they want to feel appreciated by the brands that they interact with offering bonuses obviously scores highly in this respect too.
A word of caution
However, while bonuses seem like a good way to retain players, they can backfire. This can happen if they find that there are too many terms and conditions hidden in the small print such as excessive wagering conditions requiring many multiples of the bonus to be staked before it can be claimed. In this case it can positively deter a player from staying with an online casino.
But steer clear of this, along with too many other stipulations, and bonuses can indeed be a very good thing for casino and player alike.
