Optimove US Pulse Report April 2024: March Madness customers turn out sticky
In this month's column, Optimove explores how US customers are continuing to gamble following March Madness spike
Optimove Insights, the analytical and research arm of Optimove, provides a look into the aftermath of March Madness. For more insights visit Optimove’s iGaming Pulse.
42% of new players retained in April
March Madness brought an expected spike in first time depositors (FTDs, or new players) in the US during the month of March. As the dust settles on the peak event, Optimove Pulse shows an increase in the retention rate of new depositors during April.
Data shows 42% of players who made their first deposit during March remained active in the following month, an increase of +10% in new player retention rate compared to March.
With the final stages of March Madness spilling over to April with 10 men’s and women’s games, new players continued to place bets on the tournament.
New players growth trend on the decline
In April, we noted a 107% downturn in the new players growth trend. This follows a remarkable 228% surge in March compared to the August baseline. We selected August as a baseline because it didn’t hold peak sporting events.
April’s decline can be traced back to the culmination of March Madness. However, the impact would have been more pronounced if not for the tournament’s men’s and women’s final stages held in April, which continued to draw in new players. As a result, the metric has remained elevated compared to the levels observed in October to December 2023.
71% of new players deposit that day
In April, 71% of new players made their initial deposit on the same day of registration, revealing a similar pattern in the US and the rest of the world. For operators, it underscores the importance of engaging new players with the right offer immediately post registration as over time the likelihood of them turning into active depositors diminishes.
17% of US players wager at least $100 per bet
In the US, a greater proportion of players deposit higher amounts, contrasting with an opposite trend in the the rest of the world. For instance, only 1% of US depositors fall within the $0-5 per deposit range, compared to 24% of depositors in the rest of the world. Conversely, while 17% of US depositors prefer to deposit $100 or more, only 4% of bettors in the rest of the world fall in that range.
US bet amount drops post-March Madness
With March Madness wrapping up in early April, the US total bet amount growth showed a decline, while remaining relatively stable in the rest of the world. Just 10 March Madness games were played in April which impacted the total bet amount that month.
Optimove Insights is the analytical and research arm of Optimove, dedicated to providing valuable industry insights and data-driven research to empower B2C businesses.
Stay tuned for Optimove’s iGaming Pulse report to be published next month