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Fiona Simmons February 3, 2023 3 min read
WagerWire: Bettors Would Prefer Sportsbooks with Secondary Markets
The company’s chief executive officer believes that secondary markets represent a natural evolution for the sports betting ecosystem
WagerWire, an innovative marketplace where bettors can buy and sell previously placed sports bets, has researched how bettors feel about secondary marketplaces in wagering. It turns out many people favor the idea.
People Favor Secondary Markets
According to the results of the survey, which was conducted by Leger, a secondary marketplace for bets would make people more daring and confident with their wagers. Many people confirmed they would be inclined to bet more and more frequently if the sportsbook they play with offered such a service.
A total of 90% of bettors said that they would play with a sportsbook that offers a secondary betting marketplace. Almost half of the non-bettors questioned by the survey said that such an idea may inspire them to play as well.
In addition, a whopping 92% of grey market bettors said that they would play with a licensed sportsbook if it offers a secondary marketplace. The same number of people aged 18-34 said that they would be likely to play with such an operator.
72% of all US bettors questioned by Leger said that the secondary market is an appealing product. It is also something that may appeal to younger bettors and improve traffic from the next generation of punters.
Many Say They Would Bet More and More Often
The research’s major findings show that 76% of bettors would be more likely to place more bets and the same number would be also more likely to spend more time on the sportsbook managing their wagers.
Overall, 73% of bettors would be more inclined to place riskier bets with a sportsbook that has a secondary marketplace and 72% would be more likely to place larger bets.
Interestingly, 72% of bettors say they would place bets with the intention of selling them before they are settled.
According to the research, a secondary marketplace would inspire bettors to increase their betting volume. 84% of respondents told Leger they’d increase their parlays and the same number of punters would increase their straight bets. At the same time, 80% would increase their future bets and 78% would increase their prop bets.
Secondary Markets Are a Natural Evolution for Sports Betting
WagerWire’s chief executive officer, Zach Doctor, commented on the results. He called the US sports betting industry an intensive “arms race” where companies are always striving to gain an edge over their competitors.
Doctor noted that the current survey proves there would be a high interest in secondary markets, just as WagerWire expected. He noted that operators can tap into this concept by using his company’s products.
“It is now clear in the data that a thriving marketplace for active sports bets makes for a more robust and efficient ecosystem, and unlocks value for both the users and sportsbooks.
Doctor added that the idea of a secondary marketplace represents the natural evolution of the sports betting industry. He pointed out that such markets exist in almost every vertical because they provide customers with optionality and access to competitive and transparent prices. His company aims to bring this very same concept to sports betting.
The WagerWire mobile app is expected to soft-launch in the next few months, allowing players to gain a first-hand understanding of the benefits of a secondary market.