Conducting market research is generally a demanding and time-consuming endeavour, especially regarding sports betting in Australia, given the technical complexities involved. The industry has thrived for decades, generating a wealth of data for researchers to study.
The challenge today lies in the changing rules around sports betting in Australia, where local bookmakers face strict limits on bonuses and live betting is only allowed by phone. Some of the best betting sites for this year have been curated by Esports Insider Australia to help both players and researchers find trusted platforms more easily. These offshore sites come with proper licensing and modern in-app features, among other perks.
For newcomers, the field can seem complex at first, but with a clear plan and the right tools, research becomes much easier or even enjoyable.
Defining The Scope
As of 2015, well over half a million individuals were said to have wagered their money on sporting events, many of them, over 88% being male. Betting is Australia has gathered a high level of enthusiasm over the decades, especially for sporting events. This is why it has evolved into online platforms.
Just last year, the Australian sports betting market generated revenue of almost $2.5 billion. It is set to reach over $5 billion by 2030. And thanks to technological advancements over the years, online sports betting takes the lion's share of the revenue generated, with almost 80% in contributions.
Knowing What You're Looking For
Going into research without a goal in mind can be very risky. It always makes sense to have at least an idea of the sort of results you're looking to find. There's no doubt that the betting landscape continues to evolve. But as it does, the importance of market research grows too because betting companies and platforms need the data to stay efficient.
Knowing what you're looking for as a researcher could mean a journey to understanding audience preferences, audience behaviour and even purchasing habits. Companies need this data to enhance product development so that it becomes much more appealing to their users. A proper research output is bound to drive betting companies to make data-driven decisions.
Knowing The Industry And The Laws
Australia may not be ranked among the countries with high populations, but its betting sector is among the top globally. Bettors spend about AU$25 billion annually. Good research would involve knowledge of all the legal happenings in the sports betting world, as well as the intricacies of how the industry works.
Although a large number of laws on gambling in Australia exist only at the state level, they still remain effective in controlling the side effects of gambling across the population. There is one surprising fact in Australia's taxation laws on gambling, though. Gambling is not seen as a profession; many see it as a hobby or a recreational activity. This means that a gambler's winnings are not taxed.
The gambling industry is huge, generating billions in revenue. No wonder many Aussies love the idea of taking on these bets, especially on sporting activities. Knowing that it's not taxed, many more punters are bound to keep playing, further driving the expansion of the industry.
Talking to People and Crunching the Numbers
There’s no better way to draw hard, raw information on the markets of sports betting than from the Punters themselves. A lot of punters are much more active on online gambling and sports betting, and it would always help to have first-hand information from these people; they provide undiluted data that will reveal patterns in behaviour and spending. This would definitely be very effective, especially if the data pool is very large.
The numbers are there and ready to be analysed. Adults who regularly bet online saw 86% of them bet on sporting events just in the past year. And the most popular types of sports betting included Australian Rules football, with 58% of sports betters taking active part. The National Rugby League comes in second with 49% and soccer comes in third at 28.5%. The sports betting industry in Australia is truly a productive terrain for cutting-edge market research.
Presenting and Interpreting results.
This latter part of the research is the most crucial and important part of it all. This is where all the data collection and knowledge gathered is brought together to formulate results and adduce proper interpretations. And so, from graphs to demographic pie charts, a true breakdown of all that has been recovered is reduced to a certain outcome.
This is the precious data that companies live for; this is what keeps many betting companies relevant in the gambling industry. Your research is only as good as you share it. As a researcher, your interpretation of these findings must be done within context to have a better understanding, and try to use actionable insights along with thematic analysis for your data.
In all of this, remember that market research, especially on sports betting, needs sharp focus on not just the scope of the betting industry as a whole, but also having clear objectives for your research and a robust data collection to follow suit. So it doesn't matter if you're a business chasing profits or a researcher looking into the world of betting, maintain a solid approach and make sure to stay ethical too.
