WagerWire unveiled Thursday the results of a study that shows a strong majority of bettors believe parlays and features are “more exciting” than straight bets (i.e. spreads, moneylines and over/unders).
The findings correspond to a second release of data from a 2022 study conducted by market research and analytics company Leger on behalf of the sports betting marketplace. They reveal that 76% of bettors feel parlays are “more exciting” than straight bets, while 67% indicated futures are more alluring than traditional bets on the spread, moneyline or total.
WagerWire’s initial data release focused on the need for education in the sports betting market, discovering non-bettors were 78% more likely to bet online if they were educated on how to bet. Yogonet reported on those findings back in October.
Study participants conveyed similar consensus regarding their fondness of parlays and futures, citing the high-reward nature of those bet types, the thrill of predicting something correctly over the long-term future, and the ability to have a vested interest in a team over a long period of time.
For 88% of the surveyed subjects, the most appealing factors of making Parlay bets are related to high-reward wagers. For 83%, excitement lays in the thrill of predicting several different outcomes correctly all at once. And 79% said vested interest in many players or teams’ outcomes at once was the most appealing feature.
As for future bets, results indicate 88% of respondents find the most appealing factors of making these bets the generally high-reward wagers, 81% said the thrill of correct prediction over the long-term future, and 80% cited the vested interest in a player or team over a long period of time.
While bettors derive significantly more excitement from parlays and futures, there are a variety of impediments preventing users from placing more of these wagers, says the study. The report found 41% of respondents stated futures bets take too long to settle, and 49% of bettors said parlays are very difficult to win. Meanwhile, 40% commented both futures and parlays bets offer no control over the bet once it has been placed.
Zach Doctor, co-founder and CEO of WagerWire, said: “Parlays and futures are already entrenched as mainstream bet types among US consumers, but this study has shown that as an industry we’re still only scratching the surface in terms of their true potential for bettors and operators alike. Our bet trading marketplace turns these types of bets into tradable assets that gain and lose value in accordance with how the game unfolds and the market fluctuates.”
“Now you can jump in and out of futures all season, or capitalize on your crazy parlay after a few legs hit before it goes bust. Also, you could sell just a fraction of your bet to lock in some gains or take some chips off the table, and let the rest ride toward that big win,” Doctor continued. “That increased optionality is going to foster deeper and more consistent levels of user engagement with these attractive bet types, which in turn will serve to steadily grow their share of handle for operators.”
WagerWire says it is partnering with sportsbooks to create more opportunities to derive new value from parlay and futures bets. It most recently partnered with Wagr to help accomplish “the mission of reinventing sports betting,” as both companies have “a social-centric ethos and are collaborating on building community and providing a differentiated and engaging user experience.”
