When it comes to the betting industry, there are several UK bookies that undoubtedly stand out from the crowd as some of the most popular and well-known brands. Indeed, companies such as Bet365, William Hill, Ladbrokes, Paddy Power, Coral, SkyBet, BetFred, and the like are perhaps among the industry’s biggest behemoths.
However, while the market is largely dominated by these massive firms, according to sites like BetSelect.co.uk there are still many new names coming into the industry, some being parent-owned by the so-called big boys and others being fully standalone bookmakers and white labels. With so many rivals to contend with that are already established and trusted, it’s perhaps no surprise that many people question whether new entrants to the industry are really likely to beat their existing competitors. Well, we’ll be diving into this question today to consider whether new bookies genuinely stand a chance or not.
The Problem for New Entrants in the Betting World
Starting a new bookmaker business is a daunting task. Indeed, there are many trusted bookies in the industry, and as such, breaking into the market can often seem overwhelming.
Not least of all, new bookmakers have the challenge of proving that they are a genuine, honest firm; indeed, many bettors worry about the possibility of getting scammed by a fake bookie. As such, this is one of the first hurdles that new companies need to overcome; without demonstrating that the firm can be trusted, bettors will be much more reluctant to deposit their money with the site.
Secondly, there’s the need to attract new customers. This requires new bookies to differentiate themselves from the existing providers; after all, why would customers want to switch from their trusted bookie?
Another complication lies in customer reviews. Indeed, no matter how genuine a bookmaker might be, it’s not uncommon for customers to leave negative reviews for factors outside of the bookmaker’s control, such as if the customer lost money on their bet or if they misunderstood a promotion. While established bookies can often cope with these negative reviews (a single bad review won’t bring their score down much), a bad review for a new bookie could give them an incredibly low score. This could further impact customers’ trust and perception of the new brand.
Can New UK Bookmakers Beat Existing Rivals?
Given the aforementioned challenges, it’s easy to see why breaking into the bookie world is so difficult. However, the question still stands: is this doable? Well, with the right approach, yes.
The most important thing to remember here is that new bookmakers need to distinguish themselves from their competitors. In other words, customers need to have a reason to try the new bookie rather than sticking with their current favourites. There are several ways that brands could go about this, such as:
- Offering valuable welcome offers to new customers. Many bettors will “shop around” to benefit from different bookies’ welcome offers. The more competitive the welcome offer, the higher the chance that new bookies will be able to attract those important first customers.
- Providing coverage of new or extra markets than many of the established bookmakers, such as offering markets for a wider range of eSports markets.
- Building a convenient and reliable betting app and website that can provide an excellent user experience for customers who may not enjoy normal betting platforms.
- Processing deposits and withdrawals quickly to alleviate concerns with legitimacy and set the brand apart from the crowd.
- Encouraging customers to review their experience with the brand, which can help prove that the new bookmaker is genuine.
- Investing in advertising and sponsorships to get the word out about the new brand and increase awareness of the business.
There are several new bookmakers that have recently implemented the strategies mentioned above, such as BetMGM and Midnite. These brands not only offer new markets and seamless website and app design, but with excellent welcome offers, it’s easy to see why people have given them a go (and been pleasantly surprised in turn).
However, while these options can help distinguish new bookmakers from the existing brands, it’s important to keep in mind here that new bookies will rarely ever compete at the same level as the big brands. While they may come close if they invest heavily in marketing and promotion, as well as focusing on providing an excellent better experience, the household names such as Bet365, Ladbrokes, and William Hill (among others) will likely still remain on top for the foreseeable future.
Assuming nothing significant happens to damage their reputation, this will likely remain the case – but betting fans have plenty of opportunities to enjoy new offers and markets if they embrace legitimate new bookmakers. Just be sure to do your research to ensure you’re not caught by a fraudulent fake site.
The Final Verdict
Overall, it’s unlikely that the new UK bookmakers will ever be able to compete with their big-name rivals on the same league, both in terms of trust and market share. With that being said, as evidenced by BetMGM’s massive recent rise in popularity, there’s undoubtedly scope for new bookmakers to stand out against existing rivals, both by offering better bonuses and by offering more developed services than their big-name competitors.
