In the online casino industry, attracting new players remains a fundamental challenge, with operators consistently seeking innovative means to generate additional first-time depositors (FTDs) and establish lasting relationships with them. Bojoko, an award-winning affiliate, has conducted a year-long analysis of all casino bonus sites listed on their platform, evaluating the amounts and types of bonuses offered and how they impacted FTD generation.
The study, which has been published on LinkedIn, found that there are five factors that had a drastic impact on how likely their users were to register and deposit at any given casino. These were low deposit limits, no deposit bonuses, no wagering bonuses, high percentage bonuses, and different deposit methods.
FTD Study Results
“We are very excited to be able to reveal these results, and be able to highlight opportunities for increasing FTDs that may be a little less intuitive. It is common for operators to offer bonuses to increase their FTDs, and this indeed works, but our study revealed that one of the most effective strategies to increase FTD numbers is simply to lower the deposit limits. Operator who set deposit limits at £5 instead of the more common £10 or £20, experienced an increase of 3-8 FTDs each month, just from our platform alone, and the lower the minimum deposit, the higher the FTDs. Operators who set their deposit limit to £3 saw an increase of 10-20 FTDs per month, while those willing to set the limit to £1 were able to get 100 to 140 FTDs additional FTDs per month.”, said Joonas Karhu, CEO of Bojoko
According to Karhu, players are more likely to test a website before investing a significant amount of money. By setting low deposit limits, online gambling operators can create a positive player experience and establish brand credibility and customer loyalty. Though the initial investment may be lower, offering lower deposit limits can increase overall transaction volume, providing a competitive advantage over time.
As Karhu noted, the traditional approach of offering appealing casino bonuses were shown to still be an effective strategy. No deposit bonuses, which provides players with the opportunity to win real money without making a deposit, where shown to result in 8 to 20 additional FTDs.
Meanwhile, no-wagering bonuses were found to have an even greater impact on FTDs, with an average of 40 additional FTDs generated per month. These findings emphasize the potential advantages that can be derived by online casinos through the incorporation of no-wagering bonuses into their marketing strategies, as they can serve as a compelling incentive for attracting new players and promoting first-time deposits.
Increasing the bonus percentage in the welcome bonus, were also shown to have a big impact. Bojoko’s study showed that operators that offer a 200% deposit bonus would be able to expect an additional 8-15 FTDs per month.
“Today most casinos simply offer welcome bonuses of 100%, meaning that the initial deposit is doubled. Simply increasing the bonus percentage to 150% gives operators a way to stand out, but those willing to go 200% and beyond face much better rewards. Our data shows that offering a 500% deposit bonus can lead to exceptional conversion rates.”, Karhu adds.
Beyond low deposit limits and bonuses, the study also showcases that it can be beneficial to offer a wide range of deposit methods. PayByPhone options as well as ApplePay were highlighted as key examples. Adding what Bojoko refers to as niche deposit methods gave operators an additional 10-15 FTDs per month.
“While niche payment methods may have a smaller number of users, the fact that most casinos don’t offer them means there is a lot less competition. A casino that does not offer a niche payment method will miss out on appealing to this userbase, and thus lose potential FTDs they would otherwise have secured.”, explains Karhu.