WagerWire, an innovative marketplace for open sports bets, found in a new study that a strong majority of bettors believe parlays and futures are more exciting than “straight bets” (i.e. spreads, moneylines and over/unders). Findings from WagerWire’s second release of data from a 2022 study conducted by Leger, a leading market research and analytics company, revealed that 76% of bettors feel parlays are more exciting than straight bets, while 67% indicated futures are more exciting 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.
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.
Most appealing factors of making Parlay Bets:
88% - Generally high-reward wagers
83% - Thrill of predicting several different outcomes correctly all at once
79% - Vested interest in many different players or teams/outcomes at once
Most appealing factors of making Futures Bets:
88% - Generally high-reward wagers
81% - Thrill of predicting something correctly over the long-term future
80% - 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. 41% of bettors stated futures bets take too long to settle. 49% of bettors said parlays are very difficult to win. 40% of bettors commented both futures and parlays bets offer no control over the bet once it's been placed.
“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,” said Zach Doctor, the co-founder and CEO of WagerWire. “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.
Doctor continued, “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. 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 is partnering with sportsbooks to create more opportunities to derive new value from parlay and futures bets. They most recently partnered with Wagr, a Tennessee-based sportsbook, to help accomplish the mission of reinventing sports betting. Both companies have a social-centric ethos and are collaborating on building community and providing a differentiated and engaging user experience.
The study was completed between July 8 - July 21, 2022, including 500 U.S. sports bettors and 200 non-sports bettors.
WagerWire believes that all bettors should have proven, confident options at their disposal. WagerWire empowers you to take control of your action and view your bets as a portfolio of assets that can be bought and sold at any time. Seamlessly sync your favorite sportsbooks to track the real-time value of your bets, stack rewards, and play with celebrities or friends.