Tipico Sportsbook, a leading sports betting operator, today announced that since the outset of the 2023 March Madness tournament, it has increased the speed of its withdrawal process from an average of 8 hours to an average of 4 hours for cash outs, one of the fastest withdrawal process speeds in the sports betting industry.
Prior to the tournament’s first round, Tipico debuted its March Madness competition, in which bettors could accrue points based on their betslip’s odds of winning. With a 6.5x increase in active customers, a 2.9x increase in handle, and a 7.2x increase in processed bet slips throughout the tournament compared to the 2022 tournament, Tipico improved its withdrawal process to meet the increased demand that the sportsbook witnessed throughout March Madness.
“The flurry of activity we’ve seen highlights the shift in consumer betting behavior that has made it increasingly crucial for our platform to exceed consumer expectations and expedite the withdrawal process,” said Andre Zammit, VP of Sportsbook, Tipico US. “The 2023 March Madness tournament has put our capabilities to the test, and we can now confidently say that Tipico has one of the fastest withdrawal speeds in the industry. We look forward to fully leveraging these capabilities to engage and excite new and existing consumers in 2023 and beyond.”
Additionally, parlay bets may have been the secret sauce to Tipico’s March Madness competition. Throughout the tournament, Tipico bettors placed 25% of their handle on parlays, a 10% increase compared to 2022 March Madness. Additionally, the most exciting win for a customer was a 15-selection parlay, which turned a $10 stake into a $6,100 win.
The women’s tournament game with the highest interest was the championship event between (3) LSU and (2) Iowa, with an 385% larger handle than the top women’s game from March Madness 2022. The men’s tournament game with the highest interest in betting was the (5) Miami– (4) Connecticut Final Four match-up.
“This notable increase and shift in betting behavior is a testament not only to our expanded platform, but also to the idea that the 2023 March Madness bettor was more educated and bolder than ever.” continues Zammit. “More bettors are placing an increased number of complex, multi-leg parlay bets. Tipico’s March Madness competition and promotions rewarded this boldness, improving our platform and tailoring our promotions and competition structure to match customer behavior.”
The winner of Tipico’s March Madness competition was Clay C. from Ohio, who won one full year of bet credits alongside 9 runners up and state scoring leaders. The winner placed over 110 winning betslips with a total of $10,000 in handle at nearly 3 to 1 odds.
In addition to the competition, Tipico hosted several experiential events in collaboration with local and national partners, including the iHeart Saint Patrick’s Day 2023 Party at Flannagan’s in Dublin, Ohio and a first of its kind all-day March Madness party at the Huntington Field Club at Lower.com Field, home of the Columbus Crew. It also recently launched the “Better Bettor” campaign, encouraging responsible gambling to teach bettors about the terminology and strategies within the sports betting world, including parlays, teasers, and “the spread.”
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