Skin Match betting has been around for years. Back in 2011, the company developed an app that’d allow users to place bets on the colors of other users’ Halloween-themed tattoos. It was a fun idea, but ultimately, not that fruitful. For starters, the application was only available for Android and Apple devices at the time.
Since then, Skin Match has pivoted and evolved its product offering. Nowadays, the company does not just offer tattoo color betting but also lifestyle wagers, such as the popularity of Kogi or the sneaker game. The concept behind it all is to develop a product that’ll allow people to spend their time doing what they love most – gambling!
Gambling Is Back
Thanks to the COVID-19 pandemic, the world has changed. In the past couple of months, as businesses have been forced to close their doors and leisure activities have diminished, people have had more time to spend on their phones. Thanks to the proliferation of online casinos, sportsbooks, and game tables, gamblers can now engage in high-stakes gaming sessions from the comfort of their homes.
In the US, the state of Massachusetts has allowed certain businesses, such as movie theaters and bowling alleys, to reopen. However, in order to maintain social distancing and combat the spread of COVID-19, some casinos have decided to limit their operations. This has caused a ripple effect across all industries, including the gambling one.
Why Bets On Skin Colors?
The most popular item on the Skin Match homepage is the ‘skin color’ bet. This type of wager allows gamblers to pick the colors of other people’s tattoos. For example, if you believe that the New York Yankees will defeat the Boston Red Sox in the next baseball match-up, you can place a wager on that outcome. Similarly, if you think that Lisa Vanderpump will be the next to be eliminated on ‘The Price Is Right,’ you can bet on that too.
You are not constrained to pick a winner from a single team or contestant. For instance, if you believe that Taylor Swift will be named the Best Female Singer at the 2020 Grammy Awards, you can bet on that too. The sky is the limit when it comes to the celebrities and events that you can pick winning outcomes for.
Why would someone want to bet on their friends’ tattoos? Well, for the same reason that people want to bet on the Harlem Globetrotters or the Chicago Cubs – for entertainment. In the case of Skin Match, there is no limit to the entertainment that can be derived from picking the tattoo colors of popular celebs. You can literally find yourself watching movies like ‘Soulmate’ or ‘Revenge of the Nerds’ during your downtime.
It’s also a way for people to brag about their friend’s or relative’s tattoos. You can bet that others will pay attention and be impressed by all the interesting facts that you know about their body art. This will put you in a better position to gain their trust and befriend them.
No More Trends, Only Stable Incomes
In times of crisis, people tend to flock to the easy money opportunities. This has caused a boom in the peer-to-peer lending market as individuals and businesses have sought ways to lend money to people or businesses that they trust. Similarly, online sportsbooks have seen a rise in betting activity as a way to make quick money during these difficult times.
However, in the long term, people are likely to prefer a safer and more stable source of income. This is why businesses like Skin Match have pivoted and evolved their product offering to combat this trend.
Fluctuating Market
In the past, people would turn to tattoos to forecast their earning potential. This is no longer the case. Thanks to the internet and social media, individuals can now track their friends’ and family’s income and spendthrifts to get a sense of what their own financial situation is. Naturally, this makes them more selective about the kinds of tattoos that they get.
This is not to say that people have stopped getting inked. They have just changed the way that they do it. While tattoos were once a symbol of rebellion, today they are a permanent statement of individuality.
Emerging Markets For Skin Match
Despite the short-term boon that skin betting has seen, there are a number of markets that it will likely struggle to make a profit in. This is mainly due to the increasing popularity of tattoos among young people which, in turn, makes them a more mature and responsible consumer group. This could hurt the bottom line of businesses based on this market segment.
An example of this would be the horse racing industry. Due to the growing preference for dog racing and a desire to bet on the more agile animals, the dog racing industry has boomed in recent years. There are now thousands of dog racing tracks across the country. This has created a huge market for those who want to bet on their favorite dog breeds and has made dog racing a more popular pastime.
However, as with any emerging market, there are a select few businesses that can flourish. The key is to develop a business model that is specifically tailored to this market segment. This could entail creating an app that gamblers can use to place bets on their favorite dog breeds. This would allow them to engage with the sport that they love while also providing them with a steady (if perhaps small) profit stream.
Another market that could see a boost is the virtual reality (VR) gambling market. Thanks to developments in the form of the Oculus Rift and the Google Cardboard, VR technology has become more accessible and affordable. This has opened the doors for a market that could see significant growth in the coming years.
The proliferation of VR technology has enabled businesses to immerse consumers in experiences that they would usually have to travel to see. This has led to the rise of businesses that provide VR gambling platforms. For example, Laylayla Games has developed a VR platform for poker that allows players to see their friends’ and relatives’ faces while playing. This is something that you would not normally find at a brick-and-mortar casino. It adds an interesting dimension to the game.
Long-Haul Prospects
While in the short term, people might flock to wager on the colors of their friends’ tattoos in a bid for entertainment, in the long term, they are more likely to do so for financial reasons. This is a far more stable and secure option than investing in the stock market or cashing out of a 401(k). In the worst-case scenario, it is far easier for people to borrow money against their future income than it is to lose money in the stock market. At least, this is what many people would assume. However, as the saying goes, “assume nothing” and instead, “look at the data.”
To this end, it is essential for businesses like Skin Match to track the economic cycles that their product brings about. Naturally, they would like to see customers repeat an activity as many times as possible. This is why they have developed an interest in gathering as much data as they can on their users’ activity. In times of crisis, this is akin to “follow the money.’” This is the type of person that Skin Match is looking for: Those who want to make a steady and secure income with their online presence.
Final Takeaway
The future of gambling is looking up. While some businesses might struggle to find a home in this changing environment, those who are able to harness the power of data will be able to better understand their customers’ needs and, hopefully, meet those needs.