What Can Businesses Learn From The Online Gambling Industry?

The online gambling industry is one of the most progressive sectors in business. It has evolved and adapted over the years to match emerging trends, such as introducing live casino games. Live games allow players to interact with a real dealer via live stream. We’ve also seen casino operators start to accept cryptocurrencies and electronic payment systems like Neteller, another sign of the times.

This flexibility is one of the reasons why the number of online gamblers across the world is growing. It’s also why the global online gambling market is projected to have a value of around $90 billion by 2023, and such success is hard to ignore. In fact, there are many business lessons we can learn from this industry’s triumphs.

More Choices = More Customers

Casino operators are constantly adding new games to their catalog, expanding the number of choices customers have. These choices can help attract different demographics at a greater scale. For example, when you play bingo online now, casino operators offer Slingo games in addition to traditional games like bingo scratch cards, bingo jackpots, and 90 ball games. Slingo is a hybrid casino game that combines elements of slots and bingo. Likewise, there are now dozens of variations of poker, roulette, and blackjack available on online casinos. 

These additions mean players are always getting something new to play, which helps retain them. Consumers today also appreciate it when they have choices, no matter the industry, as it helps them feel more in control over what they buy or, in this case, play.  

Incentives Work

Every business wants to generate customer loyalty. Companies pour thousands of dollars into marketing campaigns to do this, but the online casino industry has successfully demonstrated another way to retain users, and that’s through offering incentives. Today, most online casino platforms offer a range of promotions, including welcome bonuses, no deposit bonuses, and free spins. Some casino operators also allow players to start playing without registering, which speeds up the process and allows gamblers to start playing immediately.

Hire Niche Brand Ambassadors

Brand ambassadors play a crucial role in exposing a company to new audiences. However, in the past, we have seen businesses hire A-list celebrities as their brand ambassadors, even though they don’t necessarily have anything to do with the company’s values or services. To some consumers, this can seem disingenuous.

Instead, the online casino industry is particularly good at hiring brand ambassadors that have a connection to their industry, such as Betfair recently naming English jockey Bryony Frost as their new brand ambassador. Betfair is also a sportsbook that offers horse racing odds; this partnership is projected to bring greater exposure to the sport and provide an important opportunity to create relevant content. In other words, hiring a brand ambassador connected to a company’s niche or services helps bring in the right audiences. 

👋 Welcome to the @Betfair family Bryony Frost pic.twitter.com/pA4hYJUcU1

— Betfair Racing (@BetfairRacing) January 26, 2022

As the business landscape has changed over the last ten years, some industries have struggled to adapt and evolve. However, the online casino industry has been victorious in this area, and many other sectors can learn a few business lessons from its past successes.