There are very few industries that continue to enjoy sustained growth despite the unpredictable and volatile economic climate. Online casino and gambling industry is a very good case in point.
The online gaming sector had a total revenue of around $ 44.16 billion globally in the year 2016 and is expected to touch $ 81.71 billion by the year 2022. This increase is majorly expected because of constant technological advancements, better regulations and progressive laws.
The unparalleled growth rate enjoyed by this industry regardless of the precarious economic conditions is something that small businesses can learn a lot from. There are many entrepreneurs that successfully rode the online casino wave and made big money from it.
Let’s go over some important things that SMEs can learn from the online casino and gambling industry.
Freebies can be instrumental in revitalising businesses
The immense growth enjoyed by online casinos over the past decade is largely because of the ‘Power of Free’ – which is to say, all those great bonuses and promotional offers that uou get when signing up! Go through the best free bets aggregated at freebets.co.uk and you’d know what we’re talking about. There is a ton of online casinos but the ones that persevere are those that make the player feel like they’re the stars with excellent support, tight security and plenty of those unbeatable incentives that make you choose them over the competition.
Online casinos did away with the subscription model that was associated with the console gaming market for a long time, and instead created platforms where players got to decide when and how they’d like to spend their money.
With online casinos not charging a subscription fee to the players, the latter are free to manage their bankroll any way they like, and maintain as much reserve as they deem fit for their gameplay. Although many people argue that such platforms just create the illusion of free before recovering everything over a period of time, it cannot be denied that such arrangement offers a great deal of freedom to the players and encourages them to continue playing on the platform.
Easy accessibility and diversity are key to business success
Accessibility and diversity are undeniably the most important components of successful businesses these days, particularly ones that operate in highly competitive markets. This is all the more true in case of online casino industry that continues to evolve and offers high-value proposition to the users.
If we talk about accessibility, online casinos have quickly acted upon the evolving market trends and didn’t waste any time in moving away from the slow loading, downloadable software. Rather, majority of the casino games can be accessed instantly nowadays on the Internet. Many of these online casinos have also developed their own mobile apps which enable consumers to enjoy their favourite casino games on the move, sometimes even without broadband connections. Even big names like MGM shifted their strategy to mobile, to successfully bank upon the new trend.
Organic marketing and innovative promotions
Apart from not applying any charges at the time of registration, online casinos also incentivise players by regularly offering innovative and generous awards, offering a great deal of free gameplay over a period of time. Many of these promotions are reserved for new signups and are offered as percentage-based match deposits.
Such promotions bring in significant amount of organic marketing benefits, putting forth a USP which directly impacts the consumer behaviour.