The online gambling and sports betting industry has skyrocketed in popularity over the course of the last five years. The first online gambling game was launched nearly 30 years ago in 1994 and the industry has certainly progressed in terms of popularity and technical capabilities since then.
In order to break into the online gambling industry, there are a number of obstacles which need to be overcome. Thankfully, there are now many ways to boost your presence online, grow your company and stand out from the crowd. All you need is some creativity, dedication and innovation to get ahead and break into the market.
An increasingly competitive market
In the last three years especially, the market has increased exponentially as the global public health crisis forced the temporary closure of brick-and-mortar casinos around the world. Suddenly, gamblers and bored non-gamblers alike were looking for something new to try, and online gambling stepped in to fill that void.
There are now thousands of different online casinos on the market, all of which are offering something slightly different in the hopes of attracting the attention of gamblers from around the world. This has led to the market becoming incredibly competitive and even difficult to break into for many new companies.
Going digital
Alongside the challenges online casinos face are the difficulties encountered by brick-and-mortar casinos which have decided to reopen after the global health crisis or which are just starting to crack into the market. Right now, there is a big push for online gambling as opposed to gambling in person at traditional casinos.
Part of the attraction towards online casinos is the fact that they are much more convenient to access than brick-and-mortar casinos and they also offer many more game types and genres. However, that does not mean that traditional brick and mortar casinos are “over”.
Instead, many brick-and-mortar casinos are competing by also launching their own online casinos and by focusing on experiential aspects of gambling in casinos, such as event nights, cocktail hours and socializing.
The tools to get ahead
All online casinos can benefit from using some of the many tools available to get ahead in such a competitive industry. One of the most popular tools currently available is the Gaming Innovation Group (GiG) platform, which offers digital businesses a complete iGaming experience to launch their operation, including online casino companies.
The GiG platform helps companies to quickly grow at scale and to stay one step ahead of the competition. You can read more about GiG and what they offer here.
Other essential tools can be found everywhere from Slack to Workday to Salesforce. Every aspect of commercial life now has associated software, which can help to make processes more efficient and effective.
Standing out among the competition
Competition is a major obstacle facing new entrants to the market, as is creating a memorable and unique brand identity. This can be difficult in a huge marketplace where every company is broadly offering the same products to the same consumers.
Taking the time to craft a brand identity, potentially with the help of a few experienced marketing professionals, can go a long way towards creating this notable identity. Everything from the aesthetics of the platform to the payment methods, games offered and welcome bonus type can be influenced be the brand identity and theme, so it is worth thinking through these details first.
Legislation
Another significant hurdle is, of course, legislation. Despite recent progress, there are many countries, states and provinces where online gambling and sports betting either are not legal or are only legal in certain contexts.
Similarly, in the gambling sector, it is essential to have full, comprehensive terms and conditions for all bonuses, account registration and payment processing activities. If you are at all familiar with the online gambling industry, you have likely seen the angry comments of individuals who did not read the terms and conditions of their welcome bonus or failed to understand what a wagering requirement is.
To avoid all potential legal issues – and negative reviews! – it is worth sitting down with one of the many lawyers who has experience in the online casino industry. There are entire firms which focus on this work, which can assist you in ensuring that everything you do is legal, fair and appropriate.
This is one obstacle which you cannot skip out on, and you do not want to “cheap” out on, as a future sanction or lawsuit could result in the loss of the company altogether.