Rising Competition Within the Gambling Industry
Online gaming is one of the fastest growing industries in the world, and the competition to provide service to the most customers globally is hotting up as more and more countries take steps to legalise and regulate online casinos.
For the casino industry, changes in technology and the way people want to gamble has seen a move away from opening new casinos and investing more money in creating excellent gaming experiences online instead. This drive to be the best includes offering new customer bonuses and VIP loyalty schemes to attract players to their site. Players can head to a site like Bonusfinder uk to see the best promotions offered by the online casinos operating in their location to compare.
The Gross Gambling Yield (GGY) of the total gambling industry in the UK was worth £12.7 billion from April 2020 to March 2021 according to the UK Gambling Commission, and £6.9 billion came directly from remote sources – from online casinos and remote betting. While the overall GGY has decreased by 11% compared to the same period the year before, in the remote sector there was an 18.4% increase.
This move from the traditional physical casinos and betting shops has of course meant a change in direction from the businesses themselves, with some of the biggest names in UK gambling such as Ladbrokes, Coral, and William Hill putting more money into their online offering and closing some of their high street locations.
So, what has been the motivation for this rise in online gaming? It isn’t all that much of a recent thing; the slow drip away from physical gambling to the online versions has been in progress since the internet was in its infancy and Microgaming launched what is the earliest version of an online casino back in 1994.
The biggest factor in growth for the online gaming industry is innovation and technology; not only are there more options for consumers now than there have ever been, the quality of games, design principles, and availability have all increased exponentially thanks to breakthroughs in video, audio, and connectivity.
In amongst all this noise, however, is the eternal question – how can an online casino position themselves as the top choice for consumers? How can a company become the go-to choice, the name synonymous with online gaming? In a saturated market, finding a niche and attracting the right customers is no easy task, and ever-changing technology can be as much of a barrier as it is a boon.
Technology and the Rise of Competition
As far as innovations go, one of the most important technological advances of the last couple of decades or more has arguably been the smartphone. There have been other developments in the technological world, like better connectivity, rich graphics and surround sound audio that have also had an impact, of course, but let’s start with the easily accessible internet we have in the palm of our hands.
Mobile Technology
While the first version of a smartphone was released back in 1995 (the IBM Simon), it was the launch of the iPhone in 2007, with early apps and game access, that started the real revolution. Here was a way to stay connected, access the internet, and play games – and this was just the start. Year on year, with more tech companies getting in on the action, smartphones have become more and more integral to our lives, and according to Statista, more than 83% of the world’s population owns a smartphone.
Online casinos have met this technology head on, creating native apps designed to work seamlessly with the technology of both iOS and Android devices, providing rich and rewarding gameplay in secure platforms, so that users can have a game of poker while they are waiting for the kettle to boil, or play Bingo in the office on their lunch break.
Connectivity
Tied to the apps on a smartphone is the rollout of 5G connectivity. Now, gamers can get access to their mobile casinos wherever they are, and they don’t even need wi-fi to play. 5G allows for better graphics, smoother animation, and a better all-round experience for the players.
Live Games
Competition in the online casino industry has meant that companies are looking to impress potential customers – and one of the ways that they can do this is through live games, with streamed dealer tables and the opportunity to chat to other players while taking part in poker, blackjack, or even slots. Video streaming is also related to the innovation in augmented and virtual reality, where through 360-degree video feeds, the player can feel like they are inside the opulent surroundings of a casino.
Payment Options
Card payments and bank transfers are not the only payment methods that players today want, and to remain competitive online casinos need to carefully consider other options like eWallets (i.e., PayPal and Neteller), challenger banks like Monzo, and even cryptocurrency.
New Customers
Getting new customers is one of the most important things for an online casino, and those that are moving away from visiting betting shops and physical casinos are only part of the ideal audience that the gaming companies want to attract.
Promotions, affiliates, and bonuses are all part of the marketing for most online casinos, with some choosing specific celebrities and influencers to advertise their sites, with codes and links that provide specific discounts or exclusive bonuses. Promotions might include a limited number of free spins for new customers, and bonuses might be deposit matching up to a certain amount.
With all other things being equal, it is the offers and the extras that are likely to reel in new customers, especially savvy millennials who are less likely to stick with an online casino that cannot offer promotions or look after their customers in the right way.
