Harnessing Inclusivity
A straightforward business plan that every company should remember is this – the more shoppers you engage, the higher your profits. Of course, there’s no point wasting resources appealing to the wrong demographic, yet there are groups of people who are ignored due to lazy stereotypes. Online casinos highlight this through their improved engagement with women. For instance, the sector’s value was a lot lower a decade ago when it focused solely on men, whereas now the UK market is valued at £14.5 billion, a figure it couldn’t hit without the help of a range of players. Thanks to research that proves beyond doubt why women like to place wagers, it’s possible for operators to tweak their strategies to grab the attention of an untapped demographic. The best case study is bingo, a vertical in which women out-represent men by 33%. Since female users bet because it’s a fun thing to do or to fantasise about winning, platforms offer bingo services such as scratch cards and Slingos to ensure female gamblers aren’t excluded. Sports betting, on the other hand, doesn’t attempt to break the glass ceiling because it knows that only 7% of women bettors in the UK stake money to enhance the experience of the event, such as a football match. By adjusting their services based on the preferences of specific groups, online casinos and bookmakers have drilled into a customer base that was previously underrepresented. Of course, the exciting thing about the technique is that it’s doable for everyone, not just women. Therefore, the entire sector could become more inclusive of demographics that the market has historically ignored. Tesla has taken a similar path in the EV market, using sustainable tech to reach its goal of expanding into new markets, something it did when it joined the trillion-dollar market club.
Packaging Less Novel Offerings
Some countries get to piggyback off the novelty of gambling. The US is an obvious example since the industry has been under lock and key for decades, with only Las Vegas and Atlantic City awarded the freedom to welcome bettors to land-based casinos. Even then, online wagering in the US took a long time to open in Nevada and New Jersey. So, when the Professional & Amateur Sports Protection Act of 1992 was struck down in 2018, it wasn’t surprising to see the sector experience eye-watering growth. However, the same doesn’t apply to the UK, as gambling has been legal since the 1960s. While it means the market has capitalised on the demand, there is now the issue of continuously trying to sell a product that’s been around for nearly 60 years. Without the novelty factor, it’s hard to stand out from the crowd and encourage gamers to select a service in a saturated market. Thankfully, for the UK sector, it utilises resources it has built by giving away generous helpings of added value. Promotions and bonuses range from free spins to cashback and deposit matches on everything from slot machines to table games and live casino verticals. Some of the top UK and European providers can afford to provide bonuses in the form of no deposit promos, meaning customers don’t need to spend anything to claim a reward. Still, the number of available bonuses is so great that the tactic isn’t enough. As a result, advertising other elements is essential, including the return-to-player percentage that indicates how much gamers stand to lose. The higher it is, the more people can win, which is why online casinos now include the highest RTP slots within their libraries, from Book of 99 and Marching Legions from Relaxing Gaming to 1429 Uncharted Seas by Thunderkick, all of which have RTPs of over 98%. Volatility is another factor, especially concerning slots, as players like to know if they pay out regularly, and the size of the payouts when they are triggered. That’s why volatility rates are included, along with variance levels too. Through the two methods listed above, the online casino market has gone from strength to strength. So, it’s not unreasonable for other industries to follow a similar trajectory if they evolve with the times and innovate.
