Staffan Bergh, Founder, Revshare Group, examines some of the biggest challenges currently facing stakeholders in an igaming sector worth more than $80bn and growing.
The igaming market has grown even more busy and aggressive, reaching a total value of over $80bn. Furthermore, the forecasted expansion in the igaming business is expected to improve by 14 per cent per year.
This phenomenal success is cause for celebration, but in the business of igaming, everything shifts quickly: players expect a unique experience, policies alter, and new markets emerge. Hence the need to deliver excellent experiences while appealing to new customers increases exponentially.
While several gambling platforms are available in the gaming market, selecting from the given options appropriately is crucial. Given the vast array of games currently accessible at Pennsylvania online casinos, it is advised that you carefully choose the game before playing.
Moreover, with technology breakthroughs such as AR, VR, 5G, IoT, AI, and so on, the future of igaming is promising. Nevertheless, this industry encounters its fair share of hurdles. In this article, we will go through some significant challenges faced by the igaming industry and what are the possible solutions.
Despite its expansion and its benefits, online gambling is still prohibited across many countries worldwide. The igaming sector has performed effectively in nations such as England, Australia, and Germany. Nevertheless, laws and regulations are subject to change anytime, posing the industry’s greatest threats.
Moreover, because so many nations continue to prohibit online gambling, the igaming industry cannot expand as much as it could if other countries had permitted online gambling.
Therefore, your igaming firm must have a valid licence and adhere to ethical measures to safeguard your platform and players from policy changes and jurisdictional interference.
Millennial users and their impatience
The growing popularity of games such as Grand Theft Auto, PUBG, and Fortnite, among others, pose a significant challenge to the igaming business. The younger generation is more intrigued by hardcore games than online casino games. This can seriously threaten the online casino market if not dealt with.
However, leveraging technological advancements like virtual reality, OCRT (Optical Camera Recognition Technology), and machine learning have helped companies like Play’n GO to offer live casino games, which fuel the players with excitement as they feel the rush of land-based casinos from the comfort of their home.
Notably, the B2B solution, Play’n GO, provides a comprehensive solution for the online gambling industry by utilising cutting-edge technology to create innovative casino games. Collaborating with such B2B gaming solutions can help you offer something new and capture the millennial market.
Furthermore, you must strive to provide the necessary customer service for this particular demographic, beginning by establishing knowledge bases with self-service solutions. Ensure that all troubleshooting solutions are readily available on your website and cover a broad variety of typical situations.
In addition, you must provide live customer care 24×7. There will always be technical issues that demand human insight and assistance, and you must ensure that you can provide your clients with the assurance of immediate aid when self-service fails.
Remember the famous casino heist movie Ocean’s Eleven of 2001? If 20 years ago, a casino heist took meticulous planning and an attractive team of charming misfits (at least in movies), today it merely takes a small group of hackers a few hours to acquire the appropriate equipment to reap massive payoffs. Furthermore, modern cybercriminals attack online gaming platforms using Dedicated Denial of Service attempts and user account fraud.
The operators of online sports and gambling betting companies are under pressure to ensure their platforms are constantly accessible. However, DDoS cyberattacks can interrupt the accessibility of an online platform for hours or days and cost organisations up to $40,000 an hour.
To remain resilient against these types of threats, igaming enterprises must implement multilayered protection to avoid DDoS and bot threats from causing disruptions. Moreover, you must deploy real-time payment monitoring solutions with behavioural analytics that utilise data from the applications, network, and service payload.
Competing against the big guns
Larger companies tend to dominate online marketing, traffic, and search due to advanced technology. It appears to be an impossible uphill battle to compete with giant firms that can more effectively monetise their viewers due to their advanced stack, interfaces with more cutting-edge innovation, and CRM software.
Additionally, these companies have a plethora of industry experience and billions of dollars in revenue. The bigger these businesses grow, the more efficiently they can commercialise their gamers and the greater the return on investment for each user they acquire.
With all major operators supporting chart-toppers using big-budget promotions, it might be difficult for individuals without large marketing expenditures to stand recognized. Having a lack of internet presence and an uncompetitive product is an issue for many midsize businesses.
Small businesses need to clearly understand gamers’ psychographics, demographics, and gameplay behaviours to provide enhanced, individualised experiences depending on their activity. In this regard, the igaming sector is not unique since other industries have demonstrated that customisation considerably increases relevance.
An effective conversion optimization strategy allows your website to attract more users and boost the average order value, leading to a performance increase. Practical website tailoring has evolved to be vital, facilitating player experiences above generic, one-size-fits-all campaigns. It is becoming extremely relevant to segment and comprehend gamers to avoid bombarding them with games and match content they are not interested in.
In simpler words, customisation in igaming is the awareness of which player category your games belong to, gaming preferences, intentions, and why they appreciate you. With technology and data, it is possible to comprehend target markets and player behaviour, providing a solid foundation for more intelligent and effective player retention and acquisition methods.