EvenBet Gaming recently undertook an ambitious mission – conducting over 170 in-depth interviews with igaming professionals worldwide to understand the pulse of this dynamic industry and share it for direct consumption.
The poker software firm produced a comprehensive report revealing unique insights on how operators and their suppliers assess the existing challenges and future trends of the market.
Dmitry Starostenkov, the company’s Chief Executive Officer, shares details of five key insights with CasinoBeats from the report that could inform changes within the industry throughout 2024 and beyond.
Social media marketing is the backbone of building brand awareness
With most countries imposing strict regulations on advertising gambling activities through traditional channels, social media marketing has become a prominent tool for igaming firms seeking to build brand awareness and foster community engagement.
Nearly half of respondents emphasising social media marketing as a top trend also highlighted the importance of promoting their brand through their CEO’s personality, personifying the company and constructing SMM content strategies around this central focus.
The key strengths of marketing on social media such as its highly-targeted reach, real-time communication, data analytics, virality and adaptability to trends make it the perfect vehicle for navigating regulatory barriers and connecting with the target gaming demographic worldwide.
Rapid expansion brings growing pains
A major trend that emerged in our research is rapid business expansion into new overseas markets and territories, aligned with the strategic focus of interviewed igaming companies. However, while tapping into new markets provides valuable opportunities, the report highlights it also poses multifaceted challenges in establishing local offices, recruiting and building teams abroad, product localisation and, crucially, instituting processes to align such growth with the company’s culture.
The rewards of geographic growth have to be carefully balanced with the difficulties of fuelling and managing such exponential expansion. As an industry focused on taking advantage of emerging opportunities, igaming incumbents need to adopt strategies to expand sustainably.
Europe leading the AI charge in igaming
One eye-opening insight was the extent of the gap in enthusiasm for artificial intelligence integration among European respondents versus their Asian counterparts – with 87% of respondents in Europe identifying it as a trend versus only 13% in Asia.
This indicates Europe likely is leading AI progress and adoption in the igaming industry. With the global AI market valuation exceeding $136bn and industry leaders acutely aware of its potential, Europe appears to be ahead of the curve and driving innovation in leveraging AI to enhance customer experiences, operations and analytics.
Meanwhile, the lower emphasis in Asia potentially highlights an opportunity for strategic marketing of AI solutions and evangelising its benefits to players in the region playing catch-up.
Turbulent regulations rock the core of the industry
The report resoundingly highlighted regulation as the number one pressing challenge facing the industry, with 31% of companies citing it as their biggest issue. Regulations profoundly impact these operators’ viability and operations in both established and emerging markets.
Specific regulatory tremors highlighted in 2023 include Brazil’s long-awaited sports betting and igaming legislation, India’s controversial 28% gaming tax prompting legal action, 50% of Germany’s online gambling still occurring offshore, reforms initiated in Curaçao and the UK Gambling Commission’s ongoing drive for stricter customer protections.
Navigating this regulatory turbulence requires igaming firms to monitor key developments, assess risks and balance opportunities versus compliance and restrictions. Agility and informed strategies are crucial to thriving amidst the instability.
The competition for talent rages on
The findings signal that recruitment stands out as a pressing trend, with 17% of surveyed CEOs citing it as a top three challenge – three times more than the overall respondent average.
With the industry experiencing rapid expansion, fierce competition and demanding growth goals, there is an intense war for talent underway to attract qualified candidates across functions like technology, operations and content creation.
Additionally, 11% of B2B company respondents highlighted recruitment as a challenge, underlining its significance regardless of a company’s business model. Attracting talent globally requires strategic HR marketing to showcase company culture, strong career opportunities and leveraging locations like Europe that are viewed as hubs of industry innovation.
As the report summarises, the igaming sector’s own growth contributes to recruitment struggles as more players compete for experts that can fuel continued expansion. In this high-stakes arms race for talent, recruitment marketing and branding will be differentiators.
