How can online casinos maintain their edge in a crowded market?
Just recently, SkyQuest Technology released a report claiming that the global online gambling market had reached $65.3 billion. The institution further projected that the market could grow from $73.2 billion in 2024 to $182.54 billion by 2032. This statistic clearly shows how competitive the industry has become and the need for operators to be innovative if they are to remain competitive.
That explains the rise of more player-focused experiences in this space. After all, no modern player would visit your website only to spin the reels. They want to connect with every aspect of the gameplay, from onboarding to playing the games. One popular way online casinos cater to these modern preferences is by aligning with the increasing mobile usage in the industry.
Through responsive designs, these companies are able to ensure seamless multi-screen access. That’s why you may have encountered numerous online mobile slots that work well, even on smaller screen sizes. And since this is just one of the many ways top-performing online casinos rise above the noise, you want to stay around to find out more.
Rewarding loyalty differently
Do you know that, according to Cropink, about two-thirds of an organisation’s business comes from loyal buyers? This statistic alone is enough reason for every business to prioritise customer loyalty. Remember, acquiring new players is no joke. Some experts suggest that you might need at least five times more resources to get new players than to retain existing ones, explaining the popularity of casino bonuses.
Bonuses are great differentiation features because they help encourage exploration and improve player engagement. Take no-deposit bonuses, for instance. They allow players to take the casino for a spin without risking their money. Loyalty programs also help operators distinguish themselves by rewarding long-term play, not just one-time bets.
But again, you don’t just want to offer generic bonuses that may not speak to everyone. And this is where tailoring encounters comes in. By monitoring individual preferences, average bet sizes and playing frequencies, operators can provide more relevant offers that appeal to players’ unique preferences. According to WiserNotify, providing such encounters can, surprisingly, increase retention rates by up to 44%.
Depositing and withdrawing have become seamless
Imagine a scenario where you wanted to deposit or withdraw funds, and everything gets delayed. Or worse still, the operator asks you to submit five different documents so you can access your funds. Such experiences could be frustrating for many players and even cause them to turn to competitors.
According to cxscoop.com, friction in payment methods could be a deal breaker for up to 76% of customers. Of course, you don’t expect this to be different in the casino industry, where seamless experiences have become a thing. One way you can get ahead of this challenge is by ensuring you have multiple payment options, so that if one fails, players have other alternatives to explore.
Multiple payments also allow you to cater to numerous preferences. Given that over four billion people gamble at least once yearly, you can be sure preferences significantly vary. Players in the US might not prefer the same payment methods as those in Africa. Catering to all these preferences by incorporating multiple options presents your brand as customer-centric, which can be a great strategy to separate yourself from brands that don’t take that approach.
Trust has become a real currency
With cyberattacks becoming more common, no one wants to interact in an environment that could expose them. And this doesn’t matter how sleek your interface is or how generous your bonuses are. Players who don’t trust your platform may never engage with it. Mark you: According to Zendesk, over eight in ten users may never transact with brands they don’t trust.
Thankfully, paying attention to online security can help ensure you don’t miss out on this vast population. One of the great ways to get started would be adopting secure infrastructures like two-factor authentication (2FA) and SSL encryption. Can you believe that 2FA alone can prevent exposure to up to 99.9% of automated and 96% of phishing attacks?
SSL secures online communications, preventing access to crucial information from malicious persons. Besides these security features, consider obtaining licenses from the respective governing bodies and displaying them publicly to encourage user confidence.
There’s something for everyone
Perhaps thinking that you’d ever spin reels, flip cards and sit on a virtual poker table on a single online platform would seem illogical a few decades ago. But as technology has evolved, this experience has become possible. What’s even more intriguing is how online casinos integrate games with related themes to make the gambling environment feel familiar.
For instance, if you’re a movie fan, you will encounter slot titles like The Goonies and Jurassic Park. For sports enthusiasts, titles like Spin & Score Megaways and Hooligan Hustle will suffice. In short, there is something for almost every preference, allowing casinos to reach as many people as possible.
Other operators even allow gamblers to place sports bets without necessarily switching to a different website. And this is without mentioning the live dealer options on these platforms to cater to the growing need for realistic experiences.
Standing out in the casino industry, where competition is stiff, is no joke. However, that does not mean there’s no hope for forward-thinking brands as strategies like improving brand trust, payment processes and bonus features can be handy. Given that players want customer-focused encounters, using these approaches can help brands to distinguish themselves from the crowd.