In the words of the late great Kenny Rogers, ‘You’ve got to know when to hold ’em, and know when to fold ’em’, and anyone who has ever done business will know that this is a universal truth that many entrepreneurs will learn on their journey to success. As an industry that has grown beyond all recognition in just a few decades, there are plenty of lessons that any budding business mogul can learn from the online gambling industry, including:
Flexibility is important
The modern emphasis on an agile working environment may stem from a desire to change things swiftly, but the concept of being ready to change your thinking has always been a winning strategy in casino gaming. Whether that means capitalising on a good hand in poker or making the most of promotions to bag free cash, casino gaming encourages logical thought and swift decision-making, both of which are hugely helpful in business.
Focus is vital
Casino games were among the first to be digitised, and this is typical of how the gambling industry approaches change. With so many different games available, bookmakers and gambling operators were among the first to develop video game versions of traditional favourites, with bingo, poker, and slots all becoming as popular in their digital form as their traditional casino counterparts.
This is also true of all forms of technology used to administer the behind-the-scenes side of online casinos – online casinos need to ensure that they are at the cutting edge when it comes to offering their customers a safe and secure online environment in which to play.
Loyalty is critical to success
As with almost any business, it is much easier to keep an existing customer than it is to entice a new one to open an account. Brick-and-mortar casinos have long been considered the gold standard when it comes to fostering loyalty, and anyone who has spent any time at the gaming tables will know that free drinks, food, and sometimes even rooms are offered to players that are engrossed in a game.
Online casinos also want to make it easy to carry on playing, and they use promotions, special offers, and bonuses to encourage players to stick with a casino they are familiar with. This benefits players that do not want to have to research more than one provider, allowing them to set up an account, choose their settings, log their payment details, and keep track of their spending.
Online casinos can make their marketing spend more effective by prioritising existing customers, and most will also run referral programmes which encourage satisfied players to recommend friends and family members to sign up as well. Loyalty programmes are another popular scheme among online casinos where there are mutual benefits to offering existing customers the best deals.
You can’t put a price on peace of mind
As with any industry that takes payments online, the gambling industry has had to be at the forefront in terms of its ability to identify and prevent fraud and avoid being targetted by hackers. Because they hold funds in player accounts, online gaming sites will always be a target for those that want to access payment details and other personal data.
Betting sites have always been quick to adopt the latest technology when it comes to security, offering their customers the latest in encryption, secure data storage, and enhanced security measures for accessing their accounts. This provides a peace of mind that is invaluable and builds trust between the customers and the gaming sites they use.
Anyone in business should understand that customers value a service that is safe, reliable, and secure, and they will pay a premium to use a site that offers them a stress-free solution.