‘The house always wins’ is the first axiom of gambling. Games of chance, monetary stakes and the sheer adrenaline rush have always fascinated those that were inclined to wager something of value, usually money, on the outcome of a specified event and hoping for a massive payoff. Today, thanks to the online gambling industry, this ‘obsession’ is bigger than ever!
Therein lies the opportunity. According to a recent estimate, the online gambling industry will be worth USD 59.79 billion in 2020. This is tied to two simple factors- for most people, hardened players and amateurs alike, gambling is fun. And, if all the convenience and engagement value of casino gambling can be sourced through a computer or smartphone, why not?
So, in this age of digitalization, how can the online gambling industry leverage available resources to fully equip its unicorn companies?
Inclusivity- what’s fun about online gambling?
In 2015, as many as 42.31 million visitors flocked to various landmark casinos in Las Vegas, Nevada. And, in the subsequent years, the number has only increased and is projected to increase further by 2020. Let’s face it, actual casino based gambling still dwarfs and will continue to dwarf online gambling for a long time to come.
However, gambling over a laptop or smartphone has its own unique advantages. First, the costs are significantly less, including the money saved in making the trip to Las Vegas or other casino hubs like Atlantic City. And, money saved is more change for the slot machine, right?
Secondly, while casino based gambling is likely to entice a certain type of gambling aficionado, the wide lineup of games, a more flexible pricing format and easy 24×7 availability is likely to attract the casual gambler. Playing from the comfort of their homes, these casual players can be easily and productively converted into repeat customers. In other words, online gambling can easily graduate into an engaging hobby.
Reachability- leveraging the power of the internet
In many ways, the success of the online gambling industry is intimately connected to the speedy evolution of internet connectivity and smartphone technology. Already, games such as Angry Birds, Clash of Clans and Candy Crush have blurred the lines between unadulterated fun and a payment model to ensure that the aforementioned fun is seamlessly streamed onto the smartphone. Online gambling games such as poker, sports betting, lotteries and blackjack can easily join the existing pack.
Online gambling games can be played anywhere and involves a level of customization that isn’t possible with offline gambling. Online games can easily reach a wider demographic, and the ensuing activity can be productively analyzed for patterns and encouraging trends.
Code of the unicorn- doing the simple things impressively right!
At the heart of any technological success story is the will to do the common things, uncommonly well. To attract the big market cap and prospective investments, the budding online gambling startup must do two things exceedingly well: offer quick, customer friendly innovations, and be in complete sync with what the target audience wants and understand how long the latter are ready to wait for the desired update before changing allegiance and siding with the competition.