The online casino sector has never been as competitive as it is in 2024. In fact, a recent study showed that the number of online gambling operators has increased by 4.5% from 2023, resulting in more than 4,800 operators as of May 2024.
So, you can imagine what it can cost you to stand out among these growing statistics.
By the way, do you know that this industry could actually grow by a CAGR of 6.47%, partly because more operators are joining? Therefore, if you have questions about what you can do to stand out, it may pay off to stick out.
This article will address such questions and bring to the surface some amazing insights.
The power of bonuses
Bonuses have become so popular in the casino sector that it is almost impossible to think of a platform that does not offer them. As a result, you can now immerse yourself in real money casino action with great rewards from any place at any time.
Bonuses play a great role in making the gameplay more engaging by allowing players to discover new games in a risk-free environment.
Given that, according to North One, 75% of customers prefer companies offering incentives over those that don’t, online casinos are taking advantage of these features to stand out. Plus, you can imagine what this means for operators now that members of loyalty programs can generate incremental revenue of anywhere between 12% and 18% than non-members.
And the best part is that if you can increase retention by just 5%, you can see 25-95% revenue increases.
Remember, as more operators join the industry, acquiring new customers is also becoming more expensive. In fact, some studies show that it can now cost you at least five times more to acquire than retain existing players.
So, you don’t only want to focus on attracting new audiences but also retaining the ones you already have. And bonuses can really help you with that.
Adapting to changing trends
One thing that you cannot dispute is that the widespread popularity of tech advancements has really affected our expectations. For instance, now that it is possible to find personalized experiences, why would a platform not provide such?
Or why would an operator not customize his products for mobile use, given that many gamers use these devices to access entertainment?
A recent study by SuperOffice CRM noted that companies that offered customer-oriented products were 60% more profitable than those that did not. You want to always ensure your experiences align with customer expectations at all costs.
Just think of the benefits you can reap by customizing gambling experiences, as 81% of customers expect such experiences. On top of that, Ninetailed claims that such encounters can lead to about a 10-15% increase in revenue.
Something else we have highlighted is that most players now use their mobile to immerse themselves. By the way, do you actually know that, according to Business Wire, the percentage of mobile casino gamblers is about 80%?
This population will, off course, expect seamless experiences as they would find on other devices like laptops and desktops. Not optimizing your website for such needs is just doing yourself a great disservice.
That is where the concept of responsive designs comes in. Always ensure your website can work well on multiple devices without pinching or zooming.
Align with security needs
It’s shocking that we sometimes pay a lot of attention to our physical security but neglect our online safety. But it shouldn’t be so, especially now that cybercrimes are seriously increasing. Actually, Exploding Topics approximates the number of cyberattacks per day to be about 940,000 and 11 per second.
And if that is the case, you definitely do not want to be among the statistics.
In the casino industry, the number of DDoS attacks increased by 46% in the first half of 2024, JumpCloud reports. The large volume of transactions and crucial data make this industry one of the most targeted by malicious persons.
So, companies that make efforts to guarantee players’ safety can really improve their brand perception.
Already from the statistics, you can already tell that everyone is now getting concerned about their online security. And the best part is that if potential customers perceive your brand as security-conscious, they will more likely convert.
Methods like multifactor authentication can really help you with this. MFA helps to strengthen security efforts by minimizing exposure to about 99.9% of automated attacks.
You can also take advantage of artificial intelligence to monitor fraudulent activities in real time. AI, as we know it, boasts advanced computational abilities that can crunch enormous data into meaningful insights in a matter of seconds.
And what better way to get real-time insights, especially now that billions of people gamble online, than to use AI?
To sum it all up, as the casino industry transforms, you must also evolve alongside to remain relevant in the next few years. Never forget that modern players are becoming more discerning, thus the need to offer more customer-focused products.
That’s actually the best way to survive in this industry, where acquiring new customers has become extremely expensive.
Plus, never despise the power of aligning with changing security needs—it is not always easy to recover from an attack. This also includes recovering your brand perception.
