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How Online Casinos Maximise Profits

Companies / Gambling Oct 11, 2019 - 07:20 AM GMT

By: Submissions

Companies

The gambling industry has had great success as of late. A report from the UK Gambling Commission (UKGC) - the government body that regulates the gambling industry - showed that during 2019 the total Gross Gambling Yield (GGY) in the UK reached £14.5 billion. It’s an impressive figure, and reflects what many organisations already know to be true — that people still play online casino games, and a younger generation is beginning to love them too.

Statistics from the same report also show a rise in online gambling — the total GGY of the remote sector was an astonishing £5.6 billion. This means that online gambling is one of the largest revenue generating sections of the industry. And it continues to grow in popularity.


Here’s why it’s happened and how online casinos can help to maximise their profits.

The advent of technology

The internet boom of the 1990s and the subsequent rise in technology has had a massive effect on how we conduct business, spend our time and ultimately, live our lives. From streaming services like Netflix and Amazon Prime to social media channels and music websites, the entertainment industry has undergone a massive transformation over the past two decades. This includes, of course, gaming — especially online casino games.

There are several reasons why technology has had such an impact on the popularity of online casino games. One of the biggest has to be the rise in mobile devices, including phones, tablets and laptops. There are approximately 2.71 billion smartphone users in the world today — which, when compared to the world’s population, means that an incredible 35.13% of the world’s population have a smartphone today. Which they’re using to work, keep in contact with friends and family via social media channels and play their favourite games.

As more and more people play games from their phones, game developers have responded by creating better online games. This has led to the growth in online casino websites as well as a wider selection of the games on offer, with many different companies competing to have the most options (and most exciting games) for their players to choose from.

Technology has also fuelled new innovations that have improved games over the years. Upgrades of animations, graphics, video and sound have transformed the quality of the gaming experience. And new technologies, like augmented and virtual reality, develop, users will continue to be offered more entertaining games with exciting features.

How online casinos make their money

The revenue generated from online casino gameplay has meant that more and more casino websites keep popping up every day. As it’s become such a saturated marketplace, online casinos now face huge competition from one another, and must do all they can to gain an advantage over other companies and brands.

There are several different ways that online casinos can maximise their profits and increase the growth of their user base. Just like their land-based counterparts, one of the first ways that online casinos make profit is through their handle — it is, in fact, the most important part of the gaming operator. The handle is the total amount of money that has been bet. If you’re playing poker, for example, all bets that are made on a table contribute to the handle. The handle is often confused with the drop — the money exchanged for chips.

Then, there’s the house edge — the statistical advantage that the casino has in every game and every bet. This is what makes a game a gamble — and what makes gambling so entertaining for people around the world. It’s also what helps makes casinos a profit, as the casinos are left with whatever money remains after all the players have placed their bets.

Standing out from the crowd

One of the ways that casinos can stand out from their competition is to continuously broaden their game selection. Customers are easily swayed if they get bored — by constantly promoting the best games available, they can keep users coming back to their page to try out the latest offering and new releases.

Another way that casinos can keep their customer base engaged is by investing in the design of their website. Good design is all about the user and the journey they go through while visiting a site. The experience from signup and deposit, through to gameplay and withdrawal of funds should be a seamless one. If a player, for example, should get confused or stuck at one part of the journey they’re more likely to close the website and try a different one. It’s an important element to get right and can really give online casinos an edge over their competition.

Finally, it’s incredibly important that all aspects of an online casinos marketing are considered, from brand to advertising. Users are likely to stick with the casino websites they already know and trust — and new players are drawn to names they’ve heard before. Ensuring their marketing plan and strategy is in check will give a brand a big advantage over others with similar offerings — and in such a saturated market, that advantage is worth the investment in the long term.

Creating loyalty in customers

Casinos can maximise their profits by ensuring they have a loyal customer base. As a online casino brand, you want users to return to your website again and again; it’s easier, after all, than trying to source a new audience. And if a player enjoys, or feels loyal, to a particular casino website it’s likely they’ll tell their friends and family about it too.

Casinos create loyalty in customers through loyalty schemes, which reward players with bonuses, prizes and extra cash through their continued gameplay. Many players are enrolled in loyalty programmes automatically — and can reap its benefits by playing as they normally would.

Then, there are the bonus schemes. Bonus schemes are a great way to entice new players, especially if they’re associated with a signup offer. Both schemes are ways that online casinos can maximise their profits and continue to grow their customer base.

By Jamie

© 2019 Copyright Jamie - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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