How Is The Online Casino Business Attracting Consumers Worldwide?
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According to Grand View Research, in 2022, the global online gambling market reached a value of more than $60 billion, and this value is forecast to grow at a CAGR of 11.7% between 2023 and 2030. Regions like Europe have dominated the global online gambling market with a 41% market share, but North America is doing well too. In 2021, the online gambling market in the United States generated over $50 billion in revenue, marking a nearly 80% jump from 2020. But what exactly is behind the growth of the online gambling market? What’s the business model of online casino platforms, and what’s attracting consumers to these platforms?
Tactics Used That Have Led To The Rise Of Online Gambling
Consumers today want experiences, not just products or services. Businesses must partake in experiential marketing to incentivise consumers to visit their stores, websites and buy their products, as per Mailchimp. It’s not just about creating high-quality products or services anymore; consumers want added value. What else are you offering them in addition to these products and services?
Out of all the industries, the online gambling industry understands this shift in consumer behaviour and the overall business environment particularly well, contributing to its global success. For example, online casino platforms offer traditional games like poker with live technology, allowing players to interact with real-life dealers on screen. This interaction enhances the online gambling experience and gives players an experience that combines traditional gambling with digitisation.
Likewise, online casinos incentivise players in other ways, such as by offering special features and bonus rounds. For instance, Fishing Frenzy is an online slot game that offers special features like free spins and bonus rounds that can lead to more free games. Games such as this provide consumers with added value; they get to play the game and get something more from it, increasing their likelihood of becoming repeat players. Repeat players are loyal customers who can help contribute to a company’s financial performance.
Apart from experiences, consumers today also want the flexibility of choice. Now, this doesn’t strictly mean having the option to buy different product variants on the market, but it also comes down to where and when they can purchase items or, in the case of online gambling, play games. That’s why many online casino platforms offer desktop and mobile apps for players. Offering these options means players can choose where they want to play that best suits them. This is crucial since understanding the needs and wants of a company’s target audience is one of the most important factors that can lead to customer engagement, retention, and loyalty.
The online gambling market is a rapidly growing business worldwide. Even though the market is excelling more in certain regions, such as Europe and North America, all online casinos utilise similar business models with a core understanding that consumers today want added value and interactive experiences. The ways to encourage these experiences and give consumers what they want include offering rewards and bonuses and incorporating immersive technology to enhance traditional experiences.
