THE ONLINE casino industry is huge, with data from the analysis firm Mordor Intelligence [2] suggesting that the market could grow to $87.75 billion by the year 2024. This figure is made up of several gambling channels, such as poker, bingo, and sports betting, but online casino games make up a large part of it.
For online casinos, this is good and bad. It's good because it means that more players are playing online casino games and they are spending more money on them too. However, it does mean that the market is going to become more competitive and, as new online casinos pop up, it's going to become more difficult to grow.
Go Hyperlocal
Part of the growth of the online casino market is because it is going international, as more people in more areas start to enjoy and access online casino games using platforms such as mobile devices. With that in mind, it may seem strange to suggest that going hyperlocal could be one of the biggest strengths of an online casino trying to stay competitive.
The reason that this works is that going hyperlocal allows a casino to find a niche while others are going international and are trying to get customers in all regions. Some of the best Canadian online casinos [3] have done this by offering popular deposit methods for Canadians, such as bank transfers, and e-wallets. Many also offer special bonuses and welcome offers for Canadian players, like free spins and more money for each deposit. By doing this, Canadian gamers see that these casinos are made for them, which makes them feel special.
More ways to deposit
Another way that online casinos can grow is by offering more ways for players to deposit money. E-wallets and fast bank transfers were a major development and, in an article by cryptocurrency news site Coin Telegraph [4], the writer reveals that the way that people spend money is changing again.
In 2018, the number of cryptocurrency users doubled and, if the crypto industry keeps growing at that rate, millions of people will soon be spending digital coins over fiat currencies. Casinos are built to support fiat currencies but they may need to start accepting cryptocurrencies such as Bitcoin and Ether and adding Know Your Customer systems to support the new way that people are spending.
Offer loyalty programs
As the online casino market gets more competitive, it will become more difficult to get new players to sign up and spend. However, online casinos can offset this by offering loyalty programs and retaining the players that they have now. An article about customer retention by NGDATA [5] explains that customer retention costs less than customer acquisition and can get customers to spend more money, more often.
A loyalty program could be one that gives players free spins if they play every day, or gives them faster withdrawals for being a VIP member. Social media and good customer service can also help with this.
The online gambling industry is changing so quickly that it is difficult to see who the next big players will be. If the casinos available now want to still be on top when gambling revenues climb though, they will need to try to make changes as the industry does.