We are OptiKPI, and we know the iGaming industry like the back of our hands. Our expertise in the industry has led us to create this state-of-the-art marketing automation to assist casino operators like you in handling marketing like a pro. According to a recent study, the online casino business will increase by about 12% over the next six years.
You should avoid some pitfalls at all costs and take some effective routes on your way up. We are here to provide you with all the necessary information for running a smooth and successful gaming company.
Challenges of running a successful online casino business
There has never been a better moment to start an online casino business. However, another significant fact is to remember: more than 60% of firms fail during the first year of operation. So here are some pointers for starting a long-lasting online gaming business. Are online casinos profitable? Yes! In 2021, the worldwide online gambling industry was valued at USD 57.54 billion, and it is predicted to increase at a compound annual growth rate (CAGR) of 11.7 percent from 2022 to 2030, by a report by Grandview research. The growing usage of mobile phones for online gaming in public areas and at home, along with expanding internet penetration, is boosting the online gaming industry. Furthermore, cultural and legal acceptance, simple access to internet gambling, celebrity endorsements, and corporate sponsorships encourage industry expansion. Because of the widespread availability of low-cost mobile applications, the industry is expected to grow further. So how many online casinos are there in the world? The answer is simply “a lot.” You cannot worry about the fact that there is too much competition; instead, face the challenge!
Note: This article will discuss the strategies for running a successful online casino business. We have deliberately skipped the procedures for starting an online casino because we are here to address the casino operators in the business right now. Check out this article if you want to know how to start an online casino business/ are in the initial stages of starting the business - How to succeed in the Online Gaming Industry?
Online casinos vs traditional casinos
There isn't much of a motive difference between an online and a traditional casino. In essence, both provide a comparable assortment of games. However, differences can significantly impact how much you win and your freedom. Even though both have advantages and disadvantages, online casinos are the best alternative. Here are some reasons why.
- Easy Money: If you opt to play online, Lady Luck may be more on your side. Because most online casinos today give free money in the form of free spins, bonuses, and special deals to draw new consumers and keep regulars preferring their site over their competitors. There is so much rivalry among online casinos, implying a more extensive choice of deals to take advantage of.
- Flexibility & Time: One of the most significant distinctions between playing in an online and a real casino is that you can play from anywhere at any time. There are now so many methods to access your favorite casino games online without any limits, whether you choose to use a computer, tablet, or mobile app.
- It's easier to keep track of your spending: Gambling, in whatever form it takes, should always be done responsibly. To promote responsible gaming, read: Evolution in the online gaming industry. It entails setting a spending limit and sticking to it. When you play online, it is easy to keep track of your bets and choose how much you are ready to spend. However, while playing at a real casino, things may rapidly get costly.
- Increased Game Selection: Unlike traditional casinos, which are usually limited to a restricted number of games, online casinos can change the games they offer anytime. It keeps things exciting and allows you to try your hand at learning a new game whenever you like and have fun playing old favorites. In addition, because online casinos continuously strive to innovate and uncover the next big thing, many will frequently let players test out games for free first.
Marketing online casino business
The success of a business is dependent on successful marketing tactics. Marketing your online casino business should be your number one priority. Your online casino can only grow through long-term marketing and promotion techniques. Online games typically attract young traffic. However, online games are increasingly enjoyed by people of all ages. Gaming companies invest millions of dollars in product marketing to reach gamers and encourage them to play more. Promotions allow gaming platforms to venture into uncharted territory. With the right marketing plan, gaming operators can reach millions of prospective customers. If you do not take advantage of marketing possibilities, you will lose gamers to competition.
Marketing initiatives and loyalty schemes designed to reward repeat visits will draw players to your site. Aside from affiliate marketing, you may also experiment with social media advertisements, website promotion, guest blogging, and SEO. Check out this article - How to Promote Online Gaming Sites?.
How can you tackle marketing challenges?
Properly chosen games: people visit your online casino to enjoy the high-quality entertainment. Slots are undoubtedly the backbone of any gaming site, but they should be supplemented by the type of entertainment your audience wants. Consideration of local varieties of card games or tabletop activities will be an incredible draw for the committed audience.
Advertising that works: your platform will eventually be ready to meet the rest of the world. The better your marketing effort, the more popular and successful your brand will be. Most high-performing entrepreneurs rely on affiliate agreements as their primary source of new leads. Social media marketing and search engine optimization are essential components of effective promotion.
Affiliate marketing: is the new trend. It helps you bring traffic from partner players. Moreover, these affiliates will enable you to reach people from the grassroots levels. Building a brand is required for longevity in the online gaming sector. Affiliate marketing helps you accomplish exactly that. For example, you can reach out to a local YouTuber who is famous in that region. Share with him your marketing targets and create a sleek marketing plan. Once he starts promoting your product, you can release payments to him according to the result. Pay per registration works best!
How to run a successful online casino?
The gaming industry is competitive. Only the greatest can keep ahead of the competition and thrive, while others are less fortunate. Despite the fierce rivalry, new platforms continue to join the market. And with so many competitors, success in the gaming industry is complex. So we've compiled a list of innovative ideas to help you flourish.
One of the most excellent marketing automation tools for the gaming business is OptiKPI. It is filled with the power of AI and behavioral targeting to dramatically boost your company's success. The Personalized automation features of OptiKPI allow platforms like yours to communicate with its players in real-time. We help you capture consumers' attention and focus solely on what inspires them, increasing your chances of winning.
Following is a success story of a client. We helped them automate marketing activities throughout the course. And once it was set up, all they had to do was just sit and observe.
We have an advanced marketing automation feature called Journey. To know more about the journey, check - Player Journey in Gaming. Through the help of the Journey, our client created this marketing campaign.
- When a new player registered on our client's online gaming platform, we automatically sent a personalized welcome SMS - “Hi Mr. John, welcome to XXX casino!”.
- And along with the message, we delivered him an exclusive welcome offer - “Deposit $20 to get $10 Free!”.
We had to wait a while to see the player's action. After three days,
- If the player had made the deposit, he was guided on a different path. We explored upselling options and sent exclusive offers - “Hi John! We invite you to become our VIP by depositing just $50”.
- If the player had not made any deposit, we sent him another SMS - “Hey John, we miss you! We made a special offer just for you. Deposit $20 to get $15 Free!”.
And the follow-up continued for another 18 days. We connected with the new user every 3rd day and tried to convert him into a depositor and make him a VIP player. The journey ended with astonishing results; our client found a massive jump of 15% in the First-time deposit rate (FTD) in the first 3 months of using OptiKPI.
We know we are the best marketing automation partner for your online casino. You can connect with our team, discuss and see it for yourself. Book your demo today.