Lower operational costs, the opportunity to reach players in a number of countries, and current promotion options make online casinos and sportsbooks a very feasible business model. Why will the online gaming sector continue to entice new business owners in 2023? Let’s take a closer look.
E-commerce, online education and consultancy, online promotion, and online casinos and sportsbooks have all evolved into perfect business concepts for the modern entrepreneur. The last item on the list stands out due to the industry’s size, excellent rate of expansion, and abundance of chances.
Online gambling is a relatively new sector (jurisdictions began legalizing and regulating gambling in the mid-1990s), yet there are more chances for growth every year. The industry’s growth is only accelerating as people spend more and more time online, drawn by the ease of 24-hour access and the availability of alternatives that are not accessible offline. Here are some of the industry’s key opportunities for the coming year.
- Impressive market dynamics. European gaming revenue will reach $40.6 billion GGR in 2022, an 8% increase from 2021, according to a report by the European Gaming Association. In 2022, casinos will be the highest-grossing online gaming product in Europe, reaching $15.8 billion and accounting for 39% of European iGaming revenues. Asia is the most profitable region for online gambling (approximately 4.3 billion people in the continent). Furthermore, Africa presents significant opportunities for online gaming operators looking to expand, so this market cannot be ignored. The continued growth of the market will continue to attract entrepreneurs interested in starting a high-return business.
- Transparent approval process for multiple agencies. In order to gain access to the most valuable market in the world, online casinos must be licensed. The two most popular licensing jurisdictions are Malta and Curacao, but these two islands are far from the only options; the Isle of Man, Alderney, Gibraltar, the Kahnawake region (in Canada) and others also Licenses are issued, providing potential operators with a variety of options. The license acquisition process is smoothest and easiest with professional support.
- New markets and new opportunities. There are many well-established online gambling markets in Europe, but there are plenty of opportunities elsewhere; countries around the world are now introducing online gambling regulations and licensing processes. Latin America is experiencing a wave of newly regulated markets, while several countries in Africa have large numbers of enthusiastic sports bettors. Competition in the Asian market is also fierce, as detailed in the latest online guide from leading online gambling software developer and aggregator Slotegrator.
- Innovative technical solutions. The quantity and quality of modern technological tools in the online casino industry today is simply amazing. Operators can easily get everything they need in the same backend: the ability to manage multiple projects, a large and growing game database, attractive bonuses, the ability to set up payment methods in traditional and cryptocurrency, localize their website etc. Last year, Slotegrator launched a platform software solution that includes a number of modules that allow operators to take full control of their projects.
- Easy automation of all processes. Modern digital platforms provide operators with access to real-time data and real-time analytics on areas such as revenue, player behavior and a host of key KPIs. In addition, software developers usually have a partner network that can easily integrate different partner solutions without the need for additional complex custom software development from scratch. This makes process automation fast and easy.
- 24/7 availability, anywhere in the world. With no physical borders, operators can find and engage audiences around the world, provide solutions to customers at any convenient time, and maintain 24/7 technical support. First, it allows an emphasis on customer centricity, and second, it allows them to work comfortably no matter where they are.
- Clear working strategy. Fortunately, new operators don’t have to develop a full business plan from scratch; there is already a clear path for them to follow. It all starts with market research, getting a license, preparing the base, connecting the platform, launching a marketing and promotional strategy, and recruiting new players. Every step of the process is important, so expert consultation is essential.
- Affiliate marketing. This is the industry’s most popular tool for attracting new players. This is a form of performance marketing where affiliates earn a commission from the traffic sent to the company, which in turn is only paid when there is a successful conversion. Thus, advertisers can evaluate their marketing budgets and compare the performance of affiliates to provide players with better options and products. Partnering with the right affiliate network is a smart and sure way to build a steady base of loyal players, offering a solid marketing strategy from the start.
- Mobility and independence. Online casinos require far less effort and investment than their traditional predecessors, and offer a lot that they don’t: 24/7 access, regardless of location, from any device, and a seemingly endless variety of games options. During the pandemic, online casinos have emerged as a transformational solution for brick-and-mortar casino owners, who have opened their own branded online branches to serve loyal players stuck at home.
All of this points to a major conclusion: internet casinos are a successful, dynamic, and developing business structure that will undoubtedly rise in popularity in 2023. The market is expected to grow by 7% in 2022, with successful online casinos earning up to $10 billion each year.
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