The online gambling industry is booming, with 4,305 land-based and online casinos worldwide as of 2023, an increase of 5.1% from 2022 and a 7% annualized growth over the five years between 2018 and 2023. The industry is fueled by modern entrepreneurs who are excited by the challenges presented by the online gambling industry.
Innovation and creativity are the hallmarks of the online gambling industry, and iGaming entrepreneurs are a unique breed of entrepreneurs. Slotegrator, a leading online casino software provider, has shared its expert view on the different types of modern entrepreneurs in iGaming.
To succeed in the modern gambling landscape, entrepreneurs in the online gambling industry need to have characteristics that set them apart from their land-based counterparts. Being tech-savvy, data-driven, mobile-friendly, cybersecurity-conscious, and AI-friendly are essential traits for entrepreneurs in the online gambling industry.
Tech-savvy entrepreneurs must have a deep understanding of technology and be able to find opportunities to use new innovations to their advantage. They must be highly skilled at analyzing and utilizing data to make informed decisions, develop mobile-specific features and interfaces, and integrate AI into their platforms to stay competitive. Cybersecurity threats are a constant concern, and entrepreneurs must take the necessary steps to protect their platforms and their customers’ data.
There are five types of modern entrepreneurs in the gambling industry, according to Slotegrator: the Risk-Taker, the Innovator, the Strategist, the Social Entrepreneur, and the Visionary.
The Risk-Taker is the most common type of entrepreneur in the gambling industry. They are willing to take big risks in order to make big profits and are highly competitive. The Innovator is always looking for new ways to improve the industry and is highly motivated. The Strategist is analytical and strategic, and they are experts at analyzing data and finding new ways to optimize their business. The Social Entrepreneur prioritizes ethics and is focused on making a positive impact on society. Finally, the Visionary has a clear vision of where they want to take their business and is highly driven.
Ayvar Gabidullin, Business Development Manager at Slotegrator, said, “To be an entrepreneur in the gambling sphere means to be an entrepreneur in all things. There are so many challenges and regulations that help to develop new qualities and skills, which in traditional business can not be mastered. High competition in the industry, the desire to retain customer loyalty and to attract new audiences in a mode of constraint – this is an extremely non-standard task in the gambling world, which allows to become a unique new-format entrepreneurs.”
The online gambling industry is one of the most dynamic industries in the world, and modern entrepreneurs are driving its growth. With the right characteristics and traits, entrepreneurs in the online gambling industry can succeed in an ever-changing landscape.