With the casino industry expected to increase by a CAGR of about 6.47% in the near future, you can be sure that standing out is not a walk in the pack. In fact, some experts believe you will now need at least five times more resources to acquire new customers than to retain existing ones.
Besides that, other factors like game development make running an online casino quite expensive.
However, amidst all these challenges, operators like Kinghills Casino are not without hope. By taking advantage of things like game diversity, payment methods, etc., these platforms can distinguish themselves from competitors and win more players. So, if you really want to know how that is possible, sticking around will help.
The power of product diversity
No one wants to keep playing the same game over and over because of how boring it can get. Actually, to keep the gambling experience fresh, you must diversify your products as much as possible. This can help improve players’ experience as they won’t need to switch between different platforms to find a suitable casino game.
Finding the right gambling platform is already a hassle, so you want to ensure players get an all-in-one encounter, which may increase retention rates. For example, let’s assume your platform offers all casino game genres. Since a good number of casino fans also love sports betting, you may want to incorporate such offerings into your brand.
This improves your appeal to many audiences, allowing you to reach as many people as possible. Players will no longer need to find other platforms to place wagers simply because your platform caters to that need. Of course, this leads to better customer experiences, which may have ripple effects.
For example, you may experience significant organic growth because about 72% of customers will tell at least six of their friends about such satisfying encounters. And since most people trust their friends’ recommendations more than any other thing, they may start transacting with your brand. This already places you ahead of competitors who have little focus on customer experience.
Take advantage of payment methods
We have already hinted at how prioritising customer experience can be helpful. Thankfully, payment methods can also help improve player satisfaction. Take instant payments, for instance. Do you know that, according to PYMNTS.com, about 78% of customers claim to be highly satisfied with these methods? Given the fast-paced nature of the world, no one wants their payments delayed.
That’s why implementing options like e-wallets and crypto that allow for quick transactions can be a great way to get ahead of competitors. Plus, customers may perceive you as caring and choose to remain loyal.
On top of that, diversifying payments can also be helpful. The same way game preferences differ amongst gamblers is the same way their payment tastes differ. And you may actually be surprised to learn that about 85% may abandon checkout if they don’t find their preferred payment method.
On the flip side, experts suggest that providing preferred payments can influence the purchasing behaviour of up to 70%. And the best way to ensure you cater to most of these preferences is by diversifying your payment options. Using a single method for such a dynamic industry will only hurt your brand and give competitors an edge over you.
But of course, you don’t just want to have many payment methods – they must also be seamless. A recent report by Financial IT that goes along these lines suggested that 85% of customers may never interact with a brand again after a negative payment experience. This statistic is just an example to demonstrate how customers prefer great payment encounters and how offering them can distinguish you from the crowd.
Don’t ignore contemporary technologies
Adopting emerging technologies like AI can give an impression that you’re innovative and forward-thinking, which can help improve appeal to many tech enthusiasts. But beyond that, these technologies can help you separate yourself from other casino companies. Let’s stick with our initial example – artificial intelligence.
Known for its robust computational abilities, AI can gather and crunch large amounts of data within no time. This can be handy, especially now that trends likely personalisation are quickly penetrating the casino industry. Using the technology, operators can monitor players’ preferences, gaming habits, timings and so on to provide more relevant suggestions.
Unexpectedly, more than eight in ten customers want brands to offer such experiences. As if that’s not enough, 73% want businesses to be able to distinguish their unique preferences and what better way to do that than by using AI? This could position you as a customer-focused brand and help you reach and attract more players than you would if you hadn’t personalised.
Wrapping up
There is no denying the fact that competition in the casino industry has become exceedingly fierce. Plus, players have become more discerning, emphasising the need for more engaging experiences. Thankfully, techniques like product diversity can help as players won’t need to keep switching casino platforms.
Diversifying payment methods also helps to cater to as many preferences as possible. And besides that, you want to ensure the methods are seamless to avoid discouraging players from exploring and returning to your platform. This is without mentioning how emerging technologies like AI can help provide more relevant experiences, giving you an edge over those that don’t personalise.
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
