The past 12 months have been tough times for everyone, but especially for businesses operating in the leisure and entertainment industry. Closures, lockdowns and social distancing measures have played havoc, leading to movie releases being delayed and businesses brought to their knees.
At least, that is the case throughout most of the sector. The exception is for those niches that have managed to successfully forge a strong online presence. Casinos are, of course, a case in point. They were booming even before the strange events of 2020, and their popularity has only continued to increase.
It makes for a dynamic but immensely competitive marketplace that is inhabited by established businesses and new entrants from every corner of the globe. As such, it should come as no surprise that there are a range of strategies being adopted to gain precious market share. There are lessons to be learned for businesses across the board, so let’s take a closer look.
Welcome bonuses
Every business knows that a degree of attrition is inevitable, so you need to win a certain number of new customers every year just to stand still. There are thousands trying out online casinos for the first time, especially given the current circumstances in the world, so they represent rich pickings. The most common casino approach is one that is as old as the hills – offering new customers something for nothing. “No deposit bonuses” are tempting because they apparently offer risk-free gambling. If you are simply handed some free betting money and are not even required to make a deposit from your own pocket, what’s to lose? The catch is that wagering requirements mean you soon gamble away your free cash and will be tempted to deposit some of your own in order to “win it back.”
Bundled services
Another familiar phenomenon here, in an age when we bundle together home and car insurance, internet and cellphone contracts and so on. When all the sports tournaments were put on hold last year, many of those with a passion for sports betting turned to casino games instead. It placed operators like Betsafe Casino at a distinct advantage, as this is a brand that has a solid reputation in both arenas. Unsurprisingly, other operators are quickly following suit and adding sportsbooks to their gaming portfolios or vice versa.
Daring to be different
Some surprising lessons can be learned from those smaller operators who avoid the obvious and forge their own path. For example, once relatively new casino eschews bonuses completely and instead awards every player who loses more than they win over a set week with a percentage of their net loss as a cashback. As well as rewarding those who really need it, the scheme is an effective way to retain players and generate brand loyalty.
The personal touch
Ironically, given that we are talking about online services compared with bricks and mortar, the personal touch has become more important than ever in recent months. For many, the internet is a lifeline. Casinos that reach out to their members through attentive customer service and friendly live game dealers can forge customer relationships that could prove unbreakable.
