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LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global online gambling market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Ujjwal Doshi, a lead analyst from Technavio, specializing in research on media and entertainment services, says, “In 2015, the global online gambling market is expected to grow at a CAGR of over 9% during the forecast period, as more than 85 countries worldwide have legalized online gambling. Online betting and online casino, together, accounted for 70% of the revenue generated from the online gambling market. Online gambling is a huge success among the public because of the wide range of games it offers and the convenience of playing without any location-constraints. China, the UK, Australia, the US, France, Germany, and Italy are some of the key revenue generating countries in the market.”
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The global online gambling market is expected to exceed USD 60 billion by 2020.
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The top five emerging trends driving the global online gambling market according to Technavio media and entertainment research analysts are:
- Growing number of online women gamblers
- Increasing penetration of credit and debit cards
- Changing consumer gambling habits
- Use of alternative options to cash
- Changing marketing strategies
Growing number of online women gamblers
In 2015, the female gambling population contributed significantly to the overall online gambling market. The female gamblers accounted for 40% in the US and 49% in the UK in 2015. Studies show that women prefer to gamble in private, on their personal electronic devices so that they can play confidently and are less intimidated by male players.
In 2015, women under 35 years were far more active in online gambling than those above 35 years. Several online casinos encourage women gamblers, for example, Cameo Casino was the first online casino launched for women in 2015 with the slogan 'made by women, for women.' The casino was not a success and closed after two years. However, the market has matured and the trend is likely to pick up during the forecast period and encourage more women to engage in online gambling. Few other women centric online casinos are Pink Casino, Maria Casino, and 888Ladies.
Increasing penetration of credit and debit cards
The biggest challenge of online gambling market is the legal issues with different countries. Though several countries permit land-based casinos because it promotes tourism, they are extremely strict on online gambling. Some of these countries include South Korea, Japan, Portugal, and Norway. However, online gambling cannot be fully banned as users can access foreign websites with a proxy server and gamble easily with international credit or debit cards.
Governments do not take measures to ban these websites permanently because they assume that a person who engages in such activities are educated enough to know the consequences or financially well off to be affected by gambling losses. Another reason is that it will stop advertisers on the websites, resulting in loss of revenue.
Changing consumer gambling habits
There has been a significant change in consumer behavior in the global online gambling market. The increase in the popularity of gambling apps and social gambling are the major factors that are expected to propel market growth during the forecast period. Vendors are leveraging the growth in internet using population and increasing adoption of mobile devices to develop innovative social gambling games. The number of people participating in social gambling are increasing as they are motivated to 'compete with friends.' Other reasons for the rise in the number of social gamers are 'socializing and interacting through games', 'user-friendly gameplay', and 'game tournaments'.
In addition, the increasing adoption of F2P (Free-to-play) model of social gaming across the globe will also drive market growth during the forecast period. This model does not generate revenue directly as it does not charge a participation fee. Instead, it charges for the virtual goods that players purchase to access the advance features of a game or to gain an edge over the competitors.
Use of alternative options to cash
Online gambling enables players to use virtual money which reduces the burden and risk of carrying cash as in the case of conventional gambling activities. Payment options through real cash online and virtual currency transactions through digital payment portals already exist in the market. The prize money is distributed as in-game virtual currency, which can be used to play other games or redeemed for cash. It also helps the vendors in tracking the spending history of the customers. “Another advantage of online gambling is the scalability, i.e., it can be used to reach a large gambling population, allowing vendors to make customized plans to target the customers,” says Ujjwal.
Changing marketing strategies
Direct mail is the most common marketing technique used for attracting potential gamblers. Also the vendors are using mobile apps to tap the mobile and online market.
The challenge for the vendors is to reach their customers through mobile devices and social media in a personalized and non-intrusive way. A high proportion of mobile users are millennials who skip through advertising. Thus, marketers will need to create content that is informative and entertaining, so as to attract new customers during the forecast period.
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Gambling is a debatable issue, globally present in many forms and shapes. Some countries allow it with close watch while the others are against it; still gambling is one of the widely spread occupation.
Online gambling is now the trend of overall gambling because the site owners design some compelling offers to present their services to the mass market with a pervasive and powerful appeal. While the land-based casinos cater to mostly high rollers, online casinos cater to the desires of the common man.
There are two very popular advertising strategies being implemented online in order to draw the interest of gamblers, especially in such a competitive online market.
#1. Lucrative Bonuses: Although bonuses are considered as a promotional tool, Online Casinos are using them as one of the exemplary marketing tools.
The casino owners have realized that they need to invest in bonuses to appeal to the market which makes these bonuses a standard for online casinos, contrary to the terrestrial casinos where luxury seems to be everything.
#2. Modern Culture: It hardly matters what kind of games you play; nothing screams of success better than using popular culture.
You cannot deny that some niche casino sites have become popular only because their promotions and games are focused on specific themes based on films, fashion, history, everyday life and places.
Definitely, there are a lot more strategies available and being used by online gambling sites in order to ensure top notch results and generate industry reputation. The exclusive articles at www.ThebingoOnline.com will help you know more about various aspects of gambling in different regions.
Marketing an online gambling site is definitely tough, however; if you really want to create trust and loyalty to your customers, you have to use smart tactics to humanize your brand and develop mutually fruitful relationships with the public.
You can start with the following tips to promote your online gambling website:
Outline A Sharing Culture: Before you even start thinking about a marketing strategy, you need to be crystal clear about your mission. If all you are willing is to pull as much money from players as you can, then please stop reading right now as no content or strategy for that matter can help you build trust.
On the other hand, if your objective is it to create an enjoyable gaming platform that can nurture people to become better and more successful gamblers while turning them into loyal players; go ahead with clearly articulating your mission and make sure everybody in the loop from Technology to Design to Marketing to Sales to HR, contributes to it and acts accordingly.
Cultivate Your Brand: Sales Conversions are a by-product of great relationships and such relations are created by empathy, honesty, and trust that last a lifetime and keep giving back.
Online Casinos that focus on creating value for their customers in everything they do, positively succeed in building trust and loyalty amongst their players.
If your marketing strategy is optimized to develop a strong relationship with the customers, conversions will happen eventually. The same rule applies to content; Conversion techniques are mostly mechanical, yet your content must be human.
Develop A Unique Content: Getting your content right from the starting point could be tough, however; it gets easier as you keep learning it. In simple terms, all you need to find out the content your players love and where they want to read it. If you can understand this, you are set us for success in long term.
Examples of content could be game tactics and strategies or sometimes simple yet smart distribution of information and data that can help players make a decision.
Once you are ready with engaging content; you must start focusing on smooth distribution tactic. While SEO email and social marketing are still the most feasible options; you should seriously consider investing in native advertising which is undoubtedly one of the most efficient extension tactics for great marketing.
Get your website in front of people who are already interested in gambling and looking for the best of options available. This strategy will also supply your marketing team with consumer research data that will help you know your customer habits and preferences plus lessen the efforts you need to build trustworthy customer relationships.
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