What New Business Can Learn From the iGaming Industry
It could be said that all business is a game of chance.
You can have a killer idea, all the motivation and backing in the world, but still be scuppered by unforeseen circumstances. You might be failing, struggling to make ends meet, and suddenly a change in the environment puts you on top of your game and heading in the right direction. That’s business, unpredictable and yet incredibly exciting, too.
As a small business starting up, you will be given all sorts of help and guidance that help you protect yourself against the chance elements that affect you. Here at the Prestige Awards, our website is filled with advice on when to leave your job to start a business, the legal mistakes beginners make and where you can take essential lessons to help you succeed. One industry that has ridden the waves of the last 18 months well and provides a great learning opportunity is the iGaming industry.
The industry covers online slots, poker and the like, casinos brought to your own home via your mobile device or computer. At the start of 2020, it was doing well, but the pandemic brought a swift change. Physical casinos shut their doors, and that led customers to their mobiles for their gaming excitement. The Guardian suggest as many as 28% of regular gamers had increased their activity whilst confined to their homes, resulting in a surge in the market. What can you learn from this industry, aside from how to capitalise on the environment around you? We have selected three critical elements of the iGaming industry to transfer across to your small business for improved chances of success.
Innovate
Innovation is the key to any business, and finding your niche is not the only way to become a success. Of course, you start a business doing something that you are good at, but do not be afraid to turn that into something different if the market allows. Within the iGaming sector, many providers offer online slot machines, but some have taken to providing other games, too. For instance, providers now offer live game show-style games to get involved with, with real people conducting the action. As technology allows, expect these to take place in virtual reality, too. Think about how you can leverage technology and innovate within your sector.
Diversify
Gaming providers want to provide a hook for any interest, from fishing to racing, or by offering multiple casino games such as poker and roulette. There is a vast variety of games on Gala Spins using popular branding, such as Beavis and Butthead, or more general interest theses such as Temple of Medusa. The intention is to deliver something for everyone, whatever your tastes, and help retain customers by being as diverse as possible. In your business, take your core concept and expand it. If it is a clothing range, think of more colours and styles; if you are a tech provider, look at ways to bring in new users without steering away from your primary business model.
Regulation
Most industries are regulated these days, and the iGaming industry is no exception. Providers in the UK have to be licensed and regulated by a central body, and failure to do so can result in a fine. Not all regulations and awards are mandatory though, but they do help attract customers. Whatever industry you are in, look into awards and accreditations that will give your business a boost. Online gamers feel safer and more likely to trust their provider when they see the Gamcare Certification logo or another accreditation that proves the provider is regulated and secure.