The casino industry has made a habit of capitalizing on new technologies in order to stay modern and relevant, and online casinos are one of the big success stories of recent years.
The market was valued at $66 billion USD in 2020 and predicted to grow to $90 billion USD by 2023 with a yearly compound annual growth rate of 15%.
Competition
This amount of success in the sector breeds competition, as new casinos persistently enter the market, keen to garner a percentage of the action, and subsequently, everyone involved must strive to stay ahead of the pack.
Casualties are unavoidable in such a competitive arena, but providers that do survive are generally those that offer customers the best service.
Standing out from your rivals is, therefore, key to thriving in the online casino world, and there are many ways in which to do this.
Promotions
Online casino promotions come in various shapes and sizes. It has become the norm for the best online casino providers to offer some kind of promotion at all times.
No Deposit Bonuses
A no deposit bonus is simply a cash amount that is added to a member’s balance, usually upon signing up to the provider.
This, more often than not, will come with a stipulation that a certain sum must be wagered before a withdrawal can be made so as to stop new members from collecting their no deposit bonus and immediately withdrawing it.
Deposit Matching
On making a deposit, the casino will add a percentage of the amount at no extra cost to the customer.
Generally, the casino will add 100% of the amount on top of the deposit, but it can also be 50% and, on occasion, 200% or more. The conditions will state there to be a maximum amount that can be matched, and wagering requirements will also be in play.
Free Spins
In the case of online slots, free spins can be awarded at a variety of the titles available, or free cards might be offered for bingo players.
Research and Development
As well as offering traditional casino games – roulette, blackjack, poker – online casinos strive to develop or license new and exciting games to keep their virtual floor fresh and enticing to their customers.
When all other boxes have been ticked, an online casino is only as strong as the games it offers.
One of the most fertile areas of online casino gaming is slots. Modern slots can have more in common with blockbuster video game titles than their limited mechanical predecessors, boasting hundreds of win lines, crisp animations and graphics, and a plethora of bonus mini-games.
One example of innovation came in the form of Slingo, which combines the gameplay of bingo with the mechanics of a slot machine.
Virtual Reality (VR)
Casinos have consistently been early adopters of new technology in an effort to be the flagbearer of a new trend, and they have been true to form concerning VR.
While VR tech at the consumer level is still in its relative infancy, VR casinos already exist and could be a sign of where online casinos are headed.
Augmented Reality (AR)
AR, like VR, transports the user to a digitally designed world, but unlike VR, AR tech makes use of the current space the user is in by projecting an image via their device into their room. This can be done through screens, glasses/headsets, or a projector.
Using AR can feel less confining than VR but just as immersive and represents a promising opportunity for the future of online casinos.
Wearable Tech
Smartwatches, in particular, are a huge growth market, and casinos have taken the opportunity to develop apps specific to the format.
Payment Options
The rise of online fraud has meant that customers have needed to become increasingly tech-savvy so as not to fall prey to scams.
By offering a variety of secure payment options, members can feel reassured that their details and their money is kept safely.
People make use of and feel comfortable with different online payment methods, so it’s important for casinos to offer at least the most popular choices so as not to dissuade large sections of their customer base from playing.
While it’s not recommended, some people will have no problem using their bank details, while the majority will utilize an intermediary payment service, like PayPal.
Cryptocurrencies are becoming increasingly synonymous and integrated with online casinos as many providers now offer their own tokens for use as currency.
Crypto also has the advantage of using provably fair algorithms which can vouch for the veracity of the outcome of casino games.
Retaining Membership Numbers
Attracting players to a site and converting that interest into a sign-up is the first hurdles for a casino to overcome but maintaining members is another challenge altogether.
Players want to feel valued and not that the site is only interested in new members once they have signed up.
It makes good business sense, too – return custom is ultimately good for a company’s bottom line.
Along with regularly updating the games that are available, casinos can encourage repeat business in the following ways:
VIP Rewards
Special VIP Members’ areas for ‘high-rollers.’ Exclusive games and unique odds for customers that consistently spend well at the site.
It’s also important to offer a personalized service for these customers with friendly online help available throughout the day and night.
Loyalty Incentives
Similarly, loyalty incentives reward players for visits to the site on consecutive days and hitting weekly or monthly wagering amounts.
The casino industry is heavily populated with competition, where getting the attention of the customer is integral to a provider’s success.
With the emergence of new social media platforms, we can only expect the methods employed by casinos to attract players to their sites to progress and evolve.
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