The online gambling industry has been seen to grow in the recent years. Instead of having to visit real casinos and travel somewhere far, people are able to enjoy the thrills of gambling from the comfort of their own homes. The demand for this has made online gambling a booming business. One of the main reasons for this could be the gamification process used in online gambling apps and websites. Gamification can be seen as the system by which a specific activity is enhanced through gaming elements. It usually consists of two parts: activities and rewards. Online gambling apps use the activity of gambling in order to present rewards to the players, such as getting bonuses for a higher chance of winning; such a business will always keep customers coming back.
Who benefits from the gambling business?
Online gambling is a lucrative business by which plenty of parties reap benefits. It is no doubt that online gambling is good for the economy. As of 2017, it was estimated that the US government made about a $100 million from online gambling. As the process of legalizing gambling is slowly establishing in the States, this number could increase significantly in the coming years. Over the next ten years, the net worth of gambling has been seen to be $35 billion.
Online gambling also enables individuals to gamble from the privacy of their own homes. There are many websites on which you can play real money poker without having to search for a place outside. You do not need to pay any fee for signing up, and most US poker sites allow you to make an initial free bet. Moreover, the same poker laws apply on online gambling sites as in the real casinos. If you want to know about poker laws in the US, you can find out more by reading the guides found here.
With the increase in the role of the regulations pertaining to online gambling, the business has been revolutionized. It is now much easier to set up a gambling business as the same rules and regulations apply to it as they do for other businesses. For the business owners, regulation is the recent years shed a light on the clarity of the work environment and its aspects, such as tax rate and product verticals.
The introduction of smartphones has also contributed to the success of the online gambling business. Almost 50 to 70% of the operator’s revenue comes from mobile gambling. The ability of customers to be able to bet in real time on a sports game or a poker game has also increased fan engagement and player loyalty, which means that players are more likely to stick around.
Why would you set up an online gambling business?
The increasing rates of growth of online gambling attract tons of business people and investors. It therefore no secret that starting an online gambling business will more often than not lead to success, if you have the chance to do it right. There are just some steps to be kept in mind before you get started. In fact, it is much easier to set up an online gambling business rather than a land based one in this day and age.
Licensing: Land based casinos have strict laws which they should absolutely follow, and these laws are slightly more lenient for the online casinos. The operator has the privilege of choosing any jurisdiction and following the rules pertaining to that.
Player’s Loyalty: As mentioned earlier, the reason why online gambling is so popular is because people are willing to stay to invest their time and money to it. This is why an online gambling business is less about attracting the customers and more about finding ways to retain them. By using the gamification rule of activities and rewards, a successful business can be made out of by offering players rewards for the games that hold their attention.
Creativity: The beauty of setting up an online gambling business is that you are not confined to land and that there are very few rules in the virtual world. Where in a land based casino you have to work with the infrastructure that comes with it, in a digital setting, you can create the environment that works for you. Gambling need not be related to websites and apps alone, now you can build casinos in virtual reality where the players can have a feel of the real thing without having to leave their chairs.
As the total market value of online gambling is set to increase, there is no doubt that online gambling is still a good business to get into. Internet gamblers also gamble more compared to non-internet gamblers, about four to six times a week. Since betting has never been easier, launching an online gambling business can be seen as one of the keys to success.