3 Lessons to Learn from the Success of the iGaming Industry

The online gambling industry encompasses certain forms of socially accepted gambling activities on legally permitted (fully licensed and regulated) websites, namely dedicated poker sites, online casinos, sportsbooks, bingo & lottery sites, and other similar websites.

I've been closely following the industry over the past five or so years and have witnessed its meteoric rise into the global multi-billion-dollar behemoth it is today. In that time, I've noticed several key lessons every entrepreneur or business owner can learn from its success, which I will reveal here.

Although it has taken just almost exactly three decades to get to where it is today (1994 to 2024), it's only recent technological advancements from the past five or so years and the constant willingness to embrace these new technologies that have helped take the industry to exciting new heights more so than at any other time in the industry's history.

What three lessons can we learn from the success of the iGaming industry?

The industry is in a constant state of evolution, and many lessons can be learned from its success. The industry is one of the heaviest regulated in the world, and the saturated market means that the competition is also fiercer than in many other industries.

However, a handful of operators and industry leaders have found unique ways to thrive and help take the industry to new levels of success that were previously unimaginable.

In the face of many challenges, the industry continues to thrive, and if I had to narrow it down to just three lessons that can be learned from its continued success, I would have to say the following:

1. The willingness to embrace emerging new trending technologies, which leads to simplified solutions, enhanced player security, personalised/tailored experiences for the user/customer, better content, more relevant promotional offers, more responsive and reliable customer support, and improved services, features, and products
2. Working WITH industry regulators instead of fighting back against them has led to a safer environment. Players now have access to a wide range of safer gambling tools that help them manage their bankrolls better than ever and protect those who are deemed 'at-risk' from ever developing gambling problems
3. Operators constantly have to reinvent themselves and work tirelessly to attract new customers

How has technology helped the industry become so successful?

There are many other ways that technology has been used to take the industry to new heights. For example, faster web browsers and more intuitive websites have helped make the experience more enjoyable for registered members.

Modern websites are much easier to navigate and are more stylish and responsive than ever.

Cloud computing has enabled software providers to develop more hit titles than ever and for gambling sites to massively increase their libraries to an almost unlimited number.

5G internet speeds have also reduced latency, and cutting-edge live streaming capabilities today have meant that players no longer encounter any annoying lagging/buffering issues when playing computer-generated online fruit machines or state-of-the-art live dealer games from award-winning providers.

The payment processing gateways that facilitate deposits and withdrawals between the websites and the people who sign up to them are now quicker at processing transactions than ever, and higher levels of encryption mean that payments are now more secure than ever.

This leads to more transparency and fosters a sense of trust in the industry as a whole.

The software providers who produce content for gambling sites are using more sophisticated programs, which has led to better content creation and more slots with highest RTP payout rates.

Take online fruit machines, for example; they now have even better engines/mechanics like Megaways, sharper graphics, more realistic 3D-rendered animations, and more authentic background audio and sound effects that all add to the experience and make them more appealing to those who play them.

What other lessons can we learn from the industry?

Some of the other key lessons that can also be learned from this industry are the ability to develop new ideas, establish a brand and build on it, and optimise their products, services, and features across as many platforms and devices as possible.

In other words, they try to cater to as many people as possible across all web browsers, smartphones, tablets, laptops, and desktop computers and ensure everyone has easy access to their products and services.

Final thoughts

Gambling operators must constantly reinvent themselves to stay one step ahead of their rivals.

This involves implementing shrewd marketing strategies and promotional campaigns, focusing on and improving their unique selling points (USPs).

It also means trying out new technologies, systems, and tools, such as artificial intelligence (AI), Machine Learning (ML), big data, virtual reality (VR), augmented reality (AR), cryptocurrencies, and blockchain technology, to name a few.

Some of the other reasons why it continues to show significant growth year-on-year in all of the major markets across the globe are its ability to constantly adapt to an ever-changing landscape and leverage the most effective strategies.

It's also about diversifying, innovating, pioneering, remaining transparent, and going with what works, while not being afraid to try new things.