Players have had enough, and so have the regulators
As the iGaming industry matures, the market is faced with greater competition and stronger regulations relating to anti-laundering, licensing and GDPR. To stay on top of the game, you will need to be fully in-tune with the changes being made. After all, it’s survival of the fittest in the iGaming industry.
In light of the progress in the market, changes in the iGaming industry have been rife across Europe throughout 2018. A total of 16 European countries (including the UK and Ireland) have either successfully implemented new legislation or regulation within the iGaming arena, with others due to approve in the next coming months. Some of the most significant changes will impact Sweden, the UK, Malta, Italy and the Netherlands most predominantly.
Goodbye, free spins.
One of the most notable changes is the restrictions on offering free bets and offers to players. Before now, we’ve seen the widespread proliferation of offers in this form were used to drive business and engage inactive customers. This, of course, worked well for some time, yet brands differentiation has been limited, with operators using the same channels and very poor segmentation. Players are simply starting to have enough. And so are the regulators.
With growing research regarding gambling addiction and other adverse effects of these free bets and offers, government officials from various EU countries have had to take action. If free bets are something your business is relying on, you may want to reconsider your approach to player loyalty. The majority of leading iGaming brands are now taking a very serious look into their sustainability programs. Which is great progress, but it only helps so far. Analysing and taking action on your player experience across your organisation will be key.
The shift from promotional offers to focus on CX in every customer interaction.
Competition is fierce and it’s getting harder and harder to get attention and loyalty from players. The average attention span of your players is down to just 8 seconds and blindly spamming is simply no longer effective. The rules of play are about to change. The winners will be those who realise that customer experience is the only competitive advantage. It’s not a crazy idea. It’s just crazy if you’re not already doing it.
The figures don’t lie…
– Businesses focussing on customer experience can increase revenue by 5-10% (McKinsey)
– Brands who prioritise CX can reduce costs by 15-25% within 2-3 years (McKinsey)
– Within 2 years, 81% of companies will compete mostly, or completely, on the basis of CX. (Gartner)