The iGaming industry has become quite competitive, right? Can you believe that acquiring a new customer can now cost you up to five or even more times more than retaining an existing one? Such statistics are only proof enough that this industry has truly become competitive. But what things are different companies like Betway actually doing to ensure they stand out?
If you have such questions, you no longer need to worry, as this article will delve into the depths of this matter. We will briefly highlight some exciting statistical information and then later explain why product variety is important in iGaming. So, why don’t you just stick around because there is just more?
The growing popularity of iGaming
Are you aware that the iGaming sector has actually captured nearly half of the world’s population? In fact, several research institutions believe that the industry’s revenue might grow by more than fifty percent within the next six years. As of 2024, the industry is thought to have attained about $100 billion, thanks to the contributions of companies like Betway and many others.
One good thing about these companies is that they have made it possible to access a variety of iGaming products online. As such, you no longer need to worry about your location because you can play from any place as long as you are connected to the internet. These platforms also have games that allow you to play without downloading, so concerns about your device’s space are no longer an issue.
It might also be worth recognizing the impact mobile technology has had. With more than 7.21 billion people owning mobile phones, iGaming products have never been as readily available as they are today. Imagine you do not need to get to the house before you can play – with mobile, you can now participate from whatever place. And if statistics mean anything, PocketGamer.biz suggests that 78% of gamers prefer playing using mobile devices.
Now that we have highlighted how popular this industry has become, let’s look at why variety can help you stand out.
Why is game variety important?
Increasing player engagement and retention
Playing the same game time and again can be boring. You want an experience where you can try out games with different storylines. What will you likely do if you encounter such a platform? Return, isn’t it? This actually one of the reasons why providers like Betway are incorporating multiple game variations.
To keep the gaming experience fresh, providers can:
- Add new games more often
- Incorporate seasonal and themed game events
- Facilitate tournaments for different game types
- Reward players for trying out various games
And do you actually know that, according to MoldStud, increasing player retention by just 5% can increase profits by anywhere between 25% and 95%? Plus, if a player becomes loyal, they will be 50% more likely to try out new games than newer players. That means that if they come for, say, football betting odds, they may stay and try out new casino games.
Enhancing user experience
Platforms like Betway that have diverse game libraries often cater to multiple tastes easily. Gamers don’t usually have the same preferences. And if a gamer finds a product that perfectly aligns with their preferences, they are more likely to feel that you are concerned about them. This might be good news for your platform because it can improve loyalty rates.
On top of improving loyalty rates, players will likely feel more satisfied and take more time on your platform. Plus, you can take advantage of localization to penetrate regional markets. Especially for platforms that offer sports wagering – you may want to consider odds that allow players to wager on their local teams. For instance, if you are targeting a market like India, don’t fail to include odds for local cricket teams.
This way, Indian gamblers will feel like you think about their preferences, which may lead to a deeper connection with your platform. As if that were not enough, companies that offer multiple variations, like Betway, have a larger pool of data that can help them understand their customers better. This comes in handy when you want to refine your game offerings or segment your customer base.
Greater revenue diversification
Imagine if you were to provide a game, but sadly, it did not perform well. If you had many others that were performing well, their profits could at least cover up for the losses of your recent launch. The trouble gets in when your portfolio is very thin and none of the games perform well.
And just as we have previously hinted, multiple game types allow you to broaden your market appeal. As diverse audiences flock to your platform, they reduce reliance on a single market. There are just those times when instabilities in different markets can hurt your profits. How do you ensure you are not a victim of circumstances? Dominating multiple markets. You also have more cross-selling and up-selling opportunities.
Parting words
Who would have thought that iGaming could have become this competitive? New games are launched every wake of the morning, and new providers enter the market. As such, companies like Betway have to adopt innovative measures, such as diversifying their game portfolios, in order to stand out.
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