The online gambling industry has been a frontrunner in the last couple of years due to its considerable growth. Well, it doesn’t appear to be ending anytime soon as the compound annual growth rate for 2028 is expected to reach 13.7% in the next seven years. In large part, this is thanks to the industry’s investment in freebies.
However, the sector appears as if it isn’t going to rely on the tried and tested methods that have seen it explode into life. Instead, it needs to innovate, even when the landscape is relatively clear and there aren’t many obstacles on the horizon. The North East isn’t different. In fact, the region is actually leading the pack in the UK.
The Side-Effects of Sameness
As consumers, you’ve experienced sameness many times. It’s a turn-off, which is why brands need a unique selling point to stand out from the crowd, particularly in a saturated market. The best tactic is a deal that adds value to the user experience, something the gambling sector does to perfection with freebies and bonuses.
Online betting companies and casinos constantly leverage deals that are classed as the ‘best offers’, providing people with added value, whether they are new signees or loyal users. It’s a significant feature of a market that’s worth £53 billion globally, of which the UK economy contributes a considerable amount. Although it’s unthinkable currently, there will be a point when free bets and free spins don’t engage consumers in the way they have done historically.
As a result, the online gambling industry mustn’t rest on its laurels if it wants to remain relevant in the long run. People will start voting with their feet, and they could leave in large quantities if brands don’t offer something new and improving the user experience is a highly effective way of achieving customer retention. This is a valuable lesson in any industry. For example, Go North East, a travel company, has an incentive for veterans and members of the Armed Forces who can travel for free on its buses across the North East on specific dates. It costs the company very little, yet it improves the user experience as well as enhances their image among society as a whole, something online gambling firms are looking to emulate in various, innovative ways.
What Is the Industry Doing?
So, the question is, what is the gambling industry doing to improve the user experience in order to cement its position at the top of the tree, specifically in the North East where the UK industry is most lucrative? Improving the user experience is done in lots of small ways. This is apparent in the fewer friction points that exist for customers today. As well as increased payment options, such as e-wallets and cryptocurrencies, most brands introduce apps to make sure that offerings are available at the click of a button.
Launching new releases is also integral as an influx of games is a sure-fire way to prevent people from feeling bored. Hence, major brands from Paddy Power to Mr Green and LeoVegas team up with top developers to fill a gap. When you open their apps or visit their site, you’ll notice slot titles from NetEnt, Microgaming and Play’n Go. But that doesn’t mean bonuses are outdated because they still have a role to play since sites will always offer free spins or cashback to appeal to consumers. The pertinent point is that the best slot sites not only concentrate on slots-focused promos, but on payments methods, withdrawal times, customer support, and new releases.
By doing this, operators create brand loyalty from new and existing users, which helps to stop providers from around the world from poaching consumers and growing stronger. Not every platform is on board. After all, it’s a brave new world, particularly when you’ve survived and flourished in the last decade. However, the list of advantages connected to this strategy is too big to ignore.
US Companies on the Rise
The UK is arguably the number one market in the world thanks to traditions that have been around for decades. British citizens have gambled for years. Therefore, we have an advantage over our neighbours and peers, countries that are new to gambling industries. This is reflected in the North East, an area that’s recognised as the gambling capital of England thanks to high betting rates. For example, 57% of people had gambled once in 12 months in 2016 against a country-wide average of 41%.
A sleeping giant is beginning to wake up, though. The US is home to some of the brightest minds, men and women who can find new ways to make online wagering relevant. If they prosper as the sector opens, the UK will be left behind, making the user experience more essential than ever before. Some stats already highlight the shift in power, such as the fact that gambling revenue reached £8.17 billion in the first quarter of 2021. Not long after, reports suggested that the sector’s revenue record of £32 billion will be shattered by the end of the year.
It’s not as if America hasn’t got a track record. For example, BlackBerry and Nokia were dominant brands in the mobile phone world just after the turn of the millennium. Today, Apple and Google have developed superior technology that makes these brands obsolete. Sony’s Minidisc is another example, replaced by Apple’s iPod and iPad products. So, it wouldn’t be shocking if the US overturned its historical disadvantage to become a market leader in the near future.