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For any business to survive and flourish in the modern world, it must be continually developing and adapting. The rise and evolution of the internet over the last twenty years have made that statement truer than ever before.

One of the best examples of how this can be done successfully has been seen in the casino industry. By embracing online models, the casino has grown to become a global multi-billion-dollar industry and is still growing.

Today, sites like Casino Source, the guide to Canadian gambling, reveal a booming industry with dozens of incredible casino platforms. This is replicated globally to create an industry worth over $70 billion and is expected to reach $150 billion by 2028.

By moving online, the casino industry has made itself appealing to vast new audiences from all walks of life. More recently, by adapting fluidly to mobile technology, the casino has, quite literally, put themselves in the pockets of billions.

Taking inspiration

Today, the casino appears perfectly suited to the online world and mobile devices, but this has not happened by accident. With that in mind, how can other businesses and new companies learn from what the casino industry has done?

Budget smart

As an owner in Las Vegas or Atlantic City will tell you, land-based casinos are expensive to run. The costs of maintaining a huge building, professional staff, and state-of-the-art facilities add up quickly.

Add to this security costs, needing to have cash onsite to pay winnings, and marketing and the numbers become eye-watering. On the other side, your receipts are limited by the number of people you can physically get through the door.

By moving online, the casino industry has vastly reduced its costs while almost completely removing any limit on customer numbers. By reducing outgoings and overheads while maximizing potential receipts, the chances of any business succeeding are massively improved.

Remove barriers

One of the biggest benefits of offering casinos online has been the removal of obstacles preventing customers from playing. Land-based casinos exclude many customers due to geography, cost, mobility, or because not everyone feels comfortable in those environments.

By offering casino games online, anybody with access to the internet and a compatible device can play. Today, casinos can be played in our homes, at work – even on the bus – making their customer base almost unlimited.

Online shopping, food delivery, and online taxi services are other examples of how removing barriers to access can help businesses. Whatever your industry, being accessible to the widest customer base can be key to your success.

Keep it social

Moving a business or service online has many advantages, but there are also some dangers to be aware of. While land-based casinos are not for everyone, for many it is the social aspect that is the true appeal.

Playing at home or on our phones might be safer and more convenient, but it could potentially be isolating. By understanding this about its customers, casino platforms have worked hard to keep the social side of their services.

Chat rooms, video games, and competitive play have all been introduced to help gamers stay social as they play. Casinos have also embraced the power of social media as a way to connect with customers and market their products.

The power of social media and interaction between customers cannot be underestimated by any business in the 21st century. Casinos have shown that word of mouth and engaging communities are valuable assets in driving a loyal and growing business.

Innovate and adapt

The story of online casinos is, at its core, a lesson in the importance of adaptability and innovation. Turning changes in your environment into opportunities, such as reinventing your business online, is vital for success.

It’s important to note, however, that this applies to the small things as well as to the wider picture. Developing online platforms for its games was just the first step in revolutionizing the casino industry.

Seeing the opportunity of adapting those platforms for the mobile play was another huge step, but it didn’t stop there. Today, the most successful casino platforms are constantly innovating their product to stand out from the crowd.

Introducing new game variations, varied themes, and live play are just some examples of those innovations in the casino industry. Adapting to virtual reality platforms or the benefits of accepting cryptocurrency are two more areas in which casino is leading.

The 21st-century world does not stand still, it barely pauses for breath, so neither can your business. The people who thrive in any industry are the ones who are constantly rethinking and redefining the services they offer.

Keep Listening

Of course, making changes and developments to your business only works if the customers want them. Listening to the customer and understanding their needs is another aspect in which the casino industry has led the way.

In today’s world, data is key, and online casino collects it in huge quantities from every interaction with their customers. By doing so, it can learn what its customers want and how to provide it.

This can be everything from making marketing more effective or developing incentives to innovating the games themselves. Constantly listening to customers and responding to the data available should be a huge part of any business strategy.

Launching a new business is fraught with danger and more than half fail within their first three years. By taking a moment to learn from those already enjoying phenomenal success, the chances of surviving and thriving are improved.

In the last 20 years, few industries have enjoyed a boom to equal that seen in the casino industry. These are just a few of the lessons it has taught us as it continues to teach more every day.