What LandBased Casino Resorts Should Learn From Online Casino Companies To Boost Their Revenue
In 2019, the American Gaming Association declared that the casino sector employs over 1.5 million people and recorded a landmark revenue of $43.6 billion in the US alone. Additionally, more than 1.6 billion people participate in gambling worldwide, with over 4.2 billion trying their luck at least once a year. As reported by Gambling Industry News, the worldwide casino and online gambling sector reached a combined approximate value of $249 billion in 2022, with projections anticipating growth to $263.3 billion in 2023.
Unfortunately, the casino industry faced severe setbacks in 2020 due to the pandemic, witnessing its lowest gaming revenue in 17 years. Despite the substantial challenges posed by COVID-19, it spurred a heightened urgency for casinos to enhance the guest experience, particularly in terms of digital and contactless aspects.
Online Casino vs. Land-based Casino
Online casinos enable players to play without the need to visit a physical casino. Players can enjoy their favorite games from the comfort of their hotel room, home, or even while on the road in a car or train. The main goal is to craft an experience similar to what casino enthusiasts appreciate at physical locations, coupled with ensuring a smooth and convenient user experience.
Land-based casinos provide a comprehensive experience in an engaging and communal gambling environment. Many visitors to land-based casinos, some of whom may not even place bets, are drawn to the bars, restaurants, live music venues, and upscale hotels. Similarly, patrons have the opportunity to exchange loyalty points for tangible rewards like hotel stays, meals, and various experiences.
But How Did Online Casinos Attract a Huge Customer Base?
As per the latest analysis, the value of online casinos in 2022 was approximately $61.55 billion, with expectations for it to rise from $65.97 billion to around $105.77 billion by 2032. But despite the impressive nature of online casinos, they cannot fully replicate the authentic experience of a physical casino table. However, online casino brands are adopting two distinct strategies to secure massive market share. One approach involves strengthening internal capabilities and infrastructures to support the business model, while the other entails acquiring companies specialized in fantasy sports and online sports betting. The incorporation of these new sports-related digital channels serves to impress a younger customer base for casinos.
Additionally, coupons given out by online casinos are a major push in online casino stock and overall value. By the numbers published by kingcasinobonus.uk, about 450 bonuses are offered monthly, 88% of them slot-focused. They come in the form of rounds on virtual slots, called “free spins” in the industry. They are the most popular type of gift found online, which gamblers will not get if they visit a brick-and-mortar casino.
Here’s What Land-Based Casino Resorts Should Do to Keep Up
As the interest in sports betting and online gambling expands, there is a pressing need for casinos to deliver a smoother experience that spans various jurisdictions, and both physical and digital channels to stay competitive with their formidable rivals. Land-based casinos should venture into the online realm by establishing their own websites to promote their establishments and offer a variety of online games. This move will allow bettors like you to enjoy the benefits of an online casino while still capturing the essence of being in a real-life casino, immersed in your favorite game.
