While the world was suffering the aftermath of the global pandemic, online casinos surpassed land-based casinos to assert their dominance worldwide. According to the reports by Grand View Research, the online gambling market evaluation is about to touch an all-time high i.e., $153.6 billion by the end of 2030.
Among them, a hefty percentage comprises land-based casinos starting online platforms. Although this transition came with numerous prospects to strengthen the virtual platform with its existing reputation, it couldn’t assure the success of the emerging platform. Apart from the existing reputation, the online platform will instantly have access to the customer databases, established distribution and marketing tactics, and compliance with the license providers.
The International Gambling Report 2021 by YouGov shows more than 63% of the worldwide population is partial towards online casinos over land-based ones.
Strategically integrating both of these forms under one franchise not only helps with better visibility but also ensures the constant cash flow from both channels. So, instead of taking online casino platforms as rivals, most of the land-based casinos are spreading their presence online.
The factors that drive the audience for both of these platforms differ significantly. These land-based casino franchises are integrating different strategies to thrive online, which we are about to discuss in this article elaborately, so keep reading.
Land-based as well as online casinos cannot operate legally without a permit which is provided by a licensing body. Legal structures for both types of casinos can vary significantly across jurisdictions and licensing authorities. For an already established land-based casino, it is essential to check if their license provider is compatible with online services.
A casino can expand its services online only if the jurisdiction permits online casinos; hence, legal consultation is an utmost necessity before entering the online platform. The iGaming industry is highly regulated and by not obtaining a license one can severely sabotage the business. They end up risking,
IMPORTANT: One can get blacklisted from obtaining licenses for offline and online gambling platforms in the future and be subject to fines and imprisonment for operating illegally (without a license).
Why get an iGaming license?
In short, you open yourself up for risk-free functioning and an omnichannel growth opportunity.
A Marketing strategy plays a critical role in making any business successful. Irrespective of the status of an already existing casino banner or a Johnny-come-lately, creating an intricate marketing plan comes foremost. In this case, a land-based casino might have an established persona in the market but that won’t directly translate into its success as an online platform.
If that had been the case, the industry could have seen a lot more transitions; but it is far from the truth. Only a moderate percentage of land-based casinos(30–40%) advance and expand their Land based Casinos online in spite of having the resources required.
The marketing plan may include,
Just like it requires separate marketing strategies for land based casinos to grow in an online ecosystem, the same holds true when it comes to finances. The operators will be required to master different financial concepts for their online venture. The Land-Based Casino Strategies are pretty simple. However, the concept of calculating profit differs substantially in online casinos. Unlike land-based casinos, there are concepts like ‘payment processing fees’ in the case of online casinos.
It is an amount charged by payment providers for any transaction executed through them. Chargebacks are amounts requested by punters without them making a deposit prior to the gaming session. Moreover, people tend to hold their money in their online casino accounts. So even though the player has transferred the money into his casino account, the amount doesn’t belong to the casino yet and hence cannot be counted as a gain.
Profit flows in 2 streams for online casinos:
Other associated expenses include the significant amount of money that goes into paying software providers.
Service is paramount for both iGaming and Land-Based Casinos. Understanding customer needs and filling those gaps is important for retaining existing customers. It is easier to serve customers at a land-based casino— through greetings and direct interactions. In case of any questions, they can directly reach out to any staff members of the casino.
On the contrary, owners of an online casino should never forget that the players are on their own; to make the experience seamless, every detail regarding the game has to be provided so that the game remains uninterrupted.
Choosing the correct payment service provider is one of the cornerstones of gaining customer trust. While there are some payment platforms that are available for only a specific population, most of the popular providers operate worldwide. The key is to strike a deal with those popular ones to cater to the widest range of audiences without any interruption. Branching out from a chip-based simple transaction to a completely different deposit-withdrawal system may seem difficult at first but the current world is booming with technologies to make these electronic transactions effortless.
A diverse portfolio of the most popular casino games is an absolute necessity. These games should have a lag-free operation and visually appealing graphics with smooth animation.
Meanwhile, land-based casinos are limited in their offered products, an online casino platform can leverage the space provided. This is a major difference that can be seen in land-based casinos vs online casinos. To keep players entertained and spoil them with options, operators should integrate more than just casino games; this can include sportsbook options, eSports, live gaming, lotteries, bingos and EGMs. (if permitted by the government).
Considering all these points, land-based casinos planning to venture into the world of online casino gaming is a profitable idea. Whereas, focusing on the profit itself we tend to overlook the work that it requires. Several factors demand attention. This includes extensive planning, market research, re-branding and marketing, and implementing the best technology to give the ideas wings. To make sure the online version of the brand attains an equal level of success as the land-based casino, choose the best online casino builders and casino game providers.
Here, to make your journey easier, we bring you PieGaming, an online casino software provider with the credibility to manage player accounts, CMS, and API integration; it safeguards your platform from potential risks as well. PieGaming has been in operation for almost a decade and has helped 100+ white labels worldwide transition into a hybrid interface. So, if you are planning to turn your ideas into action, stay in touch with us.
PieGaming platform is a host of collective voices with expertise in the iGaming industry. We bring to you blogs and posts curated by enthusiasts sharing their insights, experiences, and knowledge about the thrilling world of online casinos gaming and betting.
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