Do I need a project manager at an online casino?
Despite the global economic crisis, the online casino industry instantly adapted to the new realities, continuing to bring the owners of gambling business seductively stable income. Exactly the profitability of the sphere is the very strong argument, which makes entrepreneurs wish to start their own project. To make the desire turn into reality – tell you in detail about starting an online casino and what role is played by the project manager.
A truly long history of unwavering demand for gambling, as well as the relentless pace of technological progress creates a great business ground for anyone looking for new opportunities and seeking to start their own business. And there is no doubt that 2022 is the right time to dive into the online casino industry. Just look at the numbers: H2 Gambling Capital, a gambling business analytics company, predicts that worldwide iGaming revenue will reach the $117 billion mark over the next 5 years. To understand the pace of the industry – take 2018 as a starting point, when total revenue was $58 billion.
While concerned entrepreneurs are seduced by the lucrative prospects of online casinos, scrupulous business strategists are calibrating their every move toward the riches of the gaming industry. After all, running a project is a game where the outcome is determined not by luck, but by skill. That is why to stay ahead of the competition, it is necessary to make every effort and professional skills project manager in this case will be very helpful.
Analysis of global iGaming market by project managers
New markets appear on the world gambling map with an enviable frequency, as more and more countries begin to recognize the economic potential of the gambling industry. At the same time, the incredible speed of technological innovation in everyday life is erasing the business horizons that existed in the past, leaving behind a wide range of opportunities for long-term projects and smart investments.
While the world economy as a whole was forced to cope with the consequences of the economic crisis, the online business sector found itself in a better position to adapt to the new quarantined reality. And the online casino sector was no exception: businesses faced a number of challenges, but managed to cope with them successfully thanks to the flexibility of the industry. Moreover, experts predict a stable development of the iGaming direction in the coming years.
Online betting traditionally accounts for a significant part of iGaming revenues. Despite the suspension and, in some cases, the cancellation of key sporting events, the industry managed to reassess priorities in the shortest possible time, making a legitimate bet on cyber and virtual sports. Great merit project managers working for the benefit of their companies, which were able to make the right emphasis in time and adjust all processes qualitatively. Besides, those of the operators, who have timely introduced the live dealer games into their offer, have noticed a rapid increase in revenues, which is not surprising at all: the players, who were isolated in the walls of their own homes, were actively seeking ways of socialization and live interaction with other fans of the games.
And even though the economic downturn in various sectors of the world economy was a ruthless consequence of the crisis, the variability and sustainability of the iGaming industry definitely minimized the financial losses of operators, giving them alternative ways of development to return their revenues to their previous level.
Project manager sets the direction of the work
Decide on your target market
Choosing your target market will be one of the first steps in developing your online casino, and the decision you make will shape many key aspects of your business. That’s why expert opinion, adequate analysis and feedback from the project manager and his team are so important here.
Legal Provisions
Legislation governing the gambling industry varies from jurisdiction to jurisdiction and sometimes even within the same country. The presence of authority responsible for legal functioning of gambling sphere indicates the business transparency and that is why such markets are called white. At the same time, the regions where gambling was outlawed, are referred to the black markets.
It is also worth considering that there are a number of countries which completely ignore the gambling industry or adopt contradictory laws – the gray markets. So, for example, the provisions of some administrative bodies may exclude the provisions of others, thus leading to legislative confusion. Another striking example is when the responsible authority does not issue licenses for gambling operations, but does not prohibit players from its jurisdiction to visit third-party offshore sites.
The status of regulatory provisions is the first thing to think about. While some operators doom themselves to risk by choosing the highly volatile surface of black and gray markets, white markets offer operators solid ground under their feet – the regulatory provisions create a healthy and reliable environment in which to do business.
They also deserve attention for another reason: gaming licenses don’t always cover the full breadth of the iGaming geography. The project manager team studies the territorial specifics of licenses in advance to make sure there are no legal barriers between your online casino and your target audience.
There are a few other delicate points that matter. For example, some countries are considered high-risk areas for money laundering, which makes the conditions for cooperation with financial institutions much stricter, as administrative institutions resort to very thorough checks.
Also, you should pay your attention to marketing strategies that you would like to implement when promoting your business – all these nuances need to be communicated in detail to the project manager in order to improve the quality of the product itself. There are a number of regions with rather limited options when it comes to gambling business promotion. If you don’t have the ability to attract players through contextual online advertising, then try to optimize your ready-made online casino website as much as possible to meet SEO algorithms so that players have a real opportunity to discover your brand organically among the most popular.