What entrepreneurs can learn from casinos

There are many successful industries in the world, and one of, if not the best, is the gambling industry. In 2019 the global online gambling industry was worth $58.9 billion, this year it is worth $66.7 billion, which is almost a $10 billion increase in just one year. In terms of the industry as a whole, it is worth an estimated $443.2 billion. This evidently means that the industry is doing something right, and is an industry which up-and-coming entrepreneurs could learn from, since the most effective way of learning is to take notes from the best. 

Entrepreneurs contribute to a large portion of the economy, with about 582 million entrepreneurs globally. In the US alone, 774,725 new businesses were started last year, however if statistics are followed then 154,945 of those businesses failed this year. In other words, there is still much to learn for entrepreneurs, and that can be done by looking at some of the things that make the gambling industry so successful. 

Be mobile-friendly

It is undeniable, regardless of any industry you look at, the future is digital. Technology has woven its way into social fabric, which means there’s no reason businesses or entrepreneurs shouldn’t take advantage of that. This is something that the gambling industry realized and capitalized on as soon as mobile devices were able to support casino software or games. It only takes a quick look at the various options that are available to mobile gamblers to see the casino industry adopted this early. There are even specific pages dedicated to helping you pick the best mobile casinos like this one from 6Takarakuji.

By being mobile-friendly, casinos have expanded their audience, giving players the ability to play-on-the-go, in bed or at any time of the day regardless of where they are. It makes perfect sense now why the industry began developing mobile casinos back in the early 2000’s, since now more than half of the population on Earth owns a mobile device. 

Entrepreneurs should look to do the same thing as this will definitely increase profits and the longevity of their business. 

Customers are the most important

Many new businesses make the mistake of thinking that their success is entirely the result of the amazing product that they offer. This might be partially true, but what drives businesses and entrepreneurs to success are customers, and the gambling industry understands this better than any other. This is why if you were to visit an online casino, you would not need to wait for anything. 

It is incredibly easy to sign up, there are hundreds of different games to choose from and withdrawing any money made is fast and simple, since most casinos cater to many payment types. Casinos also care for their customers by providing the best customer service, which not only makes the customers feel special, it adds to enjoyable experience the industry provides. In other words, no complaints means a returning customer. 

The customer should be winning

An important thing to consider is: why do many people return to casinos even though they don’t win all the time? This is due to the fact that casino customers always ‘feel’ as if they are winning. 

This psychological trick was first coined by Pavlov and is known as Pavlov’s bell. Essentially Pavlov was able to make his dog drool when ringing a bell. The dog was conditioned to expect food when the bell was rung. Casinos do something similar by having bright lights, flashing sounds and occasionally rewarding players with some money after spinning a reel. While the amount won is usually less than the total spent at the slot machine, the players feel as if they are winning. 

Entrepreneurs and businesses can learn from this by creating an exciting or pleasing environment for customers, and by offering the best service. The customer should always feel like they are winning.

Versatility pays dividends

Casinos, especially online casinos, don’t just offer one kind of game. There are literally hundreds of games to choose from, such as poker, slots, baccarat, virtual sports betting, blackjack and more. 

This kind of variety ensures that regardless of the customer that enters the casino or the site, there will be something for them to enjoy. The games themselves are constantly updated and the site is regularly maintained. 

Entrepreneurs can learn from this by learning to be versatile in order to satisfy the need of almost any kind of customer, as well as understanding how important it is to stay relevant and modern.