By Maximiliano De Muro (*)

Tips for being competitive in the online gambling business

Businessman linked to online gaming since 2003. Online gaming consultant in Latin America and international speaker.

 
| 14/04/2014

Starting a new business can be done in two ways: by establishing a new firm (entrepreneur – start-up) or by creating a new business unit (“intrapreneur”) of an existing corporation.

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An existing corporation can be both a traditional casino or a foreign operator looking to expand its business in emerging markets.

Either path requires a high quality product focused on the punter.

In Latin America where the gambling culture is still immature, there is more of a tendency for emotions to influence gamblers’ betting behaviour, and there is still to emerge a community of gamblers with a more "mathematical" and less compulsive approach to placing bets.

It is essential that the team charged with developing a new business unit meets the following criteria:

●  Entrepreneurial profile, focused on results.
● Management and leadership expertise. Being native and with contacts marketing and advertising sector
● Experience of heading upnew businesses in the market - whether successful or not, since learning from errors is an increasingly valuable asset.
● Keeping up with new technologies and industry trends. It's a plus to have expertise enabling smooth and effective take-up of relevant tools and tehnologies.
● Knowledge of delivering marketing strategies (web and mobile) using KPIs (key performance indicators) and with the ability to adjust spending based on ROI (return on investment) .
● Keeping up with regulatory standards, how gambling licenses work and the risks of operating in grey markets.
● Familiar with bettor needs, anticipate them and communicate effectively to resolve their doubts instantly.
● Understand that payment methods for both deposits and withdrawals are functional to the market they want to target.


Due to the increasing competition in this market, particularly in Brazil, it is important for entrepreneurs to have links with and gain the confidence of venture capitalists, to be able to scale up their project, and also for the intrapreneur, in order for the new entity to achieve the greatest possible value, , with access to sufficient resources to enable it to quickly expand acquisition and retention strategies of new bettors.

(*)Maximiliano De Muro is an online gaming industry entrepreneur and executive. He is an expert in online gaming in Latin America and an international speaker on the subject. He can be contacted here.

 

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