The betting industry is one of the most lucrative around. And there are so many different ways in which we can bet and gamble these days. Casinos are now no longer simply big buildings in Las Vegas; they’re now available to everyone on their phones. There are good things and bad things happening to the industry right now. And it makes sense to stop for a second and think about what some of these things are. Only then can we get a clear view of where the industry is heading.
Below, you will find 5 positive things and 5 negative points discussed at length. There are certainly challenges ahead that need to be dealt with and confronted. But there are good signs for consumers and gamblers like you too. So, read on to start learning more right now.
The Negative Things
- Lots of Mergers
Right now, there are a lot of mergers going on in the gambling industry. This might not seem like a big deal; mergers happen in business, right? Well, yes, but there are some people who are becoming increasingly worried about this new trend. That’s because monopolies are damaging in any industry. They can stifle competition and be very bad for consumers. It’s increasingly common to visit a few different betting and gambling platforms and to notice that they look the same. If the industry wants to do well, diversification and competition will be key, so we should all hope that this happens more in the future.
- Some Decline in Traditional Sports Betting
There are some sports that have been attached to the gambling industry for as long as we can remember. The most obvious example is horse racing, which has been popular among gamblers for a very long time. However, there has been a decline in betting on this sport. This is linked to the declining popularity of horse racing in the west. There are still growing markets in Asia, but those are not helping the western gambling industry so much. This is a cause for concern among many gambling companies and bookmakers right now. It remains to be seen how this issue is dealt with.
- Dealing with Links to Addiction Problems
There is an increasing amount of pressure on gambling companies to do more about the problem of gambling addiction. People are starting to ask questions about whether companies really care about this massive issue. There have been accusations leveled at many bookmakers and casinos that some of the slot machines that they use even encourage addictions in people. This pressure is now coming to a head, and there is even political pressure being exerted to take action in some countries. However, companies could lose out financially if they do make big changes.
- Attracting Savvy Customers Means Having to Hand Out More Cash
It’s becoming harder and harder for companies to win over customers. There are a few different reasons for this. The first one is linked to the rise in the number of bookmakers and gambling companies. When there is more competition in the market, everyone has to work harder to win customers. And it’s also now the case that customers and gamblers are savvy like they weren’t so much in the past. This has an impact because everyone expects to get a good deal nowadays. It means that companies have to be willing to lose more in order to gain more in the short-term. So, this is a negative that can be seen as a positive too.
- Sports Betting Irregularities
There have been a number of high profile betting irregularity cases in recent times. The number of these seem to be increasing. Sports players have been found to be placing bets on games they are appearing in. Is there much that the betting companies can do to avoid this kind of fixing and fraud, though? Some argue that companies should be working harder and doing more to make sure that this doesn’t happen. But it’s not so easy to come up with any concrete action that the companies can take. We will watch with interest as this issue continues to be discussed by industry figures.
The Positive Things
- Big Data Improves Marketing
Big data is now a major force in the world of gambling, and it’s something that really can’t be ignored. It’s being used to target specific groups of people, tempting them with offers. This kind of specific and targeted marketing is used in all kinds of industries these days, but it seems like the gambling industry is now getting on board. Advertising rules can be strict for gambling companies in some countries, so this kind of work has to be undertaken carefully. But it does seem to be paying off already for many online bookmakers.
- More Power is Now in the Hands of Gamblers and Consumers
This is one really positive thing for gamblers. It’s never been easier to make comparisons and see which bookmakers have the best odds. There are websites dedicated to comparing offers from dozens of companies before you place your bet. It’s one example of how power is now in the hands of gamblers and consumers like never before. That’s a pretty big deal and it should be celebrated. Comparison sites like Top Rated Casinos also give power to gamblers choosing which casino platform is best for them. Be sure to take advantage of these things.
- Odds Are Updated in Real-Time
It’s now possible for bookmakers to update the odds that they offer to gamblers in real-time. That means that you never have to be left behind. When something changes, so do the odds. This is particularly useful when it comes to sports betting. In-play betting is a real force now, and most bookmakers have embraced it. It means you can place a bet on a sports event as it’s happening. So, you can watch it live and react to what is happening with the bets you place.
- Apps Mean That Gambling is Going Mainstream
Betting has never been more mainstream that it is right now. That’s because people don’t have to walking into a bookmakers and place a bet. Instead, they just download an app quickly onto their phone. And they can then use it to place a bet in a matter of seconds. It’s as easy as that. It’s certainly the case that bookmakers have gained massively thanks to the advantages that come with these kind of gambling. It also makes like easier for consumers too. It’s something that is not going to go away anytime soon either, so there are opportunities out there.
- Massive Exposure from Football Sponsorship Deals
One of the most important breakthroughs that have been made by betting companies in recent times is the massive exposure that has come from football sponsorship deals. This is part of a big effort to push sports betting by the big companies. They see the global popularity of the sport, as well as the big money that comes from live broadcasting, and they want some of the action. Now you will see adverts and sponsorships all over sports games, stadiums, shirts and live broadcasts. It’s working out very well indeed for them, so it will likely increase.
As you now know, there are many things going on in the betting and gambling industry. Some of them are worrying for bookmakers, some signal positive changes and others help customers get more. It remains to be seen what changes lie ahead.