Online gambling is a lucrative adventure in India, and many people want to get a grip on the opportunities. Sadly, just a handful of start-ups make progress. Here is why many of them fail.
Although online gambling enjoys a massive following in India, almost all online casinos offering their services to Indians do not work within the country’s borders. The few gaming companies based in India only offer skill games like poker and rummies, but not recreational casino games like roulette and slots.
The biggest challenge gambling start-ups face in India has little to do with the infrastructure or demand; the real problem lies in the Indian gambling legislation. Similarly, start-ups are a matter of problem-solving, and like many other companies and start-ups from different countries and products, they face all the brick and mortar trials of growth and establishments.
According to statistics, around 90% percent of start-ups fail within the first few years of establishment. But before condensing down to what challenges hinder the growth of gambling start-ups in India, it’s essential to understand what the 10% of start-ups are doing right and how you can incorporate the skills to promote India’s betting start-ups.
So what hinders the growth of online gambling companies in India?
1. Legislation on gambling activities
The Indian gambling law is quite strict and difficult to circumvent for several start-ups. Indeed, India doesn’t have a framework specifically dictating the legitimacy of online gambling. And this is the reason online gambling markets increase, with over $5billion in revenue growth yearly.
The only setback many aspiring start-ups have to deal with is the law’s arm that prohibits any casino or company within the Indian borders from promoting or creating online casinos.
2. Customer acquisition and Innovation
Most gambling start-ups don’t know how to balance customer acquisition and retention costs against the generated revenues. What follows are massive losses, and then they lack the morale to continue. To succeed, it’s vital that you accurately model the client acquisition metrics, partner with the right people, and incorporate the right technology.
Based on the founder of casinobetting.live, there are many established and credible casinos offering services to Indians. You can use their growth to learn the ropes, get to know the misses, and how they made it to the top.
3. Funding
Starting a new gambling platform focuses majorly on wowing the crowds. There are several checks and balances that you need to complete before the casino stands on its feet. As a result, you’ll need a lot of capital from the establishment to get to the growing phases.
This is the place many fail either by over-spending on one phase or not having enough capital. Opportunities such as affiliate marketing can help you raise extra money. Similarly, it’s essential to learn proper financial management skills and track all your spending and revenues.
4. Customer Support
The Unique Selling Propositions (USP) expresses your uniqueness in the broad market. That’s why most bookmakers present themselves with killer lines like “the haven of slots” or “home of massive jackpots.”
The lines truly tell the bookies apart and may bring conversions, but good customer support is the best retention tool. Quick and straightforward responses, plus friendly staff, will give you positive reviews, more referrals, a positive reputation, increased value, as well as bring in more players.
5. Adapting to the market’s needs
Generally, start-ups are problem-solving involvements. And the best way to solve someone else’s problem is to understand what issues they have. The same applies to gambling platforms. How you satisfy your customers’ needs directly translates to the performance of the start-up.
To fair well, you should do a cautious market analysis of the player’s preferences and apply the findings. The significant steps you can take include availing a wide range of different games and research on the possible entry points, demands, and opportunities.
6. Uniqueness
Being ahead of the competition heavily relies on staying distinct from the crowds. The possibility of this aspect requires constant improvement and an innovative approach. Come up with unique exclusive offers, adopt new strategies, and implement technology that’s scalable and compliant with your business model.
Venturing and succeeding in this saturated market is still possible as long as you keep your products unique and use the right technologies and approaches.
E-commerce is a challenging yet rewarding form of investment. Online gambling is an excellent example of e-commerce and attracts the best revenue for both bookmakers and the government.
Although cracking the gambling start-up ground isn’t easy in India. But there’s hope that it will straighten up and be fair for the aspiring developers.