In the competitive realm of iGaming, the million-dollar question echoes: How do online casinos make money, considering the most effective products, channels, and business approaches. Profit is a fundamental indicator of a company’s financial health, indicating that its strategies are working well.
Online casinos have reported growth rates of 30% or even higher when decoding the potential of effective engagement and retention strategies. We’ve conducted extensive research and analysis, unveiling the most impactful practical methods for engaging players and fostering loyalty towards a casino brand.
Here are some tips and tricks that can become a compass for online casinos in the deep waters of the iGaming business.
Bet on engagement and retention
While luck and chance play a pivotal role for players, the real secret behind the soaring profits of online casinos lies in their ability to create and foster the right engagement and retention strategies.
Engagement, in the context of online casinos, refers to the level of active involvement and interaction players have with the platform. This comprises not only the variety and quality of games offered but also additional advantages that keep players immersed and entertained.
Yet, engagement alone isn’t enough to secure the consistent growth of online casinos. This is where the concept of retention comes into play. Retention involves the strategies employed by online casinos to ensure that players keep coming back. The goal is to establish a connection between the player and an iGaming brand.
The growing profits of online casinos can be attributed to their adeptness at mastering the delicate balance between engagement and retention. Through captivating games, innovative technology, personalised experiences, and data-driven strategies, online casinos make money and manage to create an ecosystem that thrives financially.
What’s hidden under product engagement and retention?
Engagement and retention flourish as a result of a complex interplay of multiple factors. From immersive user experiences and diverse game offerings, the success of an online casino hinges on its ability to navigate this intricate web of elements. It’s time to delve into the key components that collectively form the backbone of online casino engagement and retention strategies.
Casino Retention & Engagement Principles
Gamification emerges as a pivotal driver of online casino engagement and retention, infusing gameplay with interactive elements like achievements, challenges, and rewards. This strategy triggers dopamine release, amplifying positive experiences, and fostering a sense of accomplishment, ultimately establishing a deeper connection between players and the platform.
At Evoplay, gamification stands at the very core of all our products, and we can’t afford not to use it as it is one of the factors directly influencing GGR. Our approach entails a rich array of gamification elements seamlessly integrated into our games.
In one of our latest creations, Penalty Shoot-out: Street, players take on the exciting challenge of filling up a progress bar by scoring goals on Brazilian streets. This experience provides them with a genuine sense of achievement and satisfaction.
Our slots from the fishing-themed series, The Greatest Catch Bonus Buy and Mega Greatest Catch Bonus Buy made a real splash in all casino metrics. A trendy theme accompanied by a Bonus Buy feature, which let players dive deep into a whole new gaming round, made quite the ripple effect. Its number of players grew by 320% and Round Count – by 147% during the first months after its release. Buoys, indicating progress, enhance players’ enjoyment of the gaming process and desire for accomplishments.
Goblin Run, a third-person runner crash game, became the treasury of gamification elements. Tick fingers off: a runner mechanic, betting feature, skins shop, several game settings, 5 levels, and a leaderboard. The game had no choice but to become a bestseller, as it quickly gained popularity among an impressively diverse audience, including iGamers, sports bettors, and video game players.
Game variety (Read: Innovative game selection)
Offering a diverse range of high-quality casino games caters to different player preferences and keeps them interested in exploring various gaming options. In short, it means that your players will never get bored with the games you offer and will always find something to meet their interests at that time. It is where product engagement and retention take the stage.
Have you ever wondered how an online casino works, showing incredible business growth? Innovative products do this magic of bolstering online casino engagement, enhancing player retention rates, and driving substantial profit growth. Research indicates that introducing novel games can lead to a remarkable increase in engagement levels, with some online casinos experiencing up to a 25% surge in player activity within the first month of releasing innovative titles.
Moreover, cutting-edge games are instrumental in retaining players over extended periods, with retention rates boosting around 15-20%. Such retention directly translates into higher player lifetime value, helping online casinos secure a competitive edge and potentially witness profit gains of up to 30% compared to conventional offerings.
We have developed an extensive game library that has garnered significant attention, with more than 5 million monthly active players engaging with our titles. Our online video slots are renowned for their cutting-edge graphics and storytelling approach, making every product a captivating story a player wants to explore. We go further with our instant games turning them into a true entertainment industry product enriched with a betting feature. It allows us to offer instant games at the nexus of gambling and video games, appealing to a broader range of audiences. Whether it’s casino table games, classic slots, or Bonus Buy games, we’ve got players covered!
Game mechanics and features
Casino games with a combination of features and mechanics strategically crafted to resonate with gamblers encourage their engagement significantly. These elements tap into psychological, neurological, and behavioural factors that make the games more enticing.
Here’s how the variety of features and mechanics impacts casino metrics:
- Engagement and immersion: incorporating captivating features and mechanics increases the level of engagement and immersion for players. They are usually accompanied by animations, themed visuals, or effects that make players feel more connected to the gameplay.
- Extended playtime: intriguing features and mechanics often lead to extended playtime and allow players to explore the game deeper.
- Emotional investment: they have the power to evoke emotions in players. These emotional responses create a stronger attachment to the game, whether it’s the thrill of a near-win, the satisfaction of levelling up, or the excitement of unlocking a bonus round.
- Reward structures: innovative features and mechanics can create unique reward structures that encourage players to keep playing. Whether through achievements or rewards, they provide a sense of progression and accomplishment, motivating them to stay engaged.
- Psychological appeal: certain game elements, such as the anticipation of bonus rounds, tap into psychological triggers that heighten excitement and engagement. This creates an emotional rollercoaster that keeps players coming back.
When crafting our products, we take great care to thoroughly contemplate a diverse array of factors, ensuring that they forge a genuine connection with the player base. Within our games, players will discover not only the latest trends but also exclusive mechanics found solely within Evoplay’s titles. When we introduce a new feature to a game, we view it as a potential revenue generator, much like the highly popular Bonus Buy feature, which has proven to be a favoured choice among players and has substantially bolstered our partners’ profits. Games featuring this attribute exhibit an impressive increase of up to 500% in key metrics when compared to their counterparts without it.
Regular updates and new releases
In the fast-paced digital landscape of today, where user preferences and expectations constantly evolve, providing fresh content is crucial to keep players excited and invested. It only prevents monotony but also serves as a magnet for both existing and potential players. When players encounter novel games or innovative features, they experience a renewed sense of curiosity and anticipation, which often translates into extended gameplay and increased interaction with an online casino.
Furthermore, the importance of fresh content extends beyond player engagement – it directly influences a casino’s competitiveness and market positioning. Regular updates and new releases provide the perfect opportunity to showcase a casino’s commitment to staying at the forefront of the gaming landscape.
This is where collaboration with a trustworthy iGaming developer becomes incredibly important. Teaming up with Evoplay, our partners get a continuous stream of high-quality, innovative gaming content, ensuring that the online casino remains relevant and prosperous in an ever-evolving digital ecosystem.
Tournaments (& other activities)
Players flock to online casinos that offer more than just a bunch of games. iGamers often seek the exhilarating experience of tournaments, a dynamic element that adds an extra layer of excitement to their gameplay.
At Evoplay, we understand the thrill players want, so we offer a diverse range of network and local tournaments. The satisfaction of emerging victorious taps into the fundamental human drive for competition, making tournaments a magnet for players who seek the ultimate test of their luck and the exhilaration that comes with it. To fuel the competitive spirit, our tournaments are fitted with a leaderboard updating in real time as a pop-up. To cater to players with different preferences, we offer four different accumulation systems, including total wins, bets, spins, or the highest total win multiplier in a single round.
Eyes on the prize – our tournaments proved to be an effective revenue booster among our partners. It demonstrates how an online casino makes money and isn’t solely reliant on a product but also on the manner in which it presents and delivers it. These competitions amp up GGR and Bet Sum, give a swagger to the casino’s brand exposure, and get players totally engaged!
Average game dynamics during a tournament (growth by %)
Embracing the spirit of innovation and a hunger for competition, we have ventured beyond conventional boundaries to unveil remarkable Evoplay Quests. This revolutionary tool is designed to inject an extra dose of gamified excitement into the casino realm, propelling the entire experience to new heights of engagement.
At the core of this groundbreaking tool lies the ingenious Challenge-Achievement linking mechanism. Players accomplish specific missions, such as completing a designated number of spins within a specified time frame, to unlock exclusive rewards that enhance their gameplay by providing additional opportunities.
Through an intricate interplay of challenges and competitive vibes, Evoplay Quests has emerged as the ultimate catalyst, catapulting player retention to new levels:
|Amount of spins||+34%|
|Average amount of sessions||+28%|
|Average session time||+26%|
Social gaming elements
Social gaming elements are crucial in casino games as they foster a sense of community and engagement among players. They create opportunities for players to connect and share strategies, adding a layer of excitement and competitiveness. Additionally, social elements can extend player retention by creating a more immersive environment where players feel a sense of belonging.
Our games, High Striker, Football Manager, and Lucky Crumbling, truly stand out as leaders in multiplayer products in terms of Bet Sum and Round Count. These games offer a unique opportunity for players to engage in friendly competition with others, highlighting the significance of challenging fellow gamers.
Our commitment to enhancing multiplayer experiences extends to our titles with in-game chat functionality as well. Take, for instance, one of our creations, Long Ball. This game seamlessly blends the thrill of placing bets on sports events with the joy of social interaction through its in-game chat feature. With Long Ball, players not just bet on outcomes; they engage in conversations and connect with other players. The chat allows them to extend greetings, express their feelings about the game using a variety of preset phrases, add a personal touch with emojis, and showcase their victories by reposting their winnings right into the chat.
Retention vs acquisition – who wins?
Retention is generally cheaper than acquisition in the online casino industry. And here’s why:
- Marketing costs: acquiring new customers often requires substantial marketing efforts and expenditures. Online casinos need to invest in advertising, promotions, and incentives to attract new players to their platforms.
- Learning curve: new players typically take time to familiarise themselves with the casino’s offerings, which may result in lower initial spending.
- Competition: the iGaming industry is highly competitive, and attracting new players often involves outbidding competitors, leading to increased acquisition costs.
- High churn rate: new players may not always stay loyal, and the churn rate (percentage of players who stop playing) can be relatively high for recently acquired players.
- Existing player relationship: retaining existing players leverages the established relationship and trust between the casino and the players. Repeat players are more likely to engage with the casino without requiring extensive marketing efforts.
- Repeat business: loyal and satisfied players tend to spend more and have higher lifetime value, leading to increased revenue and profitability over the long term.
- Word-of-mouth: satisfied and engaged players may act as brand advocates, bringing in new players through word-of-mouth referrals, further reducing acquisition costs.
While retention is generally cheaper, it doesn’t mean that acquisition should be neglected. Attracting new customers remains crucial to the growth of a casino. A balanced approach focusing on retention and acquisition is the key to sustained success in the casino industry.
In essence, engagement and retention work hand in hand to create a cycle of profitability for making money from a gambling business. Engaged players are more likely to stay loyal to a platform, while a focus on retention ensures that these players are consistently enticed to return.
Ready to chat about growing your profit by enhancing engagement and retention? We are waiting for you with practical solutions here – email@example.com.