How Online Casinos Are Using Startups To Develop New And Innovative Products

February 24, 2023
How Online Casinos Are Using Startups To Develop New And Innovative Products

Digital businesses are growing rapidly, and the whole entertainment scene is becoming more competitive. There are many video game studios, streaming services, and lots of online casinos out there. Often legislation cannot keep up with the latest developments, and that’s especially true for the iGaming industry. In Brisbane Australia, many gamblers play on offshore websites that aren’t regulated. This might seem dangerous but if you play on a reputable online casino Brisbane website in Australia then there is nothing to worry about because you will play certificate games and receive generous promotions. It’s also possible to use cryptocurrency on some of these sites, which means transfer fees and payments are not an issue.

Because the competition is so fierce, online casinos need to innovate on multiple fronts. However, casinos don’t really create content, they only host games made by other software developers. The best that the operator can do is create incentives and policies that make their website more appealing and accessible. A popular approach is to lower the bar of entry and become 1 dollar minimum deposit casino. This is basically an incentive to register a payment method and verify it, and in return, you get some free spins or chips for playing. Another way online casinos innovate is through collaboration with startups, and here we will see how these companies help them.

Creating Unique Casino Games

Currently, there are several software development companies that are well-known in the iGaming space:

  • Microgaming
  • NetEnt
  • Playtech
  • Evolution Gaming
  • IGT

A lot of big and mid-sized casino brands host the content developed by these companies. Some of the games available are so popular, that players get disappointed when local websites don’t have them. As a result, they use VPN in order to gain access to foreign websites and try these games there. However, in a market where these slots and table games are widely available, casinos strive to make their platforms more unique. That’s when they turn to startups.

Startups don’t have a strong brand presence and they don’t have bundles that include lots of slots. So, they get hired as a team to develop new games for a big casino brand. This allows operators to promote slots with unique mechanics that are only available on their website.

Better Payment Processing

Thanks to the open banking initiative a lot of startups were encouraged to create their own banking as a service. These new payment systems are built on top the SWIFT network or other banking routes that traditional banks used. The idea is for these companies to take on the responsibility of KYC or due diligence and process payments faster as they can vouch for the payer or payee. Startups that don’t have many clients will naturally be more efficient, as they don’t have as many KYC checkups.

So, a casino that uses an intermediary that treats them as a priority can have faster payment processing. Of course, a lot of casinos also need to process withdrawal requests, and this can also be outsourced to startups. Reg-tech companies create software that can easily check and verify if a withdrawal request is valid. Such technology can help casinos facilitate instant cashouts. These fast payouts are very appealing, and users prefer to play on those sites. Having instant access to your winnings is always going to be a safer option for the players.

Data Processing Tools

Source

Data collection and analysis are incredibly important for any business. This is especially true for casinos that offer diverse content and lots of gaming options. They want to provide the best user experience possible, which means they need to personalize the player’s interface. Data processing tools allow casinos to ascertain user preferences and use those inputs to provide a personalized experience. So, instead of a player scrolling for minutes in order to find the slot they might like, the casino can have a “For You” where relevant content will be displayed.

These tools are also important for deciding how to innovate. There are many land-based casinos that are really popular among young gamblers. They have unique games that aren’t available online yet. So, if a particular machine attracts a lot of players, chances are that experience will be modified and adjusted for online play, at one point in time. Many startups work on creating data processing tools that can be easily integrated into existing platforms. Again they can have a custom-made solution that follows metrics or KPIs that are exclusively relevant to casino businesses.

Data Protection

Finally, gambling businesses work with startups in order to boost their safety. They need unique encryption technology to protect sensitive information. Currently, most operators use standard SSL 128-bit encryption, but there are those who have additional layers of protection. This helps them attract customers that are more cautious and prepared to spend more money gambling.

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