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New casinos enter UK market despite economic challenges
Some economists argue that a well-run casino can protect itself from the broader harm of an economic downturn. Obviously, Alanbase’s definition of a well-run casino might differ from yours, so let’s get into the specifics here.
Casinos operating like a well-oiled machine can continue generating profit, even if the wider market isn’t generating the optimism that has economists rubbing their hands together with glee. Although the Alanbase team is honing in on the UK market today, the fact it’s dominated by online casinos and that these casinos operate across several different continents is the first clue that indicates that even in a poor domestic economy, providers with bigger visions are unlikely to feel the brunt of poor UK economic performance.
Defining a well-run casino
While you could argue that any business that is run well enough and implements enough innovation and vision should be able to succeed regardless of the economic conditions, there are still variables that help to distinguish the top casinos from those further down the pecking order.
Importance of reputation
One of the first starting points for a well-run casino is a company with a strong reputation among its peers and other gamers. We can’t say that any new casino that hasn’t been in the industry for the same length of time isn’t a quality option, but with a casino that’s been in the business for a long time, you can be relatively confident they’ve been able to weather a variety of storms.
Any casino that finds its feet finds customers, and keeps them long enough to expand its brand and become reputable in the industry is commendable. While this might seem to be an easy feat in gambling circles, it isn’t — and this helps to strengthen the brand’s visibility and reputation.
Many new casinos launching in the UK might have already found their feet in other markets, such as Australia or the US. You can notice the huge shift in perspective in the US since 2022, and while these casinos might be new to UK customers, they’ve proven themselves in international markets.
Exploring social media comments and casino review sites
Given the multitude of new casinos that have emerged online, especially since the beginning of this decade, there’s been a surge in casino review sites. One of the most visited sites that feature experts who specialize in reviewing platforms is newcasinos.com. This is a site that many in the industry use to gauge what a new provider offers. Some of the key variables they evaluate in their expert reviews include:
- Variety of gaming markets
- Reputation of the business and customer service
- Mobile app functionality and website latency
- Number of payment methods available
- Rating on Google Play and App Stores
Until the early 2010s, casino review sites had no viable business model. Now that thousands of different providers and millions of customers are looking to access the market daily, they’ve become an essential tool for those seeking expert opinions regarding the latest sites and which ones they should pay more attention to.
It’s wise to regularly check out reviews, especially when it comes to new casinos. Any detailed review from an expert helps me understand what the new provider offers and whether they’ll show the resilience required to stay strong during economic turbulence in the UK.
Finding a niche
It’s important that any business, whether it be a new casino or any type of digital enterprise, can identify a gap in the market that isn’t being filled. This question carries even greater weight in casino gaming, given that millions of dollars in profit are on the line for companies that can create an innovative brand and business model that can still attract UK gamers during an economic downturn.
Niches can take many forms, and while it feels like the well might be running dry for providers attempting to find a niche that appeals to the finite number of casino gamers out there, some providers have chosen to accept different payment methods in a bid to make a profit in frosty market conditions.
The main benefit that new casinos have when entering the UK market is that they’re entering one of the most favorable markets in the world. The UK does not levy a gambling tax on gamers like the US or Ireland, so there’s less impact at ground level. While people may gamble less, they don’t stop gambling altogether, and the real challenge for new casinos is to chisel off a portion of the market, regardless of whether it is retracting or expanding.
Why is it still viable to launch a new casino?
There are a few considerations when it comes to launching a new casino. Even though the UK has dipped in and out of recession several times over the last five years, the gambling sector remains a multibillion-dollar industry. It’d be like asking why tech companies are still launching or why smartphone companies are developing new models: the market still exists regardless of what economists and analysts might be observing in the broader economy.
We’re not going to pretend that less money in the economy and less money in people’s pockets will not affect the number of people using online casinos; this isn’t the case. Whether it was the winter of discontent during the 1970s or the rather bleak industrial transitions that took place in the 1980s, one of the unwavering elements within the UK economy has been the love for soccer and gambling markets.
Although how people place a bet may have changed, and online casinos offer a different avenue to do so, the same sort of mindset still exists among the broader population in the UK. It’s also become much more convenient, and the industry is now a global one. Much of the top iGaming news focuses on multiple countries rather than simply looking through the prism of the US and UK markets.
People don’t need to leave their homes to place a bet online or through a mobile app, and many new casinos offer welcome bonuses and promotions to spearhead their new strategy to develop a name for themselves in the UK market. So, cost-effectiveness also plays a factor in a casino’s wider viability.
The house always wins
It is one of the most common phrases in casino gaming, isn’t it? Well, it is also another consideration for casino companies looking to launch in the UK. Pending any significant changes in legislation, cyberattacks, or fines that come their way, a casino that can generate regular clientele and bring back many return customers will be able to churn out consistent profits.
It’s the whole foundation of casino gaming. While some gamblers don’t want to acknowledge it, there’s no disputing that the odds are always in the favor of the house. This means that, as a business model, it’s still an attractive framework for companies to explore. When it is combined with the legislative foundations in the UK and the wider societal demand for gambling markets, it should start to become clearer to you why new casinos continue entering the UK market, even when the economy isn’t firing on all cylinders.
Responsible gambling
Despite this landscape and the number of casinos operating online in the UK, it is vital that gamblers don’t lose sight of responsible gambling protocols. When the economic landscape takes a turn, this often results in people taking on new jobs, working longer hours, and looking for other sources of income.
Gambling is not a source of income; it should never be viewed as such, and if you do start to see it in that light, you need to speak to someone. This is a red flag and signals problem gambling, which can have disastrous consequences when left untreated.
This is one of many warning signs to look out for, but if you or somebody you know is having personal issues because of gambling or fails to set appropriate spending or time limits on their betting, these warning signs should not be ignored. Professional organizations can help with problem gambling, and there are also support groups online that can help people curb this problematic and damaging behavior.
Final thoughts
For the Alanbase team, the three key areas are:
- UK gambling culture in comparison to international markets
- Legislation allowing the industry to remain viable
- Proven track record of economic resilience in the past
As the market continues to post domestic profit margins in the billions, the economic downturn could deter a few new casinos.
Economically speaking, things would have to get quite bad for the casino industry to experience a significant retraction. We are talking on a global scale. The UK cultivates a market where new casinos are given the market freedom to operate.
While consumers on the ground might say the UK is still a struggling economy, official figures in Q2 of 2024 have shown that it’s out of recession. These economic news stories encourage new casinos to open in the UK as they look to the medium- and long-term future.
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