The online gaming industry has been valued at around 51 Billion in 2018. When you consider this is only a small percentage - just around 20% - of worldwide gambling, it makes you realise the opportunities are still there and there is still plenty of room for growth.
Your igaming payment gateway and being competitive
The gaming industry presents great opportunities, but it is highly competitive and late movers into the market need to be prepared for speed to market and fast growth in order to gain advantage.
Conversion and Speed to Market
Conversion and speed to market are important factors for the survival of any gaming start-up. Early connections with affiliates and marketing platforms are often a predictor of success because they provide the traffic and the quality games required to create a thriving gaming ecosystem. The ability to convert and process high volumes of traffic is therefore very important to survival, as is the ability to go to market fast. As a start-up, most of the services you need to buy in, such as platforms and games, will be charged at a high monthly rate in the beginning, before you have the clout to negotiate better deals with your suppliers using the revenue-sharing model.
Which is why it is of utmost importance to get to market and launch as fast as possible! Without speed to market, resources will be quickly depleted, and fast growth becomes very difficult with low cashflow. It is important to identify an igaming payment gateway that allows you to set-up rapidly. The ability to extend to new markets quickly is also important because business environments can change quickly in online gaming.
Partnerships; Why conversion matters
No matter how big you grow, as a gaming company, you are not likely to survive without the right partnerships. You will need to convert all traffic especially more profitable organic traffic from SEO. High conversion rates will be your ticket to better long-term relationships with platforms and affiliates. Once you are more established you will also be able to negotiate revenue-sharing agreements with platforms and other providers. Your uptime and conversion rate are always going to be key to close such negotiations in your favour.
Volume processing vs conversions.
Your igaming payment gateway matters Your conversion requirements and expansion plans from free and purchased traffic will dictate your igaming payment gateway choice. You will need one that allows you to efficiently and smoothly process all projected transactions. The right gateway will also help you improve your conversion rate. Converting more traffic into customers, more free players into paid players. It can do this by making sure that you can cope with the sudden traffic spikes which you will experience as you work on your SEO and can afford to strike better deals and buy more traffic.
User Experience Matters in iGaming
Many large gaming companies have grown exponentially by focusing on the user experience. The first and most basic entry point for this is usability. Speed and uptime are the key elements here and there can be no positive user experience if you dont get the basics right. Speed and uptime are key. Your uptime will make sure no opportunities are lost and your speed will help convert more users into players. Couple this with the right amount of localisation for card processing and your gateway choice could have a significant impact on your conversion rates and your business. Ask the right questions and choose diligently!