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Feb 9, 2022

SEO: Understanding Stakeholders in New Opportunity Markets

iGaming is rife with opportunity thanks to the digital revolution and one only needs to look online to see the plethora of gambling options that people have at their disposal. There's no doubt that the industry is profitable for those who seek to get involved and this can be seen by the global gambling revenue the industry generates each year.

Around the world, several emerging markets might be of interest to some but trying to enter these markets is a process that needs careful planning. For operators and affiliates who are looking to do exactly this, it is important to consider the various players that are present in a given market.

Stakeholders to consider

In terms of business, stakeholders refer to any entity which has an interest in your business, directly and indirectly. Given this context, it is apparent why anyone seeking to enter a new market would want to gain a key understanding of the various players that are present.

Customers

There is no doubt that customers are the most important player in any market. They are the group that businesses will be trying to target as gaining customers is the key for businesses to thrive. Whether this is the general public or even other businesses, customers allow businesses to earn revenue and ideally profit. Under the lens of iGaming, customers will be the gamblers that frequent online gambling sites.

Suppliers

These are the entities that provide the products or services that businesses need to continue running. Similar to customers, suppliers are another integral factor and businesses will struggle if they do not have established relationships with them. Within the context of iGaming, the suppliers could be a variety of entities, such as software providers, web designers, marketing teams and more.

Competitors

Competition is a fact of life and all markets will have exactly this, but this is not a bad thing. Having competition encourages each business to try and improve to surpass their rivals, which is beneficial both to businesses and those who utilise their services. In iGaming, competitors are normally other affiliates and operators.

Regulators

Regulators are another important market player to consider as these will usually be the groups that provide business challenges to overcome. They exist to ensure fair business practices and to protect consumers. Under iGaming, these are governing bodies such as the UKGC.

Substitutions

These are products and services that are offered as an alternative to consumers. In this way, they can be thought of as a competitor, but not a direct one as the products and services will usually be different in some way. In iGaming, this could be traditional gambling establishments such as bookmakers and casinos.

Research and strategy

Understanding the key market players is how businesses can effectively enter new markets without experiencing as many problems compared to those who blindly get involved in a new market. Taking the time to carefully research and devise a market entering strategy can be the difference between new businesses entering a market and establishing themselves as a key player or failing entirely.

When it comes to iGaming, those who are looking to get involved have a choice of areas. Gambling operators will face an entirely different set of problems compared to affiliates. For example, in Canada, companies are not allowed to operate online casinos, sportsbooks or poker rooms within the region. This is something that will pop up in the research phase for operators who are looking to enter the market. When it comes to devising a strategy around this, one solution may be to host the server for such sites within a different territory of Canada, such as the Kahnawake native reserve. By doing this, operators in Canada will be able to abide by the gambling laws set by the government and still be able to offer their services to the public.

Affiliates will also need to do a similar level of research and strategy formation if they hope to successfully enter a new market. Considering the US, most will agree this is one emerging iGaming market that has a lot of potential for affiliates as it seems that many new states are legalising the activity every so often. However, affiliates will want to take care to research the competition as it is unlikely that only a few people will have had the same idea. After looking at competitors, affiliates can then devise a market entering strategy that aims to do something different than what most other affiliates are offering.

The Asian iGaming market also represents a great opportunity for operators and affiliates alike. This is another emerging market and is similar to the US in that some countries have legalised some gambling activities and others have an outright ban on all forms of gambling. This creates a need to research the regulators that exist in Asia, and devise strategies concerning regions that are most likely to legalise gambling activities. This will enable aspiring players to have a plan ready for when the activity is made legal.

There is no doubt that gambling is one of the most profitable industries in the world, and the advent of iGaming has allowed many players to get involved. However, before entering a new market, affiliates and operators should both ensure that they understand the attributes of different players in the market as well as emphasise the importance of researching and devising strategies to best enter the market.

Panoptic Media work with 5 of the top 10 operators and 6 of the top 10 iGaming affiliates globally. Are you interested in growing visibility and player acquisition in new or growing iGaming markets? Whether it's SEO, PPC, navigating advertising regulations or even link building... Send a DM to our LinkedIn page or email jyates@panopticmedia.co.uk for a free audit.

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