As an entrepreneur, you probably understand the importance of looking at your rivals and competitors for advice. They won’t give it to you freely, but that doesn’t stop you from taking it by evaluating their business model and applying the most suitable methods to your business plan. However, your muse doesn’t have to be a closely matched peer, as the gaming and betting industries highlight. In the 90s, the market values were in the millions of dollars. Today, the sectors are expected to turn over close to $100bn and $93bn by 2025, respectively. How have these companies succeeded, and what lessons can you take for your business? Continue reading to learn more.
Gaming & Casinos – The Kings of Product Variation
The gaming and casino industries never stop, which is why they are profitable and popular. Steam, the hosting and developing arm for PC games, has more than one-hundred-and-twenty-five million active users, giving it revenues of over $1.5 billion. It does this via releasing game upgrades, as well as software patches. For example, a new patch for a soccer game includes the latest transfers, making the experience more lifelike. Online casinos do the same, which is why the market grows between 3.1% and 10% year on year. Bingo is a prime example because it’s a huge moneymaker, with over twelve million