The 5 types of modern entrepreneur you’ll meet in iGaming
Innovation and creativity are hallmarks of the online gambling industry — this is what sets iGaming entrepreneurs apart from all the others. Slotegrator shares its expert view on the different types of modern entrepreneurs in iGaming.
April 28, 2023
Worldwide, there are 4,305 land-based and online casinos as of 2023, an increase of 5.1% from 2022 and a 7% annualized growth over the five years between 2018 and 2023. What does this growth tell us? Above all else, it shows that modern entrepreneurs, far from being afraid of the risks involved, are excited by the challenges presented by the online gambling industry.
What sets online casino operators apart from their land-based counterparts?
The traditional characteristics of risk-taking, searching for innovation, strategic thinking, social consciousness, and having a visionary mindset are no longer enough to succeed in the modern gambling landscape. Let’s look through some essential characteristics for entrepreneurs in the online gambling industry:
Being tech-savvy is an essential characteristic for modern entrepreneurs. They must have a deep understanding of technology and be able to find opportunities to use new innovations to their advantage. This includes knowledge of software, hardware, and the latest technological advancements in the industry.
Data is a crucial component of the gambling industry. Entrepreneurs in the iGaming industry must be highly skilled at analyzing and utilizing data to make informed decisions. This includes data on customer behavior, market trends, and the performance of their platforms.
With the rise of mobile gaming, entrepreneurs in the gambling industry need to ensure that their platforms are mobile-friendly and accessible to a wide range of users. This includes optimizing their websites and applications for mobile devices, as well as developing mobile-specific features and interfaces. Telegram Casino, the most famous and unique mobile platform in the gambling industry, is a common choice for mobile-friendly entrepreneurs.
As the gambling industry moves online, entrepreneurs need to be highly aware of cybersecurity threats and take the necessary steps to protect their platforms and their customers’ data. This includes implementing strong security measures, such as encryption and two-factor authentication, and constantly monitoring for potential security breaches.
Artificial intelligence is becoming increasingly important. Entrepreneurs must be able to integrate AI into their platforms in order to stay competitive. This includes using AI to analyze customer behavior and predict market trends, as well as developing AI-powered features such as chatbots and virtual assistants.
Now let’s look through the types of entrepreneurs that work in the gambling industry:
- The Risk-Taker. This is the most common type of entrepreneur in the gambling industry. They are willing to take big risks in order to make big profits. They are not afraid to invest large sums of money, and love finding the next big opportunity. Risk-takers are highly competitive, and constantly looking for ways to gain an advantage over their competitors.
- The Innovator. Innovators are always looking for new ways to improve the industry. They are creative, constantly coming up with new ideas, and aren’t afraid to challenge the status quo. Innovators are highly motivated and focus on finding ways to disrupt the industry.
- The Strategist. This type of entrepreneur is very analytical and strategic. They are experts at analyzing data and finding new ways to optimize their business. They’re also impeccably organized and used to thinking several steps ahead. They are very adaptable and able to quickly adjust their strategies based on market conditions.
- The Social Entrepreneur. These entrepreneurs are focused on making a positive impact on society, (e.g., in ESG). They prioritize ethics and look for ways to give back to the community. They’re also passionate about their work and driven by a sense of purpose. Social entrepreneurs are highly collaborative and always looking for ways to work with others to achieve their goals.
- The Visionary is an entrepreneur who has a clear vision of where they want to take their business. They are focused and innovative, always looking for ways to create new products and services. They are highly driven and willing to work hard to achieve their goals.
‘To be an entrepreneur in the gambling sphere means to be an entrepreneur in all things. There are so many challenges and regulations that help to develop new qualities and skills, which in traditional business can not be mastered. High competition in the industry, the desire to retain customer loyalty and to attract new audiences in a mode of constraint – this is an extremely non-standard task in the gambling world, which allows to become a unique new-format entrepreneurs’, says Ayvar Gabidullin, Business Development Manager at Slotegrator.