For a time, it seemed like online retail and entertainment would kill off the physical location. The high street was in decline and after global events, footfall failed to return to entertainment venues in the numbers it once did. Yet slowly, even online stores and outlets have begun to open brick-and-mortar locations, realising the potential they bring.
This hybrid approach has something the casino industry has been doing for some time. Below, we look at how businesses can learn from them and benefit from having physical and digital spaces.
An argument in favour of digital space
A digital business always benefits from not having the overheads a physical one does. Without rent, extra staff, and utility bills, businesses are often relinquished from many financial burdens. This can often allow them to provide services that may not be available on physical premises.
In retail, you can see this in the reduced prices of companies that just need to warehouse their stock instead of renting a store to sell it. Companies like ASOS and Shein have risen to become experts at this. However, it also applies to entertainment. For example, Paddy Power real money bingo, like many in the iGaming sector, is a service that offers bonuses and incentives to customers seldom found on physical premises. You can also see this in the type of choice and games on offer. It would be impossible to have enough floor space to provide the range of choices in their online offerings that you would get on physical premises.
Location just isn’t an issue if you want to play bingo, and you don’t have to worry about access or public transport. As long as your area has internet coverage, you’ll be able to access an online casino.
The cons of digital
The online environment is extremely competitive. To get regular leads and new customers, a business must invest in large digital marketing campaigns. This includes SEO, PPC advertising, and building backlinks.
The benefits of physical space
There is no replacement for social interaction, particularly if you are trying to build brand awareness. Having physical premises lets people see, hear, and speak to you, along with the chance to sample your products. This can lack in online platforms.
Even the iGaming industry is experimenting with this concept. Live dealer casinos are a perfect example of how this interaction is being compensated for. It may not be the same as talking to people, but allowing people to chat and interact with the dealer adds a certain extra dimension.
The challenges of physical space
The cons of a physical base of operations are that very often the business is limited to foot traffic. If it is in a busy area or city, this may not be a problem, but anyone who can’t afford these rents must entice people into the building. That brings another dilemma. The closer to these sources people are, the more they pay in rent and taxes.
Physical space is also limited. If you have a store, then you can never stock as much as an Amazon warehouse.
The current market is allowing for a situation where both land-based and online stores can co-exist. When it comes to online casinos, an obvious benefit is that space is not a limitation, and they can host hundreds of slots and bingo titles as much as they require.