India is considered as a major market for all manner of goods and services and that’s not just down to the sheer size of the population. About 50% of its population is under 25 years of age and 65% is under 35 years. Add to that the fact that India is the second-largest online market with over 560 million internet users. This combination of a youthful population and growing internet penetration makes India an incredibly promising market for the iGaming industry.
The COVID-enforced lockdown has given a further push to iGaming in India. By some estimates, iGaming downloads saw a 50-80% increase during the lockdown. As per a Google-KPMG report, the online iGaming industry in India is expected to grow to $1.1 billion by the year 2021.
The one segment of the iGaming industry that has become especially exciting involves games that combine skill with an element of chance. This could be putting a bet on the outcome of an event or game like fantasy sports, playing poker or ceme, trying a lottery, or playing casino games like slots, etc.
The rise of Dream 11, the fantasy cricket platform, to become the first homegrown iGaming unicorn is a testament to the growing professional acceptance of iGaming in India. There’s no doubt that the potential is massive.
But what would it take to convert this potential into reality? How can businesses succeed in the promising Indian iGaming market? Let's discuss this in this article.
To make use of this incredible opportunity in the Indian iGaming market, companies will need to differentiate themselves in the eyes of the users and this means keeping the user experience at the forefront. They will need to create online games that are not only innovative but also engaging.
The iGaming app should be fairly simple to use so that the users can quickly understand how to use it. It should not be too difficult to play, or else people will leave it. iGaming apps must also have high-end graphics and sounds. Indian users today have high expectations from online game apps. So, to boost engagement, the app should have the look and feel of a premium app.
Providing a good customer experience is key to building customer loyalty.
You must have a deep understanding of customer requirements and ensure that your iGaming app is built as per the demands of users. Personalization demands the application of analytics to create an experience that seems designed specifically for the individual user.
In the Indian context, localization can be a winning strategy because a preference seems to be emerging for games with localized content. In that scenario, providing multi-language support (including regional languages like Marathi, Gujarati, Bangla, etc.) and themes as per the taste of local Indian gamers can go a long way in building a popular iGaming app.
Companies can also organize special in-game events as per the local festivals of India. This personalization could be a key factor if companies want to build an emotional connect with the users. As the saying goes, “Localization is the new globalization.”
Companies must try to adopt an omnichannel approach while releasing their iGaming platforms. It means that their platform must be available and compatible across multiple devices like mobile, desktop, and laptop. While adopting an omnichannel approach, it’s critical to offer a consistent experience to the users across all possible devices. Device independence adds convenience and accessibility. The more convenient the experience, the more engaged the users.
Giving app users different rewards can be a great strategy to increase ongoing engagement. You can open contests, give referral rewards, or give app signup credits to reward users for accessing your platform. Obviously, cash is king so new iGaming apps can also offer users time-sensitive discounts and usage-based rewards to drive up initial usage.
By using data analytics, companies can get a deeper understanding of how users engage with the app. User analytics can be used to identify user trends, figure out retention rates, and develop strategies to improve engagement. For instance, companies can understand the time of the day when users engage the most with the app.
By understanding user behavior, the app can send customized notifications and prompts to influence user actions. Platforms can also design targeted campaigns to improve user acquisition and retention.
Offering users flexible payment options can be an important step in monetizing the platform. Today, iGaming platforms must include the option of making payments using modern methods like net banking, online wallets, UPI payments, and even Cryptocurrency to make it easy for the players to bet as well as cash out. Obviously, it is critical to make the payment systems absolutely secure so the users can have the assurance of safety. Moreover, users should have access to round-the-clock customer service in case they face any payment-related issues.
The good news is that India is on the cusp of an iGaming revolution. The bad news is that there isn’t a lot of time to try to cash in. The key factor that will empower a winning iGaming strategy will be speed. How quickly can a highly functional iGaming platform with the best possible customer experience and comprehensive security be rolled out? For an iGaming company, the question is how much should they worry about technology when their core skill is in designing the games and catering to the iGaming customer? That’s where an expert technology provider who can offer a managed service experience could become the trump card.