European Digital Gaming Companies Need to Adapt for New Latin American Market
As Latin American interests in gambling activities increases, companies are trying to appeal to them by expanding into the digital market. However, many gaming businesses seem to be coming up a tad short.
Mr. Alejandro Casanova, the Chief Digital Officer of R. Franco Group’s newest venture, had a lot to say about the matter and explained why he believes the market for Latin America isn’t impressed with copying and pasting digital casinos from the European market.
First of all, he mentions that the market is becoming overly saturated with iGaming companies trying to tap into Latin America’s growing market for online casinos. Due to the extreme enthusiasm Latin Americans show for land-based casinos, businesses are assuming that this same energy will transfer over to the online world if they put them on the market in Latin America.
However, as the digital casino market for Latin American’s increase so does their need for a variety of choice. The market has also seen a need for improving the quality of the product for these online casinos. A poor online casino experience turns away avid Latin American gamers quite quickly.
Statistics are showing that Latin Americans are unwilling to make the conversion from land casinos to online casinos until business improve the quality of their products and variety of choices.
This narrative is similar to what the European digital casino market has experienced over the last decade. However, operators need to do more than just copy their European products and paste them in Latin America if they expect their business to flourish there.
If companies want to see an increase in player numbers from the Latin American countries, then they will have to begin tailoring their operations for their different audiences enabling them to attract local customers and stay relevant within the industry.
This ‘copying and pasting' idea is proving ineffective over and over again. The industry’s leaders cannot use the same business plans for Europe and Latin America; instead, they need to formulate an entirely new business strategy to grab the attention of Latin Americans and cater to their local needs.
This information shows that the industry must begin a massive research project into the Latin American gambling industry; they need to find information about what games are most popular, how often gamblers play, what time of day they play, and so much more.
Those companies that use a “one size fits all” business strategy will come up short against their competitors in new markets. Products need to adapt and change with each particular market for the industry to be successful in new countries.