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What makes a successful casino group like Genesis fail in 2023?

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An in-depth look at what it takes to run a successful online casino and how seemingly well-known groups have failed to do so.

The growth of the online casino market has been remarkable, especially since it was once just a figment of imagination less than two decades ago. However, as the market expands, not all businesses will be able to sustain their success in the long run. Even well-established companies have shown vulnerability and had to close their doors.

When you think of "big names" in the world of online gambling and casinos, there are a few that come to mind. Genesis Global was one of those names, but that is no longer the case in 2023.

How one of the largest casino groups went bankrupt

Genesis Global was once a leader in the iGaming industry and was held in high regard among many in the field. The company operated 14 well-known online casinos and had built a large workforce, gaining the respect of many in the industry.

However, after failing to comply with anti-money laundering and social responsibility regulations in the UK, the company received a significant fine of £3.8 million from the UKGC in 2022 and lost its license. Things only worsened from there. Genesis Global also lost its MGA license, made its 140 employees redundant, and eventually filed for insolvency.

Other prominent casinos, such as BGO, have faced a similar fate, seemingly stemming from their inability to adhere to regulations.

5 steps for running a successful online casino

When a huge casino group such as Genesis loses licenses and closes its doors, it can often be linked to issues with following the regulations.

However, it doesn't have to be a complicated process. Running a successful online casino can be as simple as following the rules and ensuring you stand out from the crowd in the best ways possible.

A successful online casino requires more than just an amazing library of games and a user-friendly website. There are 5 key elements that are important when it comes to creating a thriving iGaming site. This includes being fully licensed, having optimised customer relationship management, the best casino bonuses possible with fair terms, and more.

1. Regulation compliance

Regulations and the powers who put create the rules that must be followed are a very important part of being a thriving online casino. The entire online casino industry needs to remain safe for players, which only happens with licensing and regulations.

Online casinos must ensure they stick to the laws set by the governing bodies that watch over specific regions. This provides fair and secure gambling experiences for all. Proper licensing for the available services, anti-money laundering measures, and responsible gambling options are all important.

When an operator chooses to ignore the regulations in place, fines, loss of licensing, and a damaged reputation will soon follow. By following the rules and working with regulators, being a trusted site is far easier and can result in a long and successful business.

2. Working with CRM

Customer relationship management (CRM) is another crucial part of running an online casino that cannot be ignored. Being able to fully understand players and how to better provide personalised bonuses and experiences is all down to how comprehensive a CRM can be.

More than just a quick look at how players are experiencing your casino, a CRM can also analyse player behaviours, track promotions, and provide individual support when needed.

When a casino utilises an effective CRM, player retention goes up, as well as player satisfaction. It can also help spot areas a casino needs to improve to remain successful.

3. Casino bonuses

There's no doubt that casino bonuses and promotions are two of the best ways to draw in new players and reward existing customers. It is vital to provide casino offers that appeal to players and give them as many options as possible while ensuring that the terms and conditions are fair.

Not only should offers be exciting and fair, but they should be updated often. Stale offers are not appealing, and by keeping them fresh, casinos can show their customers that they care about how much fun they're having while they play.

By being as transparent as possible and providing fair terms, players will know they can trust the casino they're visiting.

 4. Loyalty programs

A loyalty program isn't a must for all casinos, but it is a huge selling point that many players consider before they sign up for an account.

Loyalty programs provide an extra layer of rewards for regulars and help customers feel appreciated. After all, what would a casino be without those that choose to play there?

Fun perks, exclusive offers, and a wide range of regular rewards can go a long way to helping players feel at home. This, in turn, means better player retention, increased customer satisfaction and more revenue in the long run.

5. Maintain a good reputation

Finally, a good reputation can do wonders for any online casino. Even if you fall short on certain aspects we've mentioned, having a reputation as a safe and trustworthy online casino means you'll be in good standing.

Online casino reviews and customer feedback can make or break an operator. Always ensure that you not only have a good reputation online but that you also know how to maintain it. Stay in contact with players, frequent popular review sites and tackle any issues players share.

Ensure that customer support teams give the best possible service, provide access to responsible gambling tools, and keep your site's payment options secure. These are ways in which you can provide peace of mind while customers experience everything you have to offer.

Choosing a safe online casino

Looking to choose a new casino to start playing? With the plethora of online casinos available, selecting the right one can be a challenge. It is crucial to learn more about an operator before signing up, including reading casino reviews, researching its reputation, and checking what it has to offer.

It's equally important for players to understand the principles of fair terms and conditions, how to engage in responsible gaming, and how to differentiate between a licensed and an unsafe casino.

You can find all the information you need and more at CasinoWow. Keep following us for more news and guides!

Published: February 12, 2023

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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