Fall seven times, get back up eight. And one fall already seems to be a nightmare for iGaming business owners. Any risk in the gambling industry is too expensive. That said, unexpected events can arise, and being prepared for them is part of the game.
The gambling business is as vulnerable as any other, it requires constant attention and a lot of work, including crisis prevention and crisis management. The stability of the operation can be undermined both from the outside and from within the business itself. At the end of the day, everyone is trying to avoid the loss of income, which is what it was all about.
CRISIS TIMES IN THE IGAMING BUSINESS
Pandemic restrictions
In recent years, the gambling community has become convinced that nothing lasts forever. The COVID-19 pandemic negatively affected many companies in different fields around the world, but the most flexible and operators were able to save their companies by moving them online. Eventually, over time, land-based casinos reopened and online platforms further strengthened their position. Today, the online gambling industry is growing like never before.
Pandemic restrictions are not the only threat the gambling industry may face. Regulatory changes could cause mass closures of gambling projects.
Brazil once had a thriving casino industry. In the 1920s and 1930s, Rio's luxury casinos attracted visitors from around the world, but those who disliked gambling for religious reasons were in the majority, and the industry was banned by presidential decree in 1946. The new law went into effect almost immediately, giving entrepreneurs and employees no time to prepare.
We took
We took an in-depth look at the different types of risks and how to manage them in this article. Read it to learn more about the obstacles that can come in the way of online casinos.
Aside from the obvious technical and legal issues, poor marketing strategy and player churn can also lead to losses. Crisis in the labor market and staff shortages, problems in the IT industry, natural disasters, political reforms or economic changes, amendments in the legal system, etc., can also lead to losses.
