Build a market-ready iGaming strategy: a visual guide

May 20, 2024 — Pavle Sarcevic

In the fast-paced world of iGaming, standing out, attracting players, and driving revenue requires more than just a good game—it demands a strong, market-ready strategy. With growing competition and shifting market dynamics, crafting an effective strategy involves solid insights, data-driven decisions, and a deep understanding of player behavior.

This guide walks you through the key steps to building a winning iGaming strategy, highlighting how to leverage powerful tools like Blask to stay ahead of competitors and optimize your efforts.

1. Understand market dynamics and player behavior

A successful iGaming strategy starts with knowing what drives the market and how players interact with platforms. The key mistake? Assuming the market remains static. Player behavior and market volume can shift due to emerging trends, new games, or even external factors like economic conditions or sports events.

Key factors to monitor:

Market dynamics:
Different regions exhibit different growth patterns. For example:
- European iGaming markets may be nearing saturation.
- Asian markets could still be on the rise.

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Behavioral shifts:
Players have shorter attention spans and seek unique gaming experiences.
- Mobile gaming is on the rise.
- Social features and live dealer games are increasingly popular.

Visual aid: market insights comparison

Market	Stage	Growth Potential	Player Behavior Trends
Europe	Saturation	Low to moderate growth	Social gaming, mobile games
Asia	Rising market	High growth potential	High demand for live dealer and interactive games
North America	Growth phase	Moderate to high growth	Increased interest in sports betting

2. Set clear KPIs and measure performance

A robust iGaming strategy includes a mix of conversion metrics, engagement metrics, and retention-focused KPIs. Think beyond revenue—your KPIs should cover player engagement and retention as well.

Key KPIs to track:

KPI	Description	Recommended Tool
First-Time Deposits (FTD)	Measure how effectively you're attracting new players. Pair this with Lifetime Value (LTV) to assess long-term profitability.	Blask’s eFTD metric. AI-driven estimates of new player deposits. Analyzes historical conversion rates, market trends, and brand momentum. Offers up to 95% accuracy, enabling brands to benchmark performance against competitors and market averages
Retention Metrics	Metrics like churn rate and average session time are crucial for gauging player engagement and loyalty.	Blask AI
Gross Gaming Revenue (GGR)	Beyond revenue, tracking GGR helps you measure player engagement and promotional effectiveness. Blask’s eGGR predictions can align your goals with market trends.	Blask’s eGGR metric. AI-powered estimation of gaming revenue using cohort analysis, historical data, and market trends. Forecasts expected GGR for each brand with machine learning algorithms.

Visual aid: KPI breakdown

First-Time Deposits (FTD): Tracks new player acquisition.
Retention Metrics: Measures player loyalty and satisfaction.
Gross Gaming Revenue (GGR): Assesses promotional success and engagement levels.

3. Identify growth opportunities

A proactive approach to growth is essential. Whether you're expanding into new markets or growing your player base, understanding market potential and competitive landscapes is key.

Market expansion tips:

Geographical expansion:
Use Blask’s market comparison tools to assess the best regions for growth.
- Example: Country A has double the market volume of Country B, but Country B has fewer competitors, making it a prime growth market.
Seasonal opportunities:
Capitalize on spikes in player activity during major events like the World Cup or Super Bowl.
- Blask Index metric can effectively measure and illustrate seasonal opportunities in iGaming activity, particularly during major sporting events

Blask Index charts for Poland, Tanzania, and India during the COVID-19

Visual aid: market expansion checklist

Task	Action
Geographical Research	Use Blask’s countries comparisons to evaluate market potential in different countries.
Competitor Analysis	Identify areas where competitors are weaker, such as marketing spend or player engagement.
Seasonal Marketing	Plan campaigns around major events using trend-prediction tools.

4. Benchmark against competitors

Benchmarking is more than just knowing your position—it's about understanding how to improve. By analyzing competitors, you can uncover areas for growth and fine-tune your strategy.

Best practices for benchmarking:

Relative Market Share:
Visualize your market standing compared to direct competitors using Blask’s Relative Market Share graph.

Competitor analysis:
Focus on specific competitors to understand their strengths, weaknesses, and where they might outperform you.

Visual Aid: competitor benchmarking table

Competitor	Strengths	Weaknesses	Opportunities for Improvement
Competitor A	Strong marketing spend, high player loyalty	Weak retention strategy	Improve loyalty programs
Competitor B	Innovative games	Poor customer service	Strengthen customer support

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5. Stay agile and adapt to changes

Adaptability is crucial in the ever-changing iGaming landscape. From shifting regulations to evolving technologies, staying nimble is your competitive advantage.

Tips to stay agile:

Trendspotting:
Use Blask’s real-time metrics to catch emerging trends before competitors.
Optimize conversion funnels:
Analyze every stage of the player journey—from registration to gameplay. Pinpoint drop-offs with Blask’s conversion insights and make necessary adjustments.

Visual aid: conversion funnel analysis

Funnel Stage	Potential Issues	Solutions
Registration	High drop-off due to lengthy forms	Simplify the registration process
Deposits	Bonus offers not compelling enough	Create more attractive bonuses or rewards for deposits
Gameplay	Players leaving early	Introduce engaging features like loyalty programs or enhanced game play modes

6. Leverage AI to craft a winning strategy

AI is revolutionizing iGaming strategies by predicting outcomes, personalizing player experiences, and automating decision-making processes. Blask AI helps you stay ahead by integrating machine learning into data analysis.

AI benefits:

Predictive analytics:
Forecast KPIs like FTD, GGR, and market share using historical data.
Automation:
Blask AI automates competitor tracking, trend analysis, and market monitoring, saving time and increasing efficiency.

Visual aid: AI integration in iGaming

AI Feature	Benefit	Blask Tool
Predictive Analytics	Forecast trends and adjust strategies before they impact your bottom line.	Blask AI
Automation	Free up resources by automating data collection, competitor analysis, and player behavior monitoring.	Blask Automation

Conclusion: future-proof your iGaming strategy

In a rapidly evolving industry, the right tools and insights are crucial for staying ahead. From understanding market dynamics to benchmarking against competitors, a data-driven approach ensures your iGaming strategy remains effective and aligned with player needs.

With Blask as your strategic partner, you’ll have the insights and AI-driven predictions to build a market-ready strategy that drives growth and success.

Additional resources:

Blask Metrics: Explore the Blask platform to learn more about optimizing your strategy with cutting-edge data insights.
Industry Trends: Stay updated on the latest in iGaming by following Blask’s blog for real-time industry news, expert insights, and forecasts.

By incorporating these actionable insights, you're equipped to build an iGaming strategy that not only responds to market trends but shapes them to your advantage.