Online casinos are hugely popular forms of entertainment throughout the world, and Canada is no different. A Canadian gaming market report in 2011 by Gambling Data reported that internet wagering generated around C$1bn in revenues every year. In 2021, the figure is estimated to be over C$31bn, which is an almost exponential increase.
Welcome bonuses and promotions have been at the heart of the rise, with liberal offers continuously rolled out and tweaked for the sake of the customer. They are working, but what makes them so effective?
Generous Promos Help Platforms Stand Out
As the health of the industry gets stronger, more and more wagering establishments want a piece of the action. In 2004, there was only one online casino available in the country. Today, there is a plethora of providers all vying to garner the attention of users.
As such, rivals require a way to stand out from the crowd, and the bonuses are the perfect solution as they offer value without exposing consumers. For instance, https://www.ipsos.com/ points out that six out of ten Canadians now spend money on gambling activities, which is up from 2.3% when online casinos were first introduced. Due to this, new brands can enter the market with a realistic chance of succeeding.
Fruit Kings is an excellent example. Founded in 2019, the brand is flourishing in a saturated marketplace, and the fact that https://ca.fruitkings.com/ uses tactics such as a “first deposit” bonus is no coincidence as the method rewards players by matching deposits with a 100% bonus offer, practically eliminating any risk.
Bonuses Boost Loyalty
3% of Canadians now spending over C$100 a month on gaming and gambling is a huge deal. For long periods, Canadians weren’t very interested in what casinos had to offer, but now there is a clear link between the rise of industry and player engagement.
Bonuses boost loyalty by appealing to people searching for the best deals, and they keep them on board by providing in-play opportunities. As the Harvard Business Review highlights with the example of American Express, rival offers are one of the major reasons why customers change allegiances.
While many businesses and industries have struggled with this, the best most successful organizations within the online casino sector have thrived because they regularly differentiate themselves from their competitors by adapting their promotions.
The Strategy Is Effective
If it isn’t broken, there is no reason to fix anything. Canadian gambling industries found this out last year when other markets were struggling to turn a profit. Rather than suffer a decline, the sector experienced an uptrend when GDP hit C$1,92 billion, as shown by https://www150.statcan.gc.ca/.
This accounted for a C$0.5 billion increase from June of 2020 to September of the same year. Although there are other features that help the industry grow, there’s no doubt that liberal bonuses are considerable factors. Not only that, but they are very effective in periods when other industries have made losses, which is why they won’t go anywhere anytime soon.
This isn’t only good for the companies that offer wagering products and services, but for the people who love to play remote slots, poker and blackjack.