current issues within the casino industry
The gaming industry is one of the most regulated in the world, and the casino is no exception at all. Modern casinos offer entertainment and amusements for adult gamblers and billions of profits for the owners from gambling activities (Price & Pena, 2019). The casino industry has been increasingly changing as it grows over the decades based on the development in the games of chance, including roulette, blackjacks, and slot machines, among others. This paper presents a detailed discussion of the current issues within the casino industry, including the role of statistics in gaming, trends in loyalty programs, and casino promotions.
Statistics play a critical role in casino gaming because the gaming rules and regulations usually are based on statistics rather than a gambler’s luck. Every player always expects to win, but every game of chance still has different earning potential. The odds depending on the player’s average bet: decisions they make, and the house advantage on a particular game. The house advantage aims to maximize the profit generated by the casino by controlling the rules of the game. Every casino game has different percentages of the house advantage depending on the regions. For example, the European Roulette has a lower house advantage when compared to the American Roulette. A gambler needs a mix of skills and probability knowledge when playing games, including the Blackjack, Poker, Slots, Roulette, and Craps. Poker and Roulette are some of the casino games that require skill to improve the chances of winning. Each time a player places their bets, the casino keeps a certain percentage referred to as the house edge simulator, and the remaining portion returned to the winning players (Lam, 2019). Winning in a casino is also dependent on the probability that it is a mathematical aspect. The likelihood of a particular game refers to all the possible outcomes in a single event. Math determines the chances of either winning or losing odds in sports, depending on the probable opportunities of the result. Players need to understand the wager expected value calculated by adding the winning odds and the losing odds in a single event. The negative value presents the house advantage. There are so many aspects of the casino determined by statistics that every player must understand to maximize their chances of winning. Don't use plagiarised sources.Get your custom essay just from $11/page
Another current event is trends in casino loyalty programs in the form of comps, casino pricing, casino credit, and ratings for the players. Comps refer to free services or goods that casino gives as a reward for their good players, those who spend a lot of their time and money at the casino. Most comps are always presented in the form of dinners and fully paid hotel rooms that cost the casino a minimal amount commonly referred to as soft comps. Hard comps are still in the way of expensive air tickets and off-shore concerts to the players to encourage them to keep spending their money in the casino. The casino uses comps as a form of advertisement, and so they are not free services or goods because the primary purpose is to get more money from the customers (Donavan et al., 2019). The casino determines the customers for comps based on a player’s dedication and commitment in time and expenditure on gambling stakes. A player has to register with the table management software for rating slots. Once registered will automatically record every time they play, and the more one plays, the higher their chances of winning comps. Some of the key learning from the comps offered to the players is that it is much cheaper and wiser for the players to get whatever they want in comps by themselves. Chances of winning comp depend on the frequency of their betting, the amount of comp, and the sizes of stake. It is more expensive compared to when buying or paying by themselves for similar goods and services.
Casino promotions are also among the current issues in the industry with the adoption of the various marketing strategies, including integrated marketing communication, information sharing, and the approach adopted in the market place. Most casino companies have adopted the (IMC) systems that involve the use of several communication channels to deliver consistent and clear brand messages that compel the customers. The information management communication systems use either the push or pull strategy or both to coordinate and manage the information to the customers. The push strategy relies on the game distribution channels to promote the new casino games in the market to the gamblers (Saeed et al., 2019). The pull marketing strategy induces the games to the players by using comps, which will make the players spend more in the casino to adopt new games. To drive personal sales of products, casino hosts develop slots for the players and provides for their needs depending on their expenditure in the casino. Other aspects of the (IMC) system include the promotion of sales in social media and public relations to develop a positive view of the press. An active advertisement channel also provides information that persuades the players to consume the services of a casino. Some of the advantages of telemarketing through mails and social media are that it takes advantage of the majority of players who use social media. At the same time, the reliance on telemarketing does not reach the other group that is analog, which are equally essential participants in the gaming industry. Casino marketing should ensure that every element of marketing, including advertising, public relations, direct marketing, and advertising, is considered to increase the numbers and profits.