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Online gambling exec on how to succeed in the industry

Posted 3/3/11 : Peter Karroll, an experienced online gambling executive and CEO of the IAM Corporation, authored an article in the publication B2C Marketing Insider this week, claiming that when it comes to corporate success in online gambling, the Pareto principle applies - 80 percent of the wealth is earned by the top 20 percent.
 
Karroll reminded his readers that for every success story there are dozens that fail miserably, taking investment dollars down the drain with them. To avoid these pitfalls, he gives a few broad guidelines for aspirant internet gambling multi-millionaires:
* Ensure there are staff members experienced in online gambling operations, or consider white label options where knowledgeable people are managing the enterprise. "Cardinal Rule:  You need to be able to solve analytical math problems to really understand if the bonus you are offering is going to make your month or break your bank."
 
* License the best gambling software; although initially it may prove more expensive, in the long run it will deliver better all-round value.
 
* Again, experience and talent is the key when it comes to marketing the offering, especially in the online environment. Ensure that the right manager is on board to achieve this.  Karroll notes that before going to offline marketing, operators should have fully exploited online opportunities because the most receptive audience is primarily online. And he cautions that results are not always immediate.
 
* Customer service is critical - “Without great customer service you will fail,” Karroll warns, emphasising how important referral 'word of mouth' publicity can be in multi-channel and often social networking that makes up the online environment.
 
* Fast and efficient payment processing.
 
* Only do business where it is legal so to do.
 
* Patience - ensure that investment in the business, especially in the points above, is carefully considered and well planned. "You need your money in the bank so you can last into year two and three, and if you are jaded enough to be able to cut the really tight deals and hoard your bankroll then you may last long enough to be the next online gambling empire with a license to print money," he writes.
 
Karroll can speak with some authority; his company is an independent marketing firm specialising in the online gambling sector. IAM Corp’s customers have generated over $1 billion in revenues internationally, he claims.
 
http://www.b2cmarketinginsider.com/online-marketing/online-gaming-a-license-to-print-money-017254

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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