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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.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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