Succeeding in business requires that you play your cards right. The world of gambling, where skill and strategy meet risk and chance, teaches just that. Professional gamblers also accrue skills like fine-tuned observation, patience, perseverance and calculated risk-taking, which can be applied by those in business.
You might play casino games to see what you can learn from games of chance or study business professionals to discover what they have to teach you. Whichever applies to you, be sure to read on as we discuss five essential business tips from the casino industry that you can use in your business strategy.
1. Financial management
Every successful gambler knows that financial risk management is important to success because you never know what cards you’re going to be dealt (literally or metaphorically.) Skills like managing your bankroll, sticking to your limits and knowing when to bet and when to call it quits are as essential to gambling as they are to business. All you need to do is take a look at a game like poker, which involves numerous helpful business skills, to know how important financial management is. And just like with gambling, responsibly managing your funds is necessary to implement any business strategy if you want to “stay in the game.” It’s also why people in business must learn to set realistic goals and reinvest any “wins” in their business if they want to continue on a path to success.
2. Risk and reward
Gambling is one of the best teachers in the lesson of risk and reward. Those who play at offline or online casinos for real money come to learn that the desired reward is often directly proportional to the risk they’re willing to take. However, there’s a fine line between risk and recklessness – and it’s one that shouldn’t be crossed in gambling or in business.
You may be asking yourself, “what is the general rule regarding risk and reward before it becomes recklessness and no reward?” Whether it’s on the casino floor or in the boardroom, the general rule when approaching any kind of risk-and-reward scenario is that the risk involved must be calculated and informed. In gambling, you may want to research how to play casino games with the best odds, while in business, you’ll need to know the odds you’re up against, as well as the risk and rewards involved, before making a well-informed decision.
If you’re wondering whether you should keep risk low or go large and see what happens, according to an article on gambling and finance on escapeartist.com, statistics have shown that low-risk wagers bring better returns in the long run. This can be seen in casino games like online slots and roulette, where you have the option of spending some time playing jackpot slots or roulette online and potentially gathering a number of wins throughout your session or you can lay your full budget down on a single slot or roulette spin with the hope of a big win.
3. Variety and innovation
Even though many of the games on offer at casinos are decades old and are just as sought after as ever, the casino industry has a lot to teach us when it comes to variety and innovation – both of which are essential to growing and maintaining a successful business. Casinos know what their customers enjoy and are constantly expanding their offerings to keep customers engaged and excited.
Casinos are evolving with the times and keep themselves relevant and up-to-date by offering a variety of games that appeal to people of different interests and budgets, including those who like classic casino game experiences, as well as those who enjoy the latest innovative titles to hit the casino scene. They make their services accessible both in-person and online via desktop, laptop and mobile. They also keep their software updated to offer their customers the most advanced and user-friendly experience.
Learning by example, businesses can find value in offering high-quality and adaptable products, focusing on meeting customers’ needs and keeping relevant and fresh by moving with the times, tracking trends and creating new ones.
4. Customer loyalty
The casino industry is a leading example in matters of customer loyalty, as casinos know the importance of not only attracting customers, but also retaining those loyal customers who keep returning. They do this by offering bonuses and promotions to newcomers when they sign up, as well as rewarding customers who play regularly. This may be in the form of free spins and other game bonuses, discounts, or, if they have a real brick-and-mortar location, even free meals or vacations.
Those in the business world wanting to build, retain and grow their customer base would do well to take inspiration from the most successful casino loyalty schemes, which are light years ahead of some other consumer industries in this respect.
5. Going online
The casino industry launched its offerings into an online space decades ago that continues to grow. The move online meant greater convenience and accessibility for customers, which resulted in continued growth for the industry. However, with thousands of companies fighting to be seen and found online, digitizing your platform requires far more than just creating a website or social media page or even making your product available online.
Casinos have considered how their existing (and potential) customers use technology. They use this information to tailor their services to match the trends and demands of the current age by optimizing them for both browser and app usage, making them available on every platform from desktop to tablet to smartphone. They’ve also taken the online experience a step further, by considering where their services may be lacking. For example, the social aspect of gambling may be left unfulfilled in the online world. Consequently, live casinos online were created to meet players’ needs by offering a virtual but lifelike experience with real dealers (who can also probably teach you a thing or two about business,) real players who you can interact with around the table, live chat rooms and a socially fulfilling experience overall.
Up your game with BetMGM
Our business advice from the world of gambling shows how there are many things you can learn from games of chance. There’s also a lot you can learn first-hand at BetMGM’s online casino where we offer a world of excitement at your fingertips with our casino table games, live dealer games, online slots and other incredible gambling games.
Learn from the best when you register with BetMGM.