Irina Pisanko, CPO at Alpha Affiliates is one of the Expert Speakers appearing at Affiverse AMPLIFY , next month. Here, she answers questions relating to the state of the iGaming industry, globally – whether it is affecting economies around the globe and how regulations and trends are affecting it.
Q. How has the iGaming industry evolved globally over the past decade, and what are the key trends driving its growth?
A. With the development of technology over the past decade, the iGaming industry has experienced pronounced growth. We have seen a shift in users from desktop devices to mobile, especially as 58% of online casino players are users on mobile devices. It is also important to note that cryptocurrency has changed the world and taken significant positions in our business. Almost every online casino now allows deposits in a variety of cryptocurrencies, and there are also separate casinos specialising in crypto, with the currency itself being used in the games.
In addition, it is impossible not to mention that in the early 2000s, operators primarily obtained licenses that allowed them to operate in multiple countries simultaneously. However many countries, especially in Tier-1, are now introducing their own local regulations, reducing online casinos operating across borders with one license, and therefore, the whole iGaming environment globally has become more regulated.
Q. What are the major economic contributions of the iGaming industry, and how does it affect local and national economies?
An increasing number of countries are now adopting local regulations, which means new economic implications. Firstly, there are tax implications. Every operator working in markets with a local license is required to pay taxes. Secondly, upon obtaining a license, the operator needs to establish a company in the operating country, open a bank account, and, accordingly, make a deposit of a significant amount of money. Of course, these factors positively influence the economy, as, otherwise, the taxes would go to the country issuing the license rather than the country where players spend their funds. Countries like Malta, Gibraltar can maintain their economies at a commendable level through tax revenue generated by the gaming industry. Regulation leads to the creation of jobs, thereby contributing to an improved standard of living in the country.
Q. Which countries are currently leading in the iGaming sector, both in terms of market share and technological advancements?
A. Currently, leading positions in both the iGaming industry and technological advancements are held by countries such as the United Kingdom, the United States, Japan, China, and Australia. These countries have well-developed online gambling and land-based gaming sectors, contributing to the growth of the industry as a whole. During the COVID-19 pandemic, the majority of market players opened their online casinos, not only retaining their player base but also expanding it several times over.
Additionally, these countries were among the first to implement local regulations, thus securing dominant positions in the market. Advertising online casinos with local licenses has become more accessible, providing the opportunity to reach and engage a larger audience.
Q. Can you elaborate on the key factors contributing to the success of these leading countries in the iGaming industry?
A. The development of offline casinos in these countries is likely the biggest contributing factor to their success. People in these nations are accustomed to see online casinos as a form of entertainment rather than a means of earning. The advancement of information technologies has propelled the development of online casinos, eliminating the need to spend time on travel, expenses, and so forth. Now, the casino is in your pocket anytime. This has largely contributed to the rapid growth of online gambling in these countries.
Q. How does the iGaming industry influence job creation and employment opportunities in the regions where it operates?
First and foremost, the establishment of local regulations contributes to job creation, as licensees, legal firms, payment companies all require personnel. And, of course, we should not forget about the operators themselves. In one online casino, specialists from various fields such as marketing, development, traffic management, finance, and more can be involved, meaning more jobs need to be filled. Local language support alone creates a significant number of jobs for low-skilled professionals.
Additionally, industry-events taking place in different countries provide employment opportunities in the event organising sector, which inevitably impacts overall employment.
Q. What are the potential future growth areas or untapped markets for the iGaming industry, and how might these affect its global presence?
In my opinion, the new potential markets for the industry include Latin America, Asia, and Africa.
Looking at Latin America, the population in this region is very large, and the overwhelming majority of residents do not have access to offline casinos, making online casinos more accessible to them. The nation has a strong affinity for gambling and enjoys sports betting, bingo, and lotteries.
Asia is one of the most densely populated regions globally. Many countries, such as Thailand, Vietnam, and certain regions of India, are in the discussion stage of regulation. While Japan restricts online gambling, sports betting is highly popular among its residents. In India specifically, the growth of iGaming has become evident with the development of the internet. Among players, sports betting is popular, especially for cricket and the local IPL, as well as live dealer games.
In Africa, the most potential markets are South Africa, Tanzania, Nigeria, and Kenya. The region’s potential lies predominantly in sportsbooks, and with the growth of mobile phones and the internet, online casinos and betting platforms are increasingly entering these markets.
As for growth areas, cryptocurrency casinos are undoubtedly one of them. Cryptocurrency removes restrictions on the movement of funds, and with a high approval rate, it increases the number of players worldwide. Crypto casinos don’t care about the player’s location; what matters is having a way to deposit and a good internet connection.
Another interesting idea, albeit for the distant future, is the transition of online casinos into metaverse universes. There has already been an experiment where a casino was opened in GTA, and it gained overwhelming popularity. After all, our lives are moving increasingly online.
Q. Can you discuss the challenges and risks associated with the iGaming industry’s expansion, both from a regulatory and market perspective?
A,The most significant risk to the development of the iGaming business is the proliferation of so-called “Grey” online casinos. These establishments operate without obtaining a license, and unfortunately, at times, fail to pay out winnings to their customers.
This primarily impacts the reputation of online casinos since users, after encountering such issues, may become hesitant to make deposits in other platforms. This, in turn, can decrease the overall number of online players. Secondly, such casinos evade tax payments, leading to a shortfall in government revenue. Thirdly, these operators might prove to be unscrupulous employers, potentially depriving their employees of their rightful wages.
Q. How do advancements in technology, such as blockchain and virtual reality, impact the iGaming industry, and which countries are at the forefront of adopting these innovations?
A. The future lies in such technologies, significantly simplifying the lives of both players and operators. Cryptocurrency provides us with payment anonymity and a 100% approval rate. As for Virtual Reality and Metaverses, they have the potential to replace offline casinos, offering real interactions and the sensation of being part of an event. However, this is not in the immediate future and more something we can expect further down the line.
AMPLIFY 2024 – March 19 and 20
Irina will be speaking on the ‘Emerging Markets: A Global Review’ at Affiverse AMPLIFY 2024. This exciting two-day Live Streamed Virtual Learning Summit offers affiliates and affiliate managers working across ALL industries a series of informed debates covering new trends and expert led thought leadership workshops designed to help affiliate businesses AMPLIFY their performance!
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Twitter, or X, as it’s now called, appears to be experimenting with its display settings for advertisements. Lately, users are going onto the app and seeing a less distinct version of ads in their feed. For example, bold banners and the typical “Promoted” signifier are taken from the display and the most obvious way to be sure you are looking at a paid-for advertisement is the word “Ad” in the top corner.
It makes for much more seamless addition of ads into the X feed, which is good for X, might be good for marketers, but is definitely bad for compliance. Governing bodies like the FTC (Federal Trade Commission) and the EU (European Union) have made a point of ensuring that advertisements on social media platforms are properly presented to be clear that they are marketing.
In fact, the FTC has recently reworked its marketing guidelines to make even affiliate and influencer marketing more explicit on social media. Regulations are only tightening, not loosening.
However, with Elon Musk going viral for taking down Twitter HQ’s Twitter sign without permission from the city and thus being interrupted by San Francisco police, quickly followed by again going viral for erecting a massive flashing X on its roof across the road from resident buildings, it’s easy to see a pattern of not respecting governing bodies.
In the meantime, is this good or bad for marketers? A taming of ad displays might offer a small boost in the short term, but governing bodies aren’t likely to take it for long and will come down either on X Corp or the brands advertising with them. Compliance is an important part of marketing and avoiding regulations is likely to result in fines.
However, Musk’s team could simply be experimenting at this point, and it’s likely that once someone explains to them that removing these features will result in fines that they can’t afford, the original formatting will be brought back.
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What Marketers Need To Know About Privacy Regulations
Lafayette, Colorado–(Newsfile Corp. – March 29, 2023) – It’s Marketing 101: To succeed, you must obtain and maintain as much information as possible about your customers and prospective customers. That way, you can tailor your marketing outreach to their wants, needs, and demographics and increase sales.
With that as the goal–and the effort and expense required to achieve it–it’s easy to understand why companies historically came to view customer data as their asset. But events in recent years have forced businesses to see personal information differently.
Specifically, consumers are demanding more say in how their data is collected, used, and managed. Legislators are granting them that right in laws like the California Privacy Rights Act. It went into effect on January 1, 2023, and adds to protections in the state’s first-in-the-nation 2018 legislation that gives people more access to and control of their collected personal information.
And California isn’t alone. Virginia, Connecticut, Colorado, and Utah have new privacy laws, and other states are sure to follow. Efforts are also underway to enact federal privacy legislation like the American Data Privacy and Protection Act.
Getting a Handle on Data Privacy Regulations
Most people today would agree that an individual’s name, purchase history, internet browsing habits, etc., is information that belongs to them. However, that new perspective will require marketers to modify their tactics to avoid actions like the fine imposed on beauty product company Sephora for sharing information with third-party advertising networks and analytics providers.
But will this change in how customer data must be protected be devastating to marketing professionals and their efforts? No, not at all.
New privacy regulations will require a significant culture shift for in-house marketing teams, marketing agencies, and anyone who seeks to engage with consumers. But that’s nothing new. Marketers are agile by nature. They have to be to keep up with continually evolving market preferences, new marketing-related technology and tactics, etc.
The key to adapting will be taking the time necessary to review and digest the privacy laws that affect you and your customers. Once you have a handle on them, you can modify existing strategies and develop new ones within that framework.
And, of course, if you work with a marketing and UX (user experience) agency like The Creative Alliance, you’ll have our assistance in understanding how to manage customer data effectively while adhering to relevant rules and regulations.
Attracting and Retaining Customers by Providing a Positive Privacy Experience
Studies have shown that nearly 50% of consumers will leave their favorite brand for their second favorite if the former doesn’t provide a positive privacy experience.
That’s a sobering fact–but it also points to an important opportunity. Companies that have and promote strong data protection policies and practices will earn the trust of prospective customers and the loyalty of existing ones.
Privacy Policies: What Consumers Want From Companies
Developing a positive data management user experience isn’t difficult. The expectations American consumers are expressing in the countless surveys being conducted on this issue are fairly straightforward.
They want companies to do the following:
- Create and maintain a clear, concise privacy policy written in plain English.
- Implement privacy tools that enable people to change their cookie preferences.
- Make it easy to unsubscribe from email marketing lists.
- Ask permission to personalize a website experience.
- Use state-of-the-art security measures to prevent unauthorized data access.
- Remind them periodically about their privacy settings and how to modify them.
None of these requires an unreasonable amount of time, effort, or money. The investment is more about the ongoing awareness of privacy concerns and the willingness to interact with an audience differently in light of them.
And this awareness must be companywide. It’s not just marketing that engages with customers and prospects. Sales, customer service, and other departments often interact with a company’s audience. So, everyone must be educated about data privacy and expected to comply with applicable laws and company policies.
Marketing and Data Privacy Trends
Although it’s an oxymoron, the data protection genie is now out of the bottle! Not only does that mean that companies must change how they collect and manage data today, but they must also closely follow the ongoing evolution of data privacy regulations and expectations.
Changes in this area aren’t a “one-and-done” situation. For the foreseeable future, data privacy compliance will be a bit of a moving target. Again, this doesn’t have to hobble a company’s marketing and sales efforts or hurt its performance.
Adhering to privacy laws starts with anticipating them. And steps for anticipating them can be as simple as setting up a few Google Alerts (with phrases like “data privacy,” “marketing privacy,” and “consumer data protection,” etc.), following marketing trade associations, and engaging with a marketing agency that understands data privacy.
Reaching Consumers Who Want To Be Reached
Yes, there are new data privacy challenges that companies must wrestle with. But ultimately, empowering consumers to determine how their personal information is used benefits them and the businesses trying to reach them.
While the pool of prospective customers will likely shrink, those who remain will be people who are happy to hear from a company and see its ads. As a result, businesses will spend less time chasing unproductive leads and more time interacting with promising prospects. This should make everyone from executives to marketing teams and sales reps happy.
Eliminating the Unknowns
It’s true that we tend to fear what we don’t understand. That certainly applies to unknowns like how new data privacy laws will affect our businesses.
You can address these uncertainties by diving into them headfirst. Doing some research and documenting your findings in a data privacy policy (or enhancing an existing one) will give everyone in your organization greater peace of mind about what’s ahead.
We’re happy to provide guidance as you look to modify your marketing strategies.
Contact The Creative Alliance today
About The Creative Alliance, Lafayette, CO
The Creative Alliance is a results-based, digital marketing company with a history of growing successful businesses. www.thecreativealliance.com
Media Contact: Jodee Goodwin – 303-665-8101
Source: Story.KISSPR.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160424
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March 15th is designated World Consumer Rights Day, which, frankly, a lot more businesses should follow and celebrate like Christmas. A refresher course on consumer rights can help you avoid any costly compliance mistakes, and create a better reputation for your brand that says you put your customers first.
Data
Data is a big issue due to the idea of consumer rights. The right to privacy, the right to be forgotten, etc. and as third-party cookies are phased out, regulation across the western world is getting phased in. We recently covered the US states’ equivalents of the EU’s GDPR regulations to see what is involved there.
So, what are these different requirements? Well, to sum up, we have a checklist of requirements for the CCPA.
- Publish a Privacy Policy that outlines how you are complying with CCPA rules and update it at least every 12 months.
- Inform users of how you use their personal data.
- Maintain a data inventory to track data processing history.
- Alert the user before or at the point of data collection, which would be those “Accept” and “Reject” buttons at the entrance of every website.
- Give users the right to access their data
- Explain how users can contact businesses to request to delete their personal data as part of the Right to Be Forgotten
- Outline the users’ rights under the CCPA
- Create a Do Not Sell My Personal Information page if you do sell personal information
Differences between the CCPA and the EU’s GDPR include the requirement to hire a Data Protection Officer to handle all of these regulations, creating a GDPR diary or Data Register, and constant evaluation, for instance when using new technology or tracking location or behaviour of new users, an instant report system in place for breaches, and avoiding pre-ticked boxes.
Find more information in our full breakdown of GDPR and CCPA here.
Endorsements
FTC is a big player in online marketing. If you’ve ever heard of a YouTube or TikTok scandal involving advertising, the chances are you’ve heard the name of the Federal Trade Commission, due to the fact that it laid the groundwork for online advertising regulation.
The FTC says of affiliate marketing: “If you use endorsements in your marketing, do they meet the standards of the FTC Act and the FTC’s Guides Concerning Use of Endorsements and Testimonials in Advertising (Endorsement Guides)? And what about social media influencers? If your business works with influencers or if you’re an influencer yourself, are you both taking the necessary steps to clearly disclose material connections? Find out more by consulting FTC compliance materials. You’ll also find resources about consumer reviews, including information about complying with the Consumer Review Fairness Act.”
Under “Soliciting and Paying for Online Reviews: A Guide for Marketers”, the FTC stresses that marketers should:
- Read websites and platforms’ terms of service to understand if they prohibit paid sponsorships or not.
- Do not ask for reviews from people who haven’t used the product, are staff of yours (another suspected problem with Oops?), are family or friends, or are incentivised with the condition that the review is positive.
Affiliate partners and influencers should also take note of the FTC’s guidelines, as they have a lot that applies to them, like:
“If you endorse a product through social media, your endorsement message should make it obvious when you have a relationship (“material connection”) with the brand. A “material connection” to the brand includes a personal, family, or employment relationship or a financial relationship – such as the brand paying you or giving you free or discounted products or services.
“As an influencer, it’s your responsibility to make these disclosures, to be familiar with the Endorsement Guides, and to comply with laws against deceptive ads. Don’t rely on others to do it for you.”
Practically, when it comes to your endorsement, you must outright say that it is sponsored, with “simple and clear” language. You can add hashtags like “#ad”, “#advertisement” or “#sponsored” as long as it is placed somewhere that’s hard to miss. Don’t be vague or confusing like saying “spon” instead of “sponsored” or “collab”, which can imply paid or not.
Find more detail of the FTC guidelines, and other non-US equivalents in our guide here.
Sustainable businesses
It’s no secret that Gen Z are considered little activists, and they are demanding better ideals from the brands they follow. Amongst their many crusades is the need for greener business practices, especially from large companies. So, marketing campaigns are proudly disclaiming that their products, their operations, or their charitable events are all green.
The problem here is that Consumers International disappointingly found out that around 40% of these claims are in fact misleading in some way.
Their site says: “The number of green claims made to consumers online has reached unprecedented levels, with studies suggesting that a proportion of these claims lack evidence.”
Under “What Needs to Happen Now?” Consumer International says: “At Stockholm+50 on Thursday 02 June our high-level event discussed five global priorities for leaders to make transparent and sustainable e-commerce a reality for consumers, including to:
- Set requirements for product sustainability information
- Allocate responsibilities for communicating product sustainability information
- Encourage sustainable consumer behaviours in e-commerce
- Strengthen the reliability of eco-labels
- Combat misleading green claims
These priorities should be supported by:
- Promoting consumer education and awareness about product sustainability aspects
- Strengthening the enforcement of consumer law
- Promoting a coherent policy framework on sustainable consumption
“Following our discussion, we are conducting a peer review on our toolkit for policymakers, lasting until Monday 20 June. Key stakeholders will be involved in the review and we will then publish a final version of the recommendations shortly thereafter.”
If you are interested in more affiliate and social media marketing insights, take a look at our blog for all the latest news and advice. Or for a more personalised approach, book a free call with a member of our team.
Or, for the very best advice from industry peers, register to gain access to our Amplify Action Day. Taking place in January 2023 doesn’t mean you’ve missed it. Amplify aims to bring you the latest affiliate, performance, and partner marketing insights from across the globe and it’s all available to stream from our website.
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