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Although exact figures are virtually impossible to obtain, it is generally accepted that somewhere between 4 and 5 million people are employed in the global gambling sector.
This includes additional functions such as software development, customer service, marketing and content creation. The industry continues to grow and more and more professionals want to be part of it.
As you might expect, you can’t easily get a job in the gambling industry unless you can bring something valuable to the table. It is no different than securing a position in any other sector. What type of business experience best prepares entrepreneurs for the gambling industry? Let’s find out. Just understand that this article is not intended to provide financial advice or anything like that.
Legal expertise
The gambling industry is heavily regulated and laws vary from region to region. Operators must deal effectively with strict regulations covering a variety of issues, such as licensing, consumer protection, responsible gambling and anti-money laundering laws. Even content creators who write for gambling-related companies, such as Legal casino must have a good understanding of the rules and regulations to provide accurate, insightful and relevant information.
Those with experience in highly regulated areas such as finance, fintech or even healthcare have an advantage as they are familiar with navigating legal hurdles and compliance.
Financial Management
By 2024, the global gambling industry is expected to generate approximately $500 billion in revenue. This number is expected to exceed $700 billion by early 2030. Again, this includes all sectors ranging from land-based and online casinos to lotteries and horse racing. That’s a lot of money. Therefore, a background in financial management is very useful. Gambling companies must maintain their liquidity while ensuring that money is set aside to cover high regulatory costs, player payouts and other operational costs.
Marketing experience
There will be at least 3,000 online casinos active in 2024, and new ones seem to be emerging every day. There are also approximately 5,000 gambling locations on the mainland. Because the industry is so saturated, it is highly competitive and operators must be innovative to attract and retain customers. Brand recognition and trust are very important to the success of any business.
Those with experience in marketing have a deep understanding of customer behavior and their expectations. It does not matter whether this experience was gained in commerce, hospitality or any other customer-oriented sector. It all comes down to creating an engaging customer experience and cultivating loyalty.
IT and software development
The introduction of the internet and online gambling platforms in the 1990s were game changers. Today, the industry is driven by the growing number of online platforms. This requires knowledge of things like software development, fintech, blockchain and even artificial intelligence and machine learning. Tech-savvy individuals with experience in these and other high-tech areas have what it takes to create and operate online gambling platforms.
Of course, the online gambling industry wouldn’t exist without software developers. After all, they are the ones who create the games we play online.
Hospitality
Working as a waiter in a restaurant, as a salesperson in a department store or as a receptionist in a hotel are examples of jobs that require a high level of customer service. This can easily be applied to the gambling industry. Land-based and online casinos rely on providing high-quality customer service to ensure guests are treated well and enjoy a fun and memorable experience. Those with experience in hospitality, event management and other areas of the service industry are well positioned for a career in the gambling industry.
Conclusion
The gambling industry continues to thrive and provide employment. It also generates a lot of money for governments that use this income for education, healthcare and infrastructure. Knowledge of gambling is certainly an asset for those looking to change their career path.
However, it is just as important and in some cases even more important to have knowledge and experience in areas such as law, financial management, internet technology, marketing and hospitality. We can also include professions such as data analytics, sales, partnership development and ethical practices. The industry depends on a wide range of expertise that can be developed in many other seemingly unrelated areas.