While exact numbers are nearly impossible to nail down, it is widely accepted that somewhere between 4 million and 5 million people are employed in the global gambling sector.
This includes ancillary jobs such as software development, customer service, marketing, and content creation. The industry continues to boom and more and more professionals want to be a part of it.
As you would expect, you can’t easily get a job within the gambling industry unless you can bring something valuable to the table. It’s no different than securing a position in any other sector. So, 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 offer financial advice or anything like that.
Legal Expertise
The gambling industry is heavily regulated with laws differing from region to region. Operators need to effectively navigate strict rules that relate to a variety of things like licensing, consumer protection, responsible gambling, and anti-money laundering laws. Even content creators who write for gambling-related businesses like Legalcasino need to have a solid grasp of the rules and regulations in order to provide accurate, insightful, and relevant information.
Those with experience operating in highly regulated fields like finance, fintech, or even healthcare have a leg up because they are familiar with handling legal hurdles and compliance.
Financial Management
In 2024, the global gambling industry is projected to generate around $500 billion in revenues. That number is expected to exceed $700 billion by the early 2030s. Again, this includes all sectors ranging from land-based and online casinos to lotteries and horse racing. That’s a lot of money. This is why a background in financial management is very helpful. Gambling businesses need to maintain liquidity while ensuring there’s money set aside for the hefty regulatory fees, player payouts, and other operational expenses.
Marketing Experience
There are at least 3,000 online casinos operating in 2024, and new ones seem to pop up every day. There are also around 5,000 land-based gambling venues. Because the industry is so saturated, it’s highly competitive and operators need to be innovative to attract and retain customers. Brand recognition and trust are very important to any business’s success.
Those with experience in marketing have deep insight into customer behavior and their expectations. It doesn’t matter if this experience was gained in commerce, hospitality, or any other customer-driven sectors. It all boils down to being able to create a captivating customer experience and cultivating loyalty.
IT and Software Development
The introduction of the internet and online gambling platforms in the 1990s were game changers. These days, 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 fields have what it takes to create and manage 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 that we play online.
Hospitality
Working as a server in a restaurant, a salesperson in a department store, or a front-desk clerk in a hotel are examples of jobs that require a high level of customer service. This can be easily applied to the gambling industry. Land-based and online casinos rely on providing high-quality customer service to ensure that 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 jobs. It also generates a lot of money for governments that use these revenues for education, healthcare, and infrastructure. Knowledge of gambling is definitely an asset for those looking to change their career paths.
However, it’s just as important and, in some cases, more important to have an understanding of and experience in areas like law, financial management, internet technology, marketing, and hospitality. We can also toss in professions like data analytics, sales, partnership development, and ethical practices. The industry is dependent on a wide range of expertise that can be developed in many other seemingly unrelated fields.
Read more:
What Business Experience Best Prepares Entrepreneurs for the Gambling Industry?