Based on market numbers, it’s clear that iGaming is rapidly becoming a major industry with top companies having turnover in the billions and serving dozens of international markets. Somewhere along the line, online gambling was corporatised and mostly taken over by large companies that operate lots of different online platforms. This transformation placed a greater emphasis on leadership positions and created new challenges that individuals in such roles had to face.
The list of requirements for being successful as a CEO of an iGaming company is far too long to cover here, but we tried to find a few common denominators. Most of the big time players in this industry share the following traits.
Data Analysis
One advantage of iGaming is that its delivery model naturally results in generation of a trove of valuable data about user activity. This data holds the answers to all the questions that are troubling the management, most importantly what do the users expect from the platform and how to keep them loyal for as long as possible. The numbers are not always intuitive, and it takes a skilled professional to interpret them correctly within the proper business context. Anybody can tell you how many players opened a certain game at this Canadian online casino, but only a real champion of the industry can understand why that number wasn’t larger and how to ensure that it increases in the future.
Split-second Decision Making
Opportunities don’t last very long in this business, and decision-makers can’t afford to hesitate when they spot one. CEOs are required to play the long game and keep strategic interests of the company in mind at all times, but the real struggle is how to translate these long-term objectives into day-to-day activities. Staying proactive is imperative, because the competition never sleeps and someone will dare to make the step others are avoiding. Leaders who are capable of immediately understanding the implications of a big decision and pulling the trigger without any unnecessary delays are in short supply, and they tend to rise to the highest corporate levels in iGaming companies.
Tech-friendly Mindset
It’s impossible to get around the fact that iGaming is a business based on technology. Any online platform is as good as the underlying hardware and software infrastructure that supports it, and top managers have to at least understand how the tech works. There is a lot to be gained by embracing innovation, especially if it translates directly into better service. On the flip side, changes to the platform can be costly so any failed experiments can set back the company and potentially jeopardise its market position. A smart CEO knows exactly when to push for upgrades and when to stay conservative, which is another reason why technology knowledge is such a valuable asset for professionals in top roles.
Ability to Predict Future Trends
Those who merely follow trends are bound to stay a step behind, no matter how hard they try to catch up. The only way to be ahead of the curve is to anticipate where the market is headed and beat all competitors to the spot. This is more difficult than it might appear, as the market doesn’t move linearly and occasional turnarounds can catch some iGaming executives unprepared. CEOs are not actually expected to be clairvoyant, only to read the signs well and see changes on the horizon before they become apparent to the naked eye. Visionary thinking and an open mind for admitting mistakes go hand in hand, so it’s more about correcting course as the ship goes along than having a path charted from start to finish in advance of the journey.
Strong Sense of Corporate Responsibility
With great power comes great responsibility, and those who wield it have to be fully cognisant of the consequences of their actions. There is a lot of public pressure on iGaming companies to improve security on their platforms and do more to prevent gambling addiction, much of it well justified. Brands must demonstrate their commitment to safe and responsible gambling, and that starts at the top. For corporate and social responsibility initiatives to be anything more than PR campaigns, it’s necessary for the leaders to embody the principles of good business. If the CEO prioritises ethical and thoughtful approach over maximising profits, the rest of the company will be encouraged to act that way.
Readiness to Hear the Truth
It’s not rare for top executives to live in a bubble, surrounded by people who tell them what they want to hear. A CEO that is cut off from reality can’t do very much to improve the fortunes of the company, much less to inspire others to do the same. Fostering an open-door environment where subordinates can speak freely about their observations is much better than imposing all decisions strictly through a top-down chain. It’s a given that a company leader will occasionally have to preside over bad reports and adjudicate between conflicting opinions, but suppressing the truth has never been a viable recipe for anything but self-sabotage and stagnation.
