In light of the growing number of players who are becoming addicted to gambling—and suffering considerable harm to themselves and others in the process—many observers would agree that the gambling industry needs to change to ensure its sustainability over the long term. But how might it do that, or at least start the process?
Dr. Shawn DuBravac, PhD, CFA, an economist, futurist, bestselling author and internationally recognized thought leader, gave the industry a new perspective to think about during his keynote presentation at the annual conference of New Horizons in Safer Gambling.
Emphasizing the importance of disruption to the status quo as a starting point for change, Dr. DuBravac drew upon examples of how other businesses and industries have evolved over time to find new opportunities and embrace new strategies that prioritize health and wellbeing without compromising on engagement and profitability.
Dr. DuBravac noted that consumer preferences are shifting toward more sustainable and healthier options, and explained how business sectors are adapting to meet consumers where they are at.
Among his many examples was how Volvo emerged as a leader in safety in the automobile industry. He noted that an engineer at Volvo invented the three-point seat belt in 1959 that’s still used today. Volvo made a groundbreaking decision to release the patent to the entire automotive industry for free rather than profit from it. This decision was made in the interest of public safety so that everyone could have access to the life-saving invention. The three-point safety belt quickly became a standard feature in vehicles around the world. By prioritizing safety above everything else, Volvo created a whole new consumer segment—those who view car safety as most important factor in their purchasing decisions.
What might this look like in gambling? Might a company in the industry change the landscape by forging a new path that truly embraces safety for gamblers, creating a significant competitive advantage in the process?
Dr. DuBravac also cited how the world of professional cycling was completed upended when a new performance director came on the scene. By focusing on what he referred to as “the aggregation of marginal gains,” the director brought a relentless focus to a new strategy based on the search for a tiny margin of improvement in everything that was done. While the focus was on every possible aspect of biking, the philosophy can be applied to other industries, including gambling.
With a fresh perspective, safer play can be seen as an opportunity rather than an obligation. Perhaps the focus can be on what the industry wants to do rather than what it can’t change. While the industry can’t eliminate all harms from gambling, it can take steps to make it safer. Happy, healthy players who are having fun with their play are key to a sustainable industry and responsible growth. How do gambling businesses make safer play a competitive advantage?
Safer play can take many forms—it can be gamifying tools that help players set limits; it can be choosing products where risks are reduced or mitigated; and it can be determining how to market to players of varying risk levels. Safer play is also about how the industry supports its players through challenging conversations, and understanding how to interact with those who demonstrate high-risk behaviors.
The incorporation of innovative technologies and strategies can provide win-win solutions for safer consumer experiences while cultivating loyal, long-term success. Ultimately, safer play is good for business. Safer play needs to become the competitive advantage.