Given their role in society, lotteries require a unique approach to sustaining and growing their business. They have to continuously preserve the trust they’ve won from their communities, while at the same time finding new ways to grow.
By engaging players across all gaming channels – providing the games that players love anytime, anywhere, on any device – lotteries can strive to keep existing players entertained, attract new players, and generate new revenue streams. But innovation and expansion need to be anchored by a sound approach to social responsibility.
To make the most of the new opportunities technology presents, forward-thinking lottery operators around the world are weaving a responsible gaming (RG) approach into the fabric of their products, programs, and policies, aimed at protecting players and minimizing problem gambling risks and other potential harms.
RG is a vital aspect of every reputable lottery’s program. For lottery operators, responsibility and growth cannot be mutually exclusive. When applied according to best practices, RG solutions promote, rather than inhibit, responsible play by helping players make informed decisions about their playing behavior.
When analyzing the latest consumer trends, IGT has found that RG is likely to be embraced by today’s players. There is growing global trend that sees consumers craving control over life's multiple responsibilities. Technology and third-party support allows consumers to easily manage every aspect of their lives – their schedules, their health, and their finances – and allows them to have greater control, which is often seen as a token of success.
Experts at the international trendspotting agency, Foresight Factory, have coined the term “Cruise Control” to describe this trend. They believe that we should expect a progressive handover of autonomy from consumer to company in the near future. They predict that consumers will increasingly exchange their personal supervision and data in return for lives that flow seamlessly: voice-activated assistants replenish home supplies, filters help people control their social media image, tracking apps and wearable tech help them meet health goals, and online services purchase entirely on the consumer’s behalf.
Interest in control emerges against the backdrop of consumers becoming acutely aware of the multifaceted risks associated with overindulgence, financial short-sightedness, and inconsiderate social media use. Over half of all consumers feel the need to appear in control1, something that can be aided by brands. On average, Millennials are more enthusiastic about using smart technology that will auto-pilot and improve their everyday lives, from car insurance to health tracking. Foresight Factory predicts that in five years, demand for control will expand and that more areas of life will be closely tracked. Devices could track more than just physical metrics, and begin to track mental states, bringing closer control of mental wellbeing possible.
Banks are responding to consumer demand for greater control with digital banking services that can make day-to-day services and transactions faster and easier to process. However, it is to be expected that consumers will demand an ever more analytical approach to their finances which considers, for instance, their historical data to reveal trends and to give them achievable goals. New fintech apps and branchless accounts are meeting this demand, challenging traditional banks to offer services that make customers feel that their personal finances are firmly under control. Similarly, health-monitoring apps and wearables can provide instant feedback to insurers to create more accurate policies.
In January 2018, Bankrate.com described Millennials as the Cautious Generation: “A belief in caution may keep many from making poor decisions. They might not buy a home they can’t afford, or take out that extra credit card to buy a T.V. they don’t really need”.2
In the light of this, lotteries can be assured that by working cooperatively with suppliers, gaming regulators, operators, research institutes, and treatment service providers, an operator can successfully develop best practice RG and security solutions to protect its customers and their players while at the same time, meeting the needs of consumers to be in control of their lives.
1 Source: Foresight Factory │ Base: 392-3433 online respondents per country aged 16-64 [Indonesia 16-54], 2017 August
2 Source: www.bankrate.com/retirement/millennials-the-cautious-generation
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