48 PUBLIC GAMING INTERNATIONAL • SEPTEMBER/OCTOBER 2022 HOW TO THRIVE IN A RAPIDLY CHANGING MARKET Significant market changes can be seen as an ominous harbinger for lotteries who are facing heightened competition from new market entrants. However, Alistair Boston-Smith, Chief Strategy Officer, Bede Gaming, argues that these changes can bring many more opportunities than threats. The key to thriving in this new world is digital prowess. The Changing World of Lottery Markets It is not just the opening of markets that brings about change to the lottery landscape but also the changing nature of customer behavior. And it is the latter which has the biggest influence on the way lotteries adapt to thrive. Giving customers an entertaining but safe experience is the goal. People are at the heart of lotteries; customers, operators and good causes. But people’s preferences, behaviors and critically, their expectations are constantly changing; and it is up to the Lotteries and their partners to respond. The opening of a market brings with it an influx of new operators, but whilst the incumbent Lottery faces new competitors, it has many advantages it can and must leverage. Lotteries have typically been in place for many years; they are well established and trusted, something new brands with fleeting brand recognition can only dream about. They are also local champions, committed to funding and supporting local good causes, which really differentiates themselves from the overseas corporations. However, in reality Lotteries aren’t just competing with the new entrants, they’re also competing with other participants in the entertainment sector. So whilst markets are and will continue to regulate, the key to thriving is continuously responding to customers changing needs, is by continuously responding with new, relevant and exciting experiences. Whilst the Covid-19 pandemic was undoubtedly a catalyst, customer behavior has already fundamentally changed. Accessibility, ease and convenience is the everyday Alistair Boston-Smith, Chief Strategy Officer, Bede Gaming
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