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When it comes to the global iGaming market its value is estimated to reach $90.8 billion by 2025. As this sector keeps growing, it’s becoming increasingly important for brands to innovate and stay afloat in the competitive landscape. Corporate culture and policies are some of the key factors in innovations, and here we’ll focus on that aspect of the iGaming space. Specifically on the impact of women in reshaping the corporate culture.
Evolution of Corporate Culture in iGaming
Similar to IT and gaming companies, the iGaming sector is mostly male-dominated. In the 2000s male CEOs, developers, and players constituted a large part of the overall industry. This pattern echoed the gender disparities in STEM fields and tech-centred sectors.
Nowadays, society is more aware of the need for and benefits of social fairness. As a result, the iGaming industry has undergone significant changes. It has taken the lead in making inclusiveness a strategic advantage. Having additional viewpoints, experiences, and talents is necessary for more innovative development strategies.
This is evident in the increased number of slot themes aimed at female audiences. Not only that, but there is also an increase in games like scratch cards, lottery, and bingo in online casinos. According to Gambling Commission data, these are the types of games women gamblers play the most.
Additionally, globalisation and technology have been crucial. We cannot overlook their roles in this shift. In global markets, connections are essential. Teams with different perspectives and backgrounds can understand and serve diverse customers better
Women in Leadership Positions
Recent statistics show growth and barriers to women’s representation in iGaming leadership. In the UK, in 2022, around 150,000 new companies were established, and around 20% of those newly established companies are led by women. This is a 4%-5% increase compared to 2018. As stated, the iGaming industry has been historically biassed. As per the Gender Balance Scoreboard in 2020, 121 men and 23 women were in the top 14 iGaming companies as executives.
Even big gambling brands have women in leadership positions. A notable example is Denise Coates, the current CEO of bet365. According to Forbes, her estimated net worth is 9.3 billion USD, which makes her one of the few women who are in the billionaire club. There are other examples as well:
- Jette Nygaard-Andersen – CEO of a global sportsbook and gambling company called Entain
- Erika Nardini – CEO of Barstool Sportsbook
- Amy Howe – CEO of casino, sportsbook, and fantasy sports giant FanDuel
- Anna Sainsbury – CEO of GeoComply a reg-tech company often used by iGaming business
Promoting Diversity and Inclusion
iGaming companies have implemented various strategies to foster a more equitable and welcoming environment. Some of these include:
- Removing a bias
- Having clear diversity and inclusivity policies
- Recognizing cultural, and religious holidays
McKinsey & Company has shared some of their insights, which are quite interesting. Companies in the upper quartile for board-gender diversity have outperformed companies in the lower quartile by more than 25 percent. What’s more, this correlation is statistically significant for both gender and ethnicity.
Fostering Collaboration and Team Dynamics
Collaboration is the key to the global success of any company. It is a catalyst for innovation and productivity and builds a vibrant work environment. According to a study conducted by Stanford University, team collaboration is reportedly 64% more effective and twice as likely to succeed as non-collaborative teams. In the highly competitive, and fast-growing iGaming world, where creativity and agility are key to success, encouraging collaboration is an important factor of that success for the long term.
Diversity also expands monetization possibilities or strategies. This was demonstrated by Jette Nygaard-Andersen and Amy Howe, both of whom we mentioned a while back. They promoted different ways of attracting customers to try out their platforms. Rather than using promotions, such as sign-up bonuses or risk-free bets, Andersen proposed focusing on the recreational aspect of gambling.
According to an interview Andersen did in 2022, her company saw a 25% increase in its total player base on a global level. Of course, sign-up bonuses are valuable and great for user acquisition. But, they aren’t a cost-effective way for the company to expand its player base.
Overcoming Challenges and Breaking Barriers
Per the industry data, only 28% of the leading 51 tech companies are led by women.
Female business workers in the gaming industry experience different kinds of difficulties associated with gender prejudice, stereotypes, and historical differences. Although there has been a big breakthrough, women are still limited in their promotion prospects.
Luckily, when it comes to younger generations, the number rises. Notably, 16 to 25-year-old women founded nearly 17,500 businesses in 2022. This is more than 22 times greater than in 2018.
Addressing these barriers requires proactive approaches. iGaming companies are implementing tailored recruitment schemes, mentoring programs, and leadership development programs that encourage women to thrive and develop their careers.
One of the most successful women thriving in the gaming industry is the famous Stephanie Harvey, also known as @missharvey. Former professional Counter-Strike player, Harvey, has since transitioned into having a successful career as a content creator, streamer, and co-owner of the esports organisation, Counter Logic Gaming’s Red division. She not only shines as a pro gamer but also actively engages in campaigning for diversity and inclusion in esports.