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What Can Your Business Learn From Online Betting Sites?

Are competition and payouts more than a fantasy?

21Dec

Online betting is one of the fastest growing forms of business today. There are thousands of people playing on daily fantasy sports and even financial predictions sites every single day. And that's saying nothing of the millions of people who will wager money on the outcome of sporting events at peak times of the year. 

What does this dynamic growth mean for businesses today who are looking to gain an extra advantage over the competition? There are many different principles that companies can take from online betting sites. Below are a couple of tips that any business owner can take from betting sites in order to upgrade his or her company.

Employee Compensation

Want to leverage a betting mentality within your own company? Try paying your employees for their results instead of just the time they spend in a chair. In the world of technology that we live in, it is more important than ever that employees are motivated to do a great job while at work. Adding some gamification to the compensation system within your company can go a long way in making employees feel valued. Consider this: Gambling sites are succeeding because people want to bet that their expertise can win them money without spending a lot of time to make it happen. Give your employees the chance to do the same. This means that once employees are finished with their assigned work they can go home or continue working on other projects.

This style of compensation has many different benefits to both the company and employees. For the company, the same amount of work will be done as before. However, employees are now more motivated to get their work accomplished. This means higher productivity and engagement. As morale increases around the office, staff turnover will start to drop as well. Having a low turnover rate is a great way to save money in any company since the cost of bringing in new employees is much higher than keeping a current employee. For many small businesses, a low turnover rate is one of the best things that can be reached.

Gamification

The term gamification is fairly new in the business world. This term essentially means making the workplace fun and challenging to employees by adding incentives for employee behavior. A great example of this would be a company offering a one thousand dollar bonus for someone solving an issue that is costing the company money. Employees will be motivated to solve the issue for the additional compensation, and the company will be better off financially once the problem is solved.

Instead of functioning in the traditional company and employee relationship, gamification allows employees to make a larger impact on the business overall. There are many studies that show providing these types of incentives goes a long way to allowing a person to make changes in their work that can impact the business. In addition, many companies who have put this in have had a huge increase in employee morale and productivity. Employees today want to have some flexibility in what they do every day.

Flexible Payment Packages

Another lesson that can be learned from online betting sites is to offer flexible payment options. Whether you provide a product or a service to the marketplace, this is still a principle that can be applied. Consumers today want to have choices in how they pay and use a product. The old model of having just one way to pay is outdated and will go away eventually. Many successful companies have free options, pay to play, and then unlimited options for customers. Daily fantasy sites have really capitalized on this trend by allowing customers to pay as much or as little money as they want in order to play fantasy football, and the option to play a game at a time instead of an entire season. The more money that is paid in, the more that can be won. As a company, it is important to offer as many payment options to customers as possible over the long term.

Final Thoughts

The daily fantasy sports market has exploded for many different reasons. There are a lot of people who are now playing fantasy sports that never had an interest before. This rapid expansion is something that many companies could learn from. One way in which these principles could be applied is employee compensation. Instead of just paying employees a set amount, offer to pay employees based on their results. There are a lot of companies that have put in flexible hours in order to help employees with their work-life balance. There are a lot of studies that show this has increased the morale of employees greatly. Adding this gamification piece to daily business has a lot of positive results over the long run. Companies and employees will now have similar motives in helping one another succeed.

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