The business of a third-party provider of proposition players services to casinos and other gambling institutions is a profitable undertaking (Fromson, 2003), although a great variety of different challenges is inherent to this practice as well. Not only this area is extremely competitive, but also organizational aspects of this business, such as human resources management and customer care require constant managerial attention. Among the most important issues in this regard is effective problem identification and resolution.
The most effective solution for carrying out these tasks remains comprehensive business and management research (Cass & Lee, 2011). Contrary to groundless approach to decision-making, conducting a preliminary research helps to identify ‘best practices’ in the area (i.e. to understand how similar problems were dealt with by the competitors), as well as it reveals non-obvious issues, which require additional analysis (Ghauri & Gronhaug, 2002).
Thus, the use of research in third party providing of proposition players services to the gambling industry require the use of business and management research in the following areas:
It helps to solve staff-related problems, including high-turnover rates.
The practice demonstrates that working in a casino or other gambling institution is one of the most stressful occupations. Specifically, the employees are often required to work overtime; many of them are working on nightshifts. In addition, the casinos have high standards of financial responsibility and confidentiality standards (Fromson, 2003). While the employment conditions are remarkably rigorous, the compensation is substantially lower than in other industries. Therefore, the number of premature dismissals and other employment terminations is very high.
Making a profound research will help to get informative insights into the reasons, which impel the employees into leaving their positions and failing to meet the requirements of their job positions (Casse & Lee, 2011). The results of this research will help the managers to re-calibrate the employment rules and regulations by harmonizing the necessities of a company with the individual employment priorities of the employees. Furthermore, conducting such a research will help to identify the least costly option for enhancing retention rates of the casino institutions.
The use of research is helpful for improving competitive advantages of a gambling company
As discussed before, running a casino is one of the most profitable businesses in the United States and worldwide. However, profitability of this industry attracts many companies to enter the field, which makes it one of the most competitive ones. Therefore, in order to retain the existing ones and attract the new clients, casinos and other organizations have to develop and implement new marketing strategies.
The development of such strategies requires deep understanding of the internal psychological factors, which keep the players interested (Ghauri & Gronhaug, 2002). Making a psychological research is the most effective tactic for understanding such determinants and adapting marketing strategies accordingly.
The research is helpful for improving service and training quality standards
In order to stay effective and profitable, the gambling companies have to continually improve their quality standards and train their staff. Making a research will help in identifying the areas, where such improvements are necessary. Specifically, the use of research solutions will help to identify the areas, where expectations of the customers are not met in full.
Furthermore, this area of economy is extremely dynamic, i.e. the desires of clients are constantly evolving. Making a research into this aspect is the only way of understanding how the company should adapt its operations to their needs, as well as it is necessary for understanding the methods, which should be applied to modify services of the company accordingly.
References
Casse, C. & Lee, B. (2011). Challenges and controversies in management research. New York: Routledge.
Fromson, B. (2003). Hitting the jackpot: the inside story of the richest Indian tribe in history. New York: Atlantic Monthly Press.
Ghauri, P. & Gronhaug, K. (2002). Research methods in business studies: a practical guide. Harlow, England New York: Financial Times Prentice Hall.
