4 main benefits of big data in gambling
The global gambling yield will reach $495 billion by 2019. According to WorldAtlas, 75% of Canadians have gambled at least once, EGBA shares that over 12 million Europeans have at least one active online gambling account. Statista reveals that 45.53% of the US respondents played blackjack, poker, roulette, etc. in 2018.
There are plenty of numbers to take into account. Then big data in gambling comes under the spotlight. This technology is a real savior for the gambling platforms’ owners. Big data gives a lot of opportunities for your analytical departments and helps to develop and strengthen your business.
In today’s article, we are going to talk about the benefits big data can offer to the gambling industry.
The overall aim of big data is, for obvious reasons, data collection. According to Investopedia,
Big data is an array of diverse information that comes from different places in various forms and formats.
The ways you will manage those data depend wholly on you. The information you may collect includes but is not limited to:
- Data about the players,
- Information about the competitors,
- Updates in the gambling regulations and legislation,
- Customers’ behavior,
- Updates in the gambling software.
Now, let’s take a closer look at some ways gambling business owners may use big data in gambling.
US citizens lose the most, followed by China and Japan (as of 2016). The most playing nations are Macao, the US, UK, Australia, and Canada. How can this information help you?
Well, big data analyzes all the incomes, losses, bets, etc. Putting the whole picture together, you can predict who is likely to spend more, and use the credit or bonus you offer. These actions help your online casino or betting site to plan its budget more effectively.
Moreover, you can escape negative income. Firstly, big data analyzes the players’ reactions to wins and losses. Also, it uncovers risk gamblers and fraudsters. It is an important feature that minimizes the chargeback ratio.
Let’s be honest, it’s easier to sell services or products to existing customers, rather than attracting new ones. That’s why big data is an awesome tool to know your customers better. Big data lets you curate a personalized loyalty program to the individual user. That, in its turn, will provide even higher acknowledgment level. With the help of the loyalty program, you can track the behavioral habits of the gambler.
After this, you can create working strategies and apply them. For example, offer additional points after the services/products purchase, bonuses, free vouchers, etc.
Also, track what payment methods players use the most. To provide all the variety of options, connect with a payment service provider that caters to the gambling companies’ needs. It will allow you to satisfy your customers’ expectations and increase the loyalty level.
If we talk about the global picture, big data can amend your marketing strategy. You can gather your customers’ data, that may include:
- GEO, age, gender, social status,
- Time spent on site,
- Time spent in the game,
- Pages visited,
- Types of games,
- Wins and losses frequency,
- Transactions’ data,
- Players’ interaction with promotions and deals.
Based on this information, you can create more effective marketing campaigns, that include email marketing, advertisement, bonus structure, pop-ups, and so on.
That ensures each segment of clients gets the right message and offer. Needless to say, that successfully executed marketing campaign can attract more players, increase loyalty among the existing ones, and develop brand awareness.
Build a better game
Another out of the box big data benefit is a chance to build a better gambling space. Big data will analyze what influences players the most: video or audio, background pictures, colors, etc. All-in-all, what elements grasp customers’ attention in the best way possible.
Thanks to this, you can improve your running website or build your new project, based on the data you’ve collected.
Big data is a handy solution that enables vast analysis opportunities and helps increase your revenue. After revising four main benefits of big data in gambling, you can build an effective growth strategy.
From customers’ behavior to building up players’ loyalty, big data makes your predictions more careful and precise. Moreover, you can offer a selection of payment methods and withdrawal options that fit your customers the best way.