As access to heavy computational software and processing tools becomes more affordable, big data analytics are being adopted by a wide range of industries. Once the preserve of governmental organizations, academics, and financial institutions, these days companies of all shapes and sizes are taking advantage of big data applications to help grow their operations.
One industry that has embraced big data more than most is the global gambling industry, with online casinos, in particular, making use of these latest analysis methods and tools to help inform their strategy and adjust their business model.
With the global online gambling industry set to reach an all-time-high worth of $87 billion by 2024, platforms that can best utilize consumer data to their advantage look set to take the biggest slice of the pie. Here is how big data analytics are transforming the global gambling industry.
What Can Big Data Actually Tell Online Casino Companies?
Even a user who only uses an online casino for a couple of minutes can generate enough data points to tell a company a huge amount about their behavior and expectations. Simply setting up an account will give the casino useful information about a user’s age, gender, location, and occupation, which is all invaluable for marketing purposes.
Once on the site, a player of the latest slots, roulette, blackjack, and poker at a popular online casino like ComeOn will be telling the site owners the amount of time they spend on the site, which offers and games they are most likely to click on, how they interact with other players, the total time spent on each game, and full information on financial transactions, including losses and winnings. Even people who are not a part of the online casino industry will instantly recognize the value of rich data such as this.
How Big Data Is Being Utilized
Once casino companies have a treasure trove of data, they can use it to see what they are doing right and make adjustments to their platform as needed. One of the main applications of big data in casinos is marketing purposes. People’s site activity will tell a casino exactly what kind of advertising and promotional content is actually effective at generating leads and clicks.
This will allow them to tailor their marketing content based on what works. Big data also allows companies to see what different demographics of casino gamers respond most positively to. For example, data might show that older, male gamers are most responsive to certain themes for slot games. These can then be automatically promoted to that person and other players that fit their profile.
User data is also vital for informing the UX strategy of an online casino, as they can see how people navigate a site and take the necessary steps to make it most user-friendly. All of these help casinos retain loyal customers and attract new ones.
While the update of big data analytics across some industries has been slow, it’s clear that the gambling sector has embraced them with open arms. Anyone wishing to see how the latest big data techniques will become normalized in the future should look toward the online casino industry for hints.