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The online gambling industry has experienced a dramatic increase in recent years with many existing and brand new operators taking advantage of technological advancements to join the club on an almost daily basis.
And thanks to continuous developments in web and mobile technology, customers are able to play the majority of online gambling sites and casino games and sportsbooks from anywhere, at any time at the tap of a screen.
With so much competition for gamblers' spends, operators have to work hard to get their slice of the market and use a wide variety of their own marketing and advertising methods in order to attract as much traffic to their games as possible. But they can also invest in utilizing outside systems to help them along the way – one key system being Business Intelligence.
Business Intelligence is just one arm of the wider global AI market, which is forecast to reach $41 billion by 2030 according to a new report by Grand View Research, Inc. This growth in the market is being led by the and consumer interaction via multiple platforms – including in the iGaming industry.
Rising demand from customers in light of COVID-19 pandemic online habits, AI-powered customer support services and reduced costs when it comes to chatbox technology have all contributed to this growth.
As various businesses see AI and Business Intelligence as a way of expanding their business the iGaming industry is looking to use it to their advantage too. Like any business, online sportsbook and casino operators have to use the right mechanisms to run their business successfully.
Business Intelligence provides them with the tools to do this effectively. Business Intelligence is made up of a combination of different facets but mostly uses data collection and analytics which is a real bonus to online casino companies as they strive to improve their service.
Breaking down what Business Intelligence can be used for within the iGaming field is simple, and it all starts with the initial foray into acquiring a license from the relevant authorities to operate their business.
Before being able to offer their service to online gamblers, iGaming companies require a license to operate transparently and fairly and this has to be renewed on a continuing basis. It is at the renewal process where companies must provide detailed and accurate reports of their operations to the authorities and Business Intelligence can help tremendously with providing accurate reliable data instantly.
Once in fully-fledged operation, the iGaming companies can use Business Intelligence to gain a competitive advantage over rival competitors by gathering information on their users. This includes information on why players may only play certain games and not others and what types of games most of their users prefer to play.
With Business Intelligence the iGaming companies are able to cater their services specifically for individual customers to the benefit of not only themselves but of their users too.
They can use the information to maximize profits by pointing their users in the direction of certain games that they know will provide them with bigger incomes, and they supplement this by ensuring that casino bonuses are offered to potential customers in a personalized way.
By mapping gaming patterns from a player's first visit, the iGaming industry can provide specific offers and bonuses on activities they know the individual customer enjoys – making each further visit fun and benefiting both customer and business.
And this is where it gets even more interesting…
Personalized bonuses to potential customers like those mentioned above are just one small way the iGaming industry can utilize Business Intelligence – but what processes are in place to enable them to do that? Let's take a brief look at some of them, starting by going into a bit more detail about those personalized offers and bonuses.
Specific Bonus Favorites
Most iGaming companies offer bonuses to both new and existing users such as no deposit bonuses, deposit bonuses, free spins, and free bets. Business Intelligence, using accurate data gathering mechanisms, allows those platforms to analyze individual players' patterns and habits and provide the right kind of promotion to appeal to them.
Developing enticing games
Similarly, the gambling industry knows that the entire gaming experience is an important part of customer loyalty and uses Business Intelligence to reinforce the most attractive offers and bonuses used by each individual customer. They use the same technology to develop games and slots that garner more attention in a variety of ways – from gameplay to graphic appeal. Put simply, casino games that are consistently played by gamblers are the most profitable.
Player Location Analysis
Using Business Intelligence to determine where certain online slots, spins, and bets are being played and placed is integral for the iGaming industry to develop its expansion strategies. It makes sense for online casinos and sportsbooks to want to deliver their platform to as many locations worldwide so being in possession of this information can help them with this strategy.
Mobile Analytics
The iGaming industry has benefited hugely from the technological advancement in mobile play – its a market that was worth $79.5 billion in 2020 and continues to grow at a rapid rate as the use of mobile devices continues to increase worldwide. Business Intelligence provides iGaming companies with information as to what type of device their customers are using to access their services which enable further product development.
The main future trend for Business Intelligence will be the ability to continually predict future trends in the iGaming industry! It can provide accurate analytics that can help identify current and future trends when it comes to customers' gambling habits and allows iGaming companies to develop their platforms and games on a continual cycle to keep ahead of rival platforms.
When it comes to the iGaming industry, it is exactly the same as any other business – the biggest motive is revenues and profits. As we have seen in this article, Business Intelligence provides companies with accurate and reliable data in all kinds of ways in order to help them make the right decisions for their business.
