Big Data can be defined as a collection of extensive data from various (re) sources. Data is collected from various networks around the world. These include all types of data, such as structured, unstructured, organized, and unorganized data. Big Data can be Big Chaos in the beginning, because the data collected comes from everywhere and there is no one to put them together in a certain order because, not even you, as an economic operator, know what to do with them. But over time this will change, and it will change at an astonishing rate.
First of all, let’s look at why it’s so important to have access to Big Data.
Advantages of Big Data Analysis in the Gambling Industry
During this article, when we refer to gambling, we will do it thinking about land-based and online, alike. Big Data is transforming many areas of science and technology. Big Data supports the industry in many ways, such as ensuring risk management and business strategies. The ways in which Big Data offers visible benefits to the gambling industry are shown below:
Big Data provides information about the competition
Big Data can help provide information about key competitors. Big Data studies consumer behavior on various websites, for example. You can analyze this data to see what you need to offer your players and to know key facts about them, such as:
-which games do players prefer the most.
-which is where most of your players come from.
-which sites your players visit when they are not on your site.
Big Data helps you reduce costs
First of all, Big Data helps you see what you paid for and what was returned to you. If the investments you make are profitable. Because before you see how to cut costs, Big Data helps you see where and how much money you’re losing. Obviously, everything has to do with marketing, and especially with that tailored exactly to your needs. Because Big Data helps you better understand your customers and grow your customer base using the same costs to “fish” more efficiently from the same customer base. This way you can more easily create a profile of your customer.
Big Data helps you improve the (cyber) security of your casino
On the one hand, Big Data helps you to identify patterns and analyze them more easily. This way you will notice faster those who try to cheat, to fraud landbased casinos.
On the other hand, Big Data helps you prevent online fraud, it’s a big step forward in cyber security.
Big Data and Casino Marketing
The first thing that comes to mind when you have access to large amounts of data in a particular market is that you can use it in marketing. It is a legitimate target for the analysis of Big Data data. For example, given the fierce competition between online casinos, they need to use a variety of marketing techniques to attract new customers. Big Data helps keep track of current industry trends. Analyzes also work to create a target audience over time. For example, if an online casino has a particular promotion, it can get demographic information about players.
Using this analytics data improves the user interface, showing the click-through rates of the casino. This information becomes invaluable because it reveals in real time what your new players prefer. This data allows the casino to save money by identifying its target audience for future marketing campaigns. The games can then be optimized to keep new players based on favorable winning percentages.
Marketing automation also comes into play for loyal customers. Incentives can be formed around game preferences and play habits. Data science in casinos is becoming a useful tool to master digital marketing techniques. Marketing analysis combines to form a consensus on past, current and future campaigns.
Big Data and responsible gaming
Player protection is essential to the industry’s reputation.
Players who are worried that they might develop a problem by using too much fun in front of the computer or slot machines in the game rooms can use self-exclusion programs to limit their access to this type of fun. So Big Data provides the tools needed to prevent pathological gambling.
Data management can provide important information to operators about their customers’ gaming activities. And in this way to allow them to intervene to protect their customers from excesses. Big Data via Artificial Intelligence allows the automatic rejection of players who are registered in a self-exclusion database.
Data analysis can also prevent problematic gambling. Analyze behavioral patterns that lead to easy and immediate identification of people who exhibit behavioral excesses related to those who increase the stakes to recover their losses or those who play long periods of time during the night, etc., especially patterns associated with compulsive behavior.
Big Data and the interpretation of financial data
Ultimately, Big Data helps us read our financial data better. Here’s what we can learn using Big Data:
-Gross Gaming Revenue (GGR): Player bets minus player winnings.
-Net gambling revenue (NGR): Player bets minus winnings, bonuses, refunds and taxes.
-Average revenue per user (ARPU): Casino revenue over a period of time divided by the number of users over the same period.
-First time depositors (FTD): Number of new users that have been converted to players.
– Churn Rate: The percentage of players who stopped visiting the casino in a certain period of time.
Of course, there is other information that we can get using Big Data, but these are among the most important. Analyzing this huge amount of information helps companies to progress and provide better services to their customers to outperform the competition.
Big Data is an opportunity for the gambling industry, a way in which the business is shaped and directed in the right direction. In the future, the whole process of Big Data will be automated and controlled by AI (Artificial Intelligence), and the role of man will be constantly diminished. The companies will be led by cyber robots, and those with the greatest computing power will triumph.
Read also “Diamond Tree – the new generation of Jackpots”.
Source: analyticssteps.com, analyticsinsight.net, slotegrator.pro