What is Big Data and How it Helps in Gambling Business
In the digital era, when every other company operates on the Internet, the global data volume is dramatically growing. For example, just one online shopper leaves a digital footprint in a result of his/her activity on websites, such as liking, commenting, purchasing, etc. Obviously, one person is not able to handle such a big data set. This was one of the reasons for the creation of a new technology called Big Data.
Big Data is not just a large amount of information, but a unique technology aimed at data processing and usage, particularly, the ways to find the necessary information in large data sets. When it comes to business, the concept of Big Data stands for many tools, approaches and methods to analyse and process both structured and unstructured data, its further employment in specific areas and achievement of various goals.
The Big Data term emerged in 2008. Since then, it has been explained in different ways. However, the main thing you need to know for a holistic understanding of Big Data is few simple words: data storage and processing.
How Can Big Data Help in Solving Gambling Business Challenges?
Big Data is potentially applicable in all focus areas involving the interaction with a vast amount of different information from random source. Moreover, it is constantly updating. In the gambling industry, Big Data can solve versatile and critical tasks. The most prominent of these are:
● Collection of information necessary for the successful gambling business, namely: about the company’s main competitors, players and visitors; the latest updates in the gambling legislation; the current requirements of regulators; new software for online casinos and much more. Big Data will allow you to get any available information, which in turn, will positively affect the promotion and development of your business;
● Structuring unrelated, disparate data;
● Full analysis of a huge array of information through special data processing algorithms;
● Diverse analytical reports;
● Storage and transfer of digital data in electronic form for further use, processing and analysis.
Summarising the above said, it’s safe to say that the primary purpose of using the Big Data technology is to achieve maximum efficiency in processing a large amount of information. Modern analysis technology will allow you to monitor and to regulate all the current business processes, as well as to introduce new products, solutions and services as efficiently as possible. This approach positively affects the development of the gambling project, as well as boosts its marketability.
How to Apply Big Data in Gambling Business?
Thorough data analysis has long been used to determine the features, interests and needs of the target audience. This is an excellent opportunity to understand customer needs clearly; to create a product that will fully meet their wishes. As a result, such solutions will significantly increase customer traffic and highlight the gambling resource among the competitors. Therefore, today the leading gambling and betting companies use the latest Big Data technology in their business strategies, including:
● Bookmakers;
● Online casino software developers;
● Online casino operators.
How to Use Big Data in Online Gambling
Overcome marketing and advertising difficulties:
●website layout and design;
●interface and navigation of virtual gambling resource;
●promotion;
●bonus policy to attract and retain customers;
●advance range of services and products.
With Big Data, you can solve not only marketing issues, but also security. This is one of the most relevant topics in the gambling field, which partially affects the profitability and success of the gambling establishment.
More on Big Data usage in gambling read in Slotegrator Academy.
Big Data helps understand the preferences of the target audience as accurately as possible, to identify its participants’ behavioural and demographic characteristics, which in turn will have a positive impact on:
Retention of regular players and attraction of new ones;
Inducement of competitor’s customers into your gambling resource.
Big Data is also successfully used by owners of gambling resources to the gambling addiction (problem gaming) at an early stage. This contributes to the formation of a positive reputation among the customers and the growth of social responsibility.
What Does Advanced Analytics Tell About Online Gamblers?
The task of any marketing strategy is to expand the audience by attracting new players, while not forgetting about the retention of existing users. Therefore, to create the most effective methods of interaction and communication with the customers, it is necessary to classify them.
Look through the standard players data set that are often stored in the casino’s system:
● socio-demographic information, which includes gender, age, occupation, education;
● full information about the player’s actions on the site, the pages visited;
● total time spent on the website;
● data on all financial transactions;
● communication with other players: whether the players interact and how often;
● total amount of money spent in each game;
● full statistics of losses and winnings;
● frequency of the customer support usage;
● total time spent in each game;
● players response to various promotional offers, bonuses, prize pools, etc.
Experts have proven that if you select and analyse data correctly, you can significantly increase your profits. Business requires data — IT provides access to this data. In turn, the correctly selected information is the key to creating the most effective marketing strategy to grow and develop any business project.
