Businesses of all sorts have to make use of big data in order to succeed in the marketplace. It is very difficult for a company to do well unless it studies its customers thoroughly in order to map their buying habits and customise its products and services accordingly. The online gambling industry is another business that can benefit very much from analysing customer data, especially since the competition here is severe. Internet based gambling companies, irrespective of their size, need to devote resources to collecting customer data and studying it.
How Can Big Data Help in the Online Gambling Industry?
The online gambling industry is huge. The number of people gambling online is growing day by day. In order to understand the needs and demands of the target audience, traditional data processing applications have been quite inadequate. When trying to appeal to such a large audience, the data needs to be accurate or else the product can fail. Big data is able to provide more accurate details and hence, the gaming developers are able to cater to demands of the gamblers. Big data is able to capture, curate, manage and process the data, which helps the developers reach a consensus.
Qualitative and Quantitative Data
There is an immense amount of data available on the customers of online casinos. This includes quantitative data, which pertains to the amount of time and money players devote to a particular game. It is possible to go deep into this data, such as examining any pattern to the games played by an individual. This enables casinos to fine tune their product offering. If customers prefer to play certain types of roulette or slots, then it makes sense to offer a lot of them.
Qualitative data, on the other hand, refers to the information gathered from questionnaires regarding the specific preferences of customers. This is very valuable data because it gives the casino a good idea about the reasons customers prefer a specific game. Gaming software companies can use this data to improve the quality of games on offer.
Online casinos make use of demographic data to hone their product offering. If they find out that their customers are predominantly male, then they might feature lots of poker or casino games. A mostly female audience will have a marked preference for slot machines, and that too of a particular range of themes. A younger audience might also mean that roulette games will get a lot of play because these games are very thrilling. Casinos can put together their basket of products to cater to the needs of customers, and utilise the right marketing strategy as well so that their advertising budget is spent well.
Targeted Bonuses and Promotions
Online casinos tend to be very generous with promotional offers simply because the competition is so fierce. It is for this reason that casinos need to have targeted promotional offers. There’s simply no point offering a bonus if it doesn’t appeal to players. Players who enjoy taking a lot of risk will jump at the chance of increasing their winnings, whereas low risk players might just prefer to get free spins. Casinos now offer a reasonably wide range of bonus offers so that their customers can pick and choose the ones that suit their playing style, especially their appetite for risk.
Online gambling businesses are no doubt making use of a wide range of sophisticated techniques to perform better in the marketplace without spending a great deal of money. As a matter of fact, it is only a matter of time before they will be able to develop and use personalised experiences for individual gamblers!