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Why is Big Data is so Important for Casino Player Acquisition and Retention

Companies / Gambling Oct 16, 2017 - 03:24 PM GMT

By: Steve_Marks

Companies

Big Data is defined as any copious amount of structured, semi-structured and unstructured data that can be mined, processed and analysed for information. It is commonly associated with the three Vs:

  1. Volume - Organisations acquire data from a wide variety of sources, like social media, tracking, transactions and customer support.
  2. Velocity - Data is being accessed at unimaginable speeds, which then must be catered for in timely and efficient manner.
  3. Variety - This is referring to the format in which the data is produced and shared. This ranges from structured, numerical data in traditional databases all the way through to completely unstructured email, text documents, audio, video, ticker data and transactions.

The Gambling industry is an ever increasing competitive business that is actually quite accustomed to dealing with numbers and data. In fact, bookmakers were the first to embrace big data; as the more information that is accumulated, ensures that their assessment of what the most likely outcome is going to be for any particular market, is as correct as can be. However, this big data was not just only used for betting markets; as it quickly became apparent that it can be used to manage their business and keep ahead of the competition.

Therefore, it was not long before, other parts of the industry started to get in on the action. So a perfect example is Stations Casinos, one of the most well known and respected gaming brands, using big data. It is by discovering everything possible about their customers, ranging from what games they play and when they play them, to what types of food and drink they prefer; and then using this precious information to produce the most suitable marketing campaigns that are quite literally bespoke offering to their customers.

The results of these highly personalised campaigns are, not surprisingly, very positive. So much so, that in the case of Stations Casinos, it resulted in an increase in customer retention by 14%. These positive results are being seen right across the board, from lans based casinos and betting shops to online casino and bingo sites.

The advantages of utilising big data in the gaming industry are clear for all to see. Improved and more in-depth market research, which is then used to cater more to customers’ individual experiences; is directly related to a marked increase in retention, playing time and spend. Big data has now become essential for online casinos, who use this detailed data to help develop strategies for new player acquisition, retention, loyalty programs and regular promotions.

The future and success of the gaming industry has always been based on using as much information as possible to offer the best products and services possible; and therefore, big data is just a natural progression of this ethos of striving to give customers the perfect gaming experience in return for revenues being maximised.

By Steve Marks

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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