Posted in Industry May 18, 2019
Big Data in Online Casinos: Changing the Industry
Online betting is among the fastest growing sectors in the modern world. The online gambling platform is growing at an unprecedented rate with more and more individuals being drawn to it. Creating an account is at times as simple as a few clicks. The biggest and most influential companies improve their products and services by knowing their target customers, their needs, and preferences. Firms collect data, or information, and use it wisely for smart marketing and decision-making. For someone interested in or using online betting services, understanding how big data is used is crucial in understanding his or her upcoming experience.
What Exactly is Big Data?
Big data is simply a term used to describe vast amounts of data that entities use on a daily basis. The data could be structured or unstructured. Big data analysis works on one major principle, which is analysing data to get an insight that can contribute to critical business decisions. Online betting platforms use data collection and analysis to improve their services. Note that the industry is not the only one that benefits from the collection of information or data. Furthermore, data collection does not mean that your private data is being stored and made vulnerable to malicious use. It only means online casinos collect, analyse, and use data that their customers willingly give them to make the betting experience a lot more enjoyable, convenient, and safer. Recent events like the Mark Zuckerberg Senate hearing show how important data security is in all online platforms.
How Online Casinos Utilise Big Data Analytics for Marketing
Online casinos and other business entities collect data primarily to create successful marketing campaigns. Through data analysis, businesses can note which games are the most popular at specific locations globally. They also get to understand the preferences of different clients. The process of data analysis is not a simple one. It can be summarised into four key principles of data processing including Ingesting, storing, analysing, and visualising data. Furthermore, storage and data analysis must be done repeatedly before any specific answers can be supplied by the program. However, as the quantity of data increases, the accuracy of results increases proportionally. Online gambling businesses can use big data analysis on individuals to learn how loyal a customer is. This information helps casinos provide loyal customers with perfect bonus offers, thus increasing cash flow in case the customer decides to make a deposit.
Using Big Data to Positive Effect
Internet users who may feel overwhelmed by the complexity of using big data can find optimal solutions by browsing online for the same. It is not up to the user to get hold of raw data, process it and get results to improve their chances of winning – not at all. Online casinos have already processed data and can supply optimal solutions to customers. For instance, Google and Microsoft managed to make accurate predictions during the 2014 World Cup using big data analytics. Knowledge is power and could give you a slight edge over other players if you take the time to read up. However, chances of success are quite low as casinos have sophisticated big data systems, which are hard to beat.
Big data is a tool that companies will keep using in the future to improve user experience both globally and individually. This means you can expect a more convenient and entertaining experience with online gambling services. Online betting companies are in no way stealing your private information but instead are collecting data to improve their products and services. Various technologies and systems such as artificial neural networks, deep learning, machine learning, virtual reality, augmented reality, and blockchain are slowly being integrated into the industry. The implementation of these evolving technologies will revolutionise the online gambling industry in the future.