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The online gambling industry has become incredibly popular. Players throughout the world use computers and mobile devices to access web-based casinos. We see new operators emerging every day, and it's not easy for a gaming provider to secure its market share. That's where business intelligence comes into play.
BI mixes data collection, analytics, visualization, and other tools. The idea is to provide useful information to help the business make informed decisions. So how can an online casino benefit from this actionable intel? Here is an insight on how business intelligence can impact the gaming industry!
Internet gaming is a surprisingly well-regulated industry in most countries. However, a web-based casino needs to acquire a license from a relevant authority before offering its services to players. That's why online gambling platforms are dedicated to securing business transparency and fair play conditions for all players.
A gaming license is temporary, which means casinos need to renew it regularly. That implies they constantly need to meet relevant laws and regulations. The authorities might request comprehensive and accurate reports, which is not an easy thing to produce. Business intelligence simplifies that process. It ensures that a casino can produce and deliver any regulatory report quickly.
An online casino can't attract players without offering fantastic games. Many gambling platforms mix quality and quantity. That's why you'll find thousands of titles, including:
Many casinos include keno, virtual sports, craps, and other games. If a platform has hundreds of titles, business intelligence can discover the most popular releases. Analyzing data can show casinos which slots are most played and whether players prefer roulette and blackjack.
If you want to enhance the overall player experience, informed decision-making when designing the games' library is crucial. For example, if players love a particular slot, promote it on the homepage to present it to new players. And if you believe a game has more potential, you can use the promotion to attract new users. Finally, if a title turns out to take unnecessary space on the server, a casino can remove it from its library.
The most profitable games will usually be those played by most players. However, you can benefit from learning more about a particular title's performance. For example, do the players prefer playing Texas Hold'em Poker with low or high stakes? If your low-stakes tables are full, how about adding new rooms to boost profitability?
The mobile gambling market's worth was at an impressive $79.5 billion in 2020. The reports indicate the industry value will increase by three times in 2027. That puts the potential market worth a whopping $250 billion!
Business intelligence can reveal details like which device your players are using and how they access the site. Are they accessing from a browser or using a dedicated app? Is your casino more popular among Android or iOS users? Based on the information received, you could focus on improving services in that area.
Most online casinos offer their services to multiple countries. Those facilities could benefit from a player location analysis. Business intelligence can deliver actionable information, such as where your casino is most popular. For example, you might be surprised that many players come from Sweden. You might think about launching a localized version to bank on this popularity. That way, you'd attract even more users from this country.
You'll often hear people in the business intelligence industry using buzzwords like data accuracy. If you want to have reliable information, it's vital for it to be accurate. You can best see that when analyzing player preferences for bonuses. These can help to define the right promotion strategies and attract new users to your site.
Online casinos often offer welcome and loyal player bonuses. The incentives for new players include free spins for specific slots, first-deposit boosts, etc. As for loyalty programs, they could include a VIP scheme with various benefits, slot races, and so on.
If you launched a promotion, you'd benefit from knowing its details. How many players have used it? Did all users spend all the bonus funds? Did a bonus for a specific game or genre prove better than another promo deal?
These are all questions that would help you to tailor the bonus offer to your visitors. If a slot race had most players participating in that promotion, how about repeating it soon?
Another thing to analyze is how many new users stay after using the initial bonus. If you aren't satisfied with the percentage, think about how you can improve your services.
Business intelligence will provide accurate reports that could help to identify potential trends among players. That way, you can act on time and keep up with the competition or even secure an edge.
The latest report could reveal that a slot game had ten more players than several months ago. It's still not among the most popular, but it shows potential. That could be the right time to promote it. Perhaps you discovered the next gem that will attract players to your platform.
An online casino isn't different from other businesses since profit is crucial. Business intelligence can help to collect actionable data and make smart moves in the future. That will ensure the operator boosts profitability. It will also save money on experimenting with different services until finding the right balance. The long-term positive effects of BI ensure it can be a wise investment for an online gaming platform.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
