The Game Changers: How Data Analytics Are Transforming The Online Gambling Industry?
While new innovations have helped push the online gambling market, it’s access to data that’s making the biggest impact.
16:07 30 July 2021
The online gambling market has grown tremendously thanks to trustworthy operators like Betway, who have embraced the latest innovations in the industry. This industry is set to hit a record high of $87 billion by 2024, with billions of players worldwide. However, while new innovations have helped push the online gambling market, it’s access to data that’s making the biggest impact.
Some ways that data analytics is transforming the online gambling market include tracking online security, profiling competitors, revealing player preferences, providing industry statistics, and much more. Let’s take a closer look:
How Data Analytics is changing the Online Gambling Market
Like any other business out there, online casinos collect their customer’s data by monitoring their on-site activities. These operators monitor their customers from the moment they arrive at the site – whether organically or through the following link, tracking the sections they access on the site. They also track the games they spend most of their time on, the amount of cash they spend, and how they interact with fellow players.
Online casinos not only monitor the customers’ behavior on their site, but they also go further to look into who they are, collecting as much information about the customer demographic. As such, this unprecedented access to the customer data has a transformative effect on the industry in various ways:
Improving Gaming Experiences
Data analytics is allowing online casino operators to make their games more entertaining by motivating the players to keep interacting with the games as long as possible. A good example of this is the Betway live games, which offer interactive and entertaining gameplay online. These gaming experiences can be improved in various ways, including the use of wild symbols for increasing the stakes and more user control.
Besides collecting customer data, casino operators can use big data analytics to profile their competitors. By doing so, operators can gain knowledge of the competitors’ client base and how they engage with their platforms to improve theirs easily. Knowing the games that are popular and which ones aren’t, helps an operator to know how best to tailor their offerings to suit the current market.
This type of analysis previously took a lot of time, money, and energy to complete, but that's no longer the case with big data analysis. Big data ensures that the operators get detailed reports with all this information almost and immediately and will take less effort.
Tracking Online Security
Online gambling sites are prone to cyber-attacks and loss of their customers' data, which can be devastating. Most of the operators take different steps to secure their sites, but even the best-prepared sites can sometimes miss something.
Big data helps analysts and other professionals in the online security business to easily detect any loopholes or irregularities in the system. That way, it can eliminate cybersecurity threats, including pinpointing weaknesses in the system, notice hacks and notify the IT team wherever there's malicious code in the software. However, big data won’t protect an establishment on its own although it remains a handy tool alongside other methods.