Russian roulette with gambling analytics – How the industry has become data-driven
Gambling by its very nature has always been a numbers game, where bookmakers live and die by their odds. It’s, therefore, no surprise that the rise of big data has caught the industry’s attention. The ability to harness massive volumes of data to provide real-time insights is having a transformative effect on businesses in this sector. However, harnessing gambling analytics for predicting more accurate odds are merely scratching the surface.
With the sheer volume of data being created and collected, organisations now have the ability to gauge extraordinarily sophisticated consumer insights from their gambling analytics that allows them to tailor the player experience, manage risk, and protect problem gamblers.
Read on to traverse through the gambling industry and why they have wholeheartedly embraced gambling analytics.
Greater sales and customer acquisition for casinos
Customer acquisition using data analytics has been a successfully tested method used by every industry and it is not surprising that the gambling industry has embraced it.
With deep insights about customers, casinos are able to tailor packages and opportunities so that they are able to attract a larger base. Once they do, they are able to acquire customers and further strengthen their customer base. They are also able to exploit gambling analytics to ensure they have their patrons locked on – hooked, line, and sinker!.
Sales strategies can also be bolstered in favour of casinos via elaborate loyalty schemes. This is vital given that most loyalty initiatives comprise costly incentives that are provided to entice new customers – think free betting vouchers and enhanced odds for new players. Predictive analytics allows companies to focus on the most profitable customers – cutting their costs as well as supercharging their sales all at once.
May the odds be in your favour – how gambling analytics is right 90% of the time
Today, when gambling has become insanely popular, casinos need to acquire advanced big data tools in order to accurately determine the odds and personalise their games for different types of players. Most industry leaders have already hired teams of big data engineers and technicians.
As a matter of fact, it was bookmakers who were the first gambling professionals to implement big data analysis in their processes. Big data helped them analyse previous games, determine winning and point scoring patterns, while establishing more realistic odds.
Bookmakers are not the only people in sports betting who exploit the benefits of big data. Organisations use big data to analyse the players and tactics of the opposing team. Moreover, betters are able to compare team data sets and determine the game’s outcome – the result of all this is the ability to win much more money. Since in most team games there are favourites and underdogs, advanced big data analysis is able to predict the winner in more than 90% of the time.
For instance, data analysts with the right tools and software could predict the outcome of 14 out of 16 matches of the 2014 World Cup in Brazil. Even more impressive, they were able to predict the outcome of 15 out of 16 games in casinos. These reliable and favourable odds have revolutionised the betting sphere.
Gambling analytics helps poker players develop their game strategies
In recent years, poker has become much more than a simple card game. Big poker tournaments are often broadcast on popular cable channels, while successful poker players have attained celebrity status. Online poker has become a favourite past time for many players and competition in this niche space is growing at a very fast pace.
There are certain companies and apps that are able to track all major poker tournaments in the world and enable users to track player statistics – using them in their own game strategies. In this highly lucrative and competitive world, gambling analytics has become the golden nectar of heaven for poker players across the globe to ensure they get things right.
In a numbers game, whoever has the most information usually ends up winning. Gambling is already all about the numbers, so it should probably come as no surprise that the rise of big data has caught industry leaders’ attention
The problem with gambling is that it’s a hugely dynamic business, with odds constantly evolving in real-time. This makes standard data warehousing techniques redundant, as players and managers need to be able to access their data instantaneously. With sophisticated data analytics platforms, these problems can be defeated.
For more information on data analytics and how it has revolutionised the gambling industry, visit our site.