How data-driven decision-making drives iGaming business growth

iGaming platforms have no shortage of data. The challenge is to make sense of this data. That’s where analytics comes into play. Sure, but even then, online casinos can sabotage their efforts with outdated technology that provides inaccurate information and torpedoes their business decisions and strategies. On the other hand, those equipped with sophisticated tools may struggle to turn their data into actionable insights that actually impact their bottom line.

So how can you get the most out of your data? First, let’s take a closer look at the important role of analytics. Then we’ll look at how data can contribute to decision-making — the one that can really make a difference in your business. Finally, we’ll introduce you to an online casino software provider that offers cutting-edge iGaming data and analytics tools.

Why iGaming businesses should leverage analytics

Online casinos have loads of data on their hands. Not only do they require players to provide information during the registration phase, but they also ask for personal information to verify player identity and process payments.

iGaming software platforms also have access to the users’ location, IP address, operating system, browser, preferred language, and other information that is accessible even if players don’t intentionally disclose it.

However, this data is only valuable if you use analytics which helps make sense of patterns and trends. Fortunately, you can just as easily find online gaming software that provides the best iGambling analytics tools, such as real-time reports and business intelligence, to help interpret the data.

Here’s the data we recommend iGaming platforms to collect:

Got the data? Great. Next step: making rational, data-driven decisions for iGaming businesses.

What does data-driven decision-making mean for the iGaming company?

What’s at the heart of data and analytics? Actionable insights that power the right decisions. Let’s look at the benefits that await you when you nail data-driven decision-making.

їAs mentioned earlier, players provide a wealth of personal data from the moment they register at an online casino. And their data points accumulate the longer they play. Thanks to iGaming solutions, you can get information about their favorite games, their in-game performance, win/loss ratios, and other usage data.

Marketers can later use this information to create comprehensive customer profiles that can be used to deliver targeted advertising and personalized offers. In this way, every dollar spent on marketing can be put to better use.

Big data analytics, which relies on large amounts of data to uncover insights, is particularly effective at predicting customer behavior and preferences. Marketers can use the insights to hype up features to players that are most likely to find interesting.

Artificial intelligence uses big data to predict issues and stop problematic gamblers in their tracks. For example, the system can automatically send pop-up alerts informing players of the amount they’ve already spent and the risk threshold they may exceed. It can even advise players to cease playing altogether.

Fraud detectioniGaming platforms are vulnerable to criminal activity ranging from identity theft to credit card fraud. So operators must be equipped with fraud detection software that sifts through data to identify potential risky or fraudulent behavior.

These solutions use machine learning to analyze massive amounts of data, define risk rules, assign risk scores, and perform real-time monitoring. For example, they can analyze historical data to set risk rules that detect abnormal payments and block suspicious actions. 

Upselling or next-best offersUpselling can be a fruitful source of additional revenue. However, if you overstep the mark, you risk causing marketing fatigue that will overwhelm players and cause them to leave the platform. You can prevent this by relying on real-time reports that allow you to anticipate customers’ needs and wants and provide just the right customer support and product offerings.

iGaming players leave digital trails and breadcrumbs you can use to personalize your offerings, which, in turn, makes your customers feel like you care about them. You can use predictive analytics to deliver next-best offers, a type of personalized marketing where you can offer products and services based on a customer’s habits or gaming behavior.

When used properly, data and analytics bring benefits to both iGaming providers and players. That’s why comprehensive analytics should be at the top of your list when looking for the right gambling software provider.

Conclusion

iGaming providers are sitting on a gold mine of data. But they need to process the raw data properly to get real value from it. And analytics can help them do just that. With the right technology and processes in place, online casinos can make data-driven decisions to improve their games, increase their profits, and keep players coming back.

Are you looking to launch your iGaming platform? Wondering where to find the best-in-class casino software solutions for iGaming? You should look for a B2B iGaming platform that offers fast gambling software integration.

Horizon, an iGaming platform within VeliTech’s Ecosystem offers an online casino turnkey solution, providing a data and analytics engine that powers your decision-making processes with data from various sources. Reach out to us to learn more!