How online casinos are implementing data analytics

Online casinos, especially those that use crypto as their main payment method, always use cutting-edge technology to provide a better experience for their users. In recent years, data analytics have taken over as the next big thing that's changing how online casinos are used.

In this article, we'll analyze how data analytics have been used and the benefits they provide to the players and the casinos. As more players keep joining these casinos, the data the casinos use will become more comprehensive, and the additional services will get better.

The state of crypto casinos

Crypto casinos have been growing for years, and this trend is the most noticeable among the younger demographic of players. Using cryptocurrencies provides a variety of benefits to players, such as safer, faster, and more secure than fiat money when transferring funds. At this point, the global casino market is about $263.3 billion, growing by 5 percent a year.

The attitude towards crypto in general has changed, and it's not uncommon for casinos to offer a variety of altcoins as payment options. Tether casinos, such as the ones reviewed on Cryptomaniaks have been on the rise lately, as the value of Tether is much more stable than most other cryptos since it's tied to the value of the US dollar.

What's big data?

Big data refers to the vast amounts of data generated every second from various sources, such as online transactions, social media interactions, and sensor data.  Casinos collect this data from their users and their various interactions with the casinos and other players. Combined, the data provides valuable information about the players and allows the casinos to shift the offer to suit the needs of individual players.

Online casinos collect transaction records, personal data, gaming preferences, in-game actions, geolocations, customer support data, and device data.

Player behavior

Using player behavior data to adapt the casino offers has proven to be lucrative for many casinos. Research shows that the casinos that have utilized players' data had an increase of 27 percent in player engagement and a 14 percent increase in player retention.

Player behavior data includes time spent playing, the length of each session, the preference for games and types of bets, and how risk-prone or risk-averse a player is.  From the player's perspective, personification drives engagement and creates a bond with the gambling site.

What does personalized gambling experience look like

The UK Gambling Commission has researched how a personalized gambling experience affects the players. It shows that if the gambling experience provided by the casino is tailored to the needs of the player, they are more likely to keep playing and tend to increase their bet amounts.

The personalization starts with the casino recommending games based on the previous games a player has tried. It also includes tailoring the bonuses and promotions based on previous patterns. The user interface can also be personalized to focus on individual player's needs and gambling styles, and customer support can also adapt.

Working to prevent problem gambling

Responsible gambling is a priority for online casinos, as it's a legal requirement and shows the care they provide to their users. By analyzing metrics such as betting frequency, wager amounts, and session durations, casinos can spot a player who's experiencing addiction issues and work to prevent problem gambling.

For instance, casinos can lock the player's account, limit the deposit size, or provide counseling and addiction support. Targeted interventions based on player's actions are more effective than blanket measures casinos provide otherwise.

Fraud Detection

Using cryptocurrencies to gamble allows players to access casinos all over the world and quickly and safely transfer funds. However, using online casinos based abroad is also a fertile environment for scams. This is especially true for scams, including gaining access to the player's emails and personal data.

Research shows that using big data can lower the chance of fraud by as much as 30 percent. The data used to trigger safety responses from the casinos is widely available, and it includes transfer amounts of interactions with unknown addresses and can even go as far as the player's messages.

Customer support

Big data can be used to predict when players may need customer support based on their actions and previous experience. This leads to quicker problem resolution and greater player satisfaction. It also improves customer support by allowing it to learn from all the interactions it has with players.

AI now provides the majority of customer support for Tether casinos.  Having a set of data to inform the AI learning will further improve the quality of support and cut costs for the casinos. Human interaction will play a role in customer support, but only when AI can't provide the solutions the players are looking for.

Churn predictions

Casinos need to do what they can to retain the players as long as possible. Online gambling can be somewhat repetitive, and it takes a toll on the players. By tracing the player's behavior, casinos can predict the very moment the players are ready to give up on a game.

Personalized interventions from this data can change players' minds and improve the overall experience. This could include offering personalized bonuses, sending tailored communication (such as emails or push notifications), or providing exclusive access to new games.

To sum up

Online casinos are implementing a variety of high-tech solutions to improve their offer and remain competitive. Big data analytics are a big part of it now that every casino has access to the data provided by their users.  It can make gambling safer, better suited to the player's needs, and, ultimately, more lucrative.

An interesting advantage of using big data this way is that the models get better at predicting player's needs the more they are used.  In a competitive market such as online gambling, this can be a central advantage for a gambling establishment.