Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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How Big Data is Giving iGaming Companies a Competitive Edge
Jan 26, 2024
Image: Canva Pro
iGaming companies are always striving to obtain a competitive advantage over their opponents. Given the fierce nature of the industry, it is not unexpected, as several options are available for players.
Some will argue that players have all the power when it comes to choosing which operator to use due to their abundant choices. Hence, it is not a shock that brands always seek ways to better position themselves in the market.
Big data has allowed companies to find various methods to help them achieve this, as it has continued to identify patterns, behaviors and trends that can be exploited.
Product personalization
iGaming companies can offer a personalized service when utilizing big data, giving them a competitive advantage other their rivals. They can design marketing strategies that target the types of consumers they are trying to attract, giving them a greater chance of successfully converting them. This is because they can identify what certain players are looking for, and then provide them as an offer to entice them to join.
Some iGaming firms will also use the data derived from the analysis to create the best experiences for their customers once they have signed up. They may offer players the types of bonuses and promotions they want to use, the types of games that appeal, or provide loyalty offers that may entice individuals to keep spending to obtain them.
Game creation can be aided by the use of big data. It can help developers analyze what types of games are working and what are not, which mechanics are proving to be more successful, and the type of gameplay being enjoyed. With the availability of this data, an iGaming company can use it to their advantage to release titles that are likely to attract as many players as possible to enjoy it.
The ability to personalize the services that are being offered can allow the iGaming firm to improve its retainment rate. This can be a key ingredient for success across this industry, as players can freely switch when they want due to the number of available options.
Improving market position
Big data can be used to give an iGaming firm a better market position, thus enhancing its competitive edge over its rivals. Consider the example of a typical online casino in Canada, where operators relentlessly work on their marketing practices and competitor analysis to maintain and improve their online presence.
Canada’s iGaming market is extremely fierce, especially as there have been recent changes to legislation and regulation in certain provinces. This has led to an influx of operators entering the previously untapped market.
Providing a safer gambling experience
Firms have been able to use big data to ensure they provide a safer gambling environment for their players. iGaming activities are typically associated with risk, but players know that they can enjoy them if they remain responsible and disciplined.
Operators have recognized they can do more to promote a safer experience and have used big data analysis to help them achieve this. They have implemented big data and AI technologies to monitor player behaviors and trends, which can help them identify potentially harmful gambling and stop it before it becomes too late. They can also use the technologies to spot fraudulent activities, ensure fairness, and implement predictive models to determine what may happen in the future, thus allowing them to be in a better position to stop anything dangerous from happening.
Online casinos can often be favorable sites for digital intruders to try and exploit due to the amount of money that is transferred between the site and players. Using big data helps the operator protect itself and its customers.
The Bottom Line
Big data has been an influential piece of technology for iGaming companies seeking a competitive advantage. It has become a key component of its marketing and research strategies as they look to capture as many customers as possible. At the same time, the firms using it can promote a safer gambling environment, which will be an advantage on its own, as players are always looking for trusted gameplay and safe experiences whenever they want to enjoy a session.
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