Raw numeric data is the backbone of any industry as companies rely heavily on it to make sales volume predictions and to generate consumer insights. Colossal sets of it such as big data play a strategic role in the realm of online gaming. Microgaming was the first such wonder of the virtual gaming kind and was launched in 1994.
Fast forward 23 years later and mobile gaming by itself produced a revenue stream of $40.6 billion in 2017. The rate of innovation and invention is no longer what it was at the beginning of the twentieth century. As are modern technological norms, the gaming industry is expected to experience a growth explosion in the coming five years.
Digital betting ventures have been around for a while now and have honed their capability to gather large data brackets. Not only that, firms have begun to uncover the secrets of how to monetize such knowledge.
Tech giants such as Microsoft have foreseen the eminence of data aggregation and procured successful gaming entities such as Minecraft for $2.5 billion. By doing so, Microsoft will be able to delve into infinite quantities of customer data and drive out strategic behavioral input.
After all, gaming companies have to ascertain the probabilities of player outcomes and have to customize their gaming frameworks in order to appeal to a diverse audience of gamers. Corporations have invested heavily into the recruitment and management of talented engineers and technicians.
It is imperative for businesses to retain such qualified, competent candidates who are well-versed in the software language and local company systems that perform data mining. This, in turn, will allow a low employee turnover and save hiring costs as well as time. The underlying motivation for such practices can be credited to the pace at which big data in gambling is revolutionizing the gaming world.
Better Marketing Practices
Since the inception of the first casino, betting companies have strived to personalize their portfolio of gambling products to keep their customers captivated. Contemporary history has reflected that big data has always been a critical component of gambling entities’ business strategies.
Such commercial firms depend strongly on big data to design effective promotional campaigns that will get the right message to the right consumer at the right time in the right place. In the modern era, evolution in communication and technology has become an expected norm. With constant developments in fiber internet technology, mankind has changed the way it speaks to each other.
The advent of computers, desktops, smart mobile phones, and tablets can be found in the hands of the youngest member of the family along with the ability to operate and interact with the gadget.
It is understandable then that our minds function in a different way than the way preceding generations did. Marketing managers have to work harder than ever to get their message across to their target market in an inspiring and stimulating manner.
The mere challenge of breaking through the vast ocean of information clutter requires each brand manager to come up with a compelling story that his audience can relate too.
The days of simply highlighting product benefits are long gone as not only do you have to capture your audience’s attention, you have to retain it as well. Technology allows gaming companies to do just that now. Inventions such as cookies have given gambling brand managers access to personalized knowledge such as what food their players like, what games appeal to them the most and what kind of patterns they utilize in their gaming operations.
When prospects are provided with incredible, customized experiences, they will keep returning to the same platform. In turn, the level of customer loyalty will ameliorate and keep the gaming company an ongoing concern for a long time to come.
Stronger Gaming Strategies
In the past few years, poker has surpassed the boundaries of traditional card play. It has become a grand sporting event that is televised on major cable channels. Virtual poker has also become a preferred source of entertainment and has witnessed a rising level of competition. As an online poker company, if you wish to bring more players to your site, you must know the best way where your customers can beat the odds. Arm them with more knowledge that will improve their winning chances and let them adapt their tactics in real time. Innovators such as Sharkscope monitor primary international poker competitions and facilitate players to evaluate players’ statistics by employing them in their own personal games.
Improvement in Operational Efficiencies
Fantasy sports is another gaming marvel that has caught the interest of players within its niche. Big data drive the portals of such companies and programs gaming dynamics as per a player’s statistics in real life. Complex algorithms have been developed and enhanced for this very purpose that scrutinize countless volumes of data (of the player’s life). By sifting through such data, the games are able to better predict which competitions will fare well with an accurate mix of talented players.
Big data has transformed the way betters function as they compare performance numbers of competing teams. Google assigned a large team of engineers to experiment and utilized Google Cloud DataFlow to import large volumes of data and analysed it with Google BigQuery.
With the magic of these softwares, they were able to forecast the results of fourteen out of sixteen matches of the 2014 World Cup held in Brazil. Microsoft beat that with an accurate outcome prediction of fifteen out of sixteen matches.
The true potential of big data is yet to be explored and will be unleashed with the passing of time. Tech professionals have just begun exploring its features and benefits.
It does not matter whether a casino owner, a player or a gambler uses it, big data will help determine their chances for winning. It will build player confidence, increase gaming subscriptions and attract first time gamers as well.
There is no doubt that big data comes with powerful implications for not only the gambling industry, yet multiple industry verticals will be able to reap its associated benefits.