Analytics, big data, and data science apply to online casinos
These three terms are all relevant data and are all relevant. But they are not all the same. So here are some definitions.
Big data usually means a huge amount of raw data, much more than most system applications will have the computational power to process. It is also difficult to structure effectively and hard to store. However, it needs to be collected and used to inform casino business decision-making.
There are many sub-sectors for the field, for example, data cleaning, analysis, statistics, programming, data collection, and more. In a broad sense, data science encompasses the techniques used to gather information and insights into raw data.
Data analysis pays special attention to gathering meaningful information and conclude raw data. Many disciplines use data analysis to make effective decisions and verify or reject existing models or new theories. Data analysis tools can also be used to predict and model alternative outcomes.
The customer data is of the dusty gold industry. It reports information about your players, what they bet, how much time they spend on the game, and tracks their progress through your online casino.
Big data can also be deployed in a variety of approaches – games, layouts, designs, promotions, and more can be tested (usually in real-time) to give you feedback on what works, what isn’t, as well as exactly how they perform.
Take the welcome bonus, for example. One group of players gets bonus A, while the other group gets bonus B. Which of the two rewards the best conversion rate? And which batch is the highest spending person? This kind of detailed feedback can inform and refine your marketing efforts. For example, some casinos now use the general new player bonus, but target bonuses for customers who return according to their play style and preferences.
Sharply-focused change tracking can help your casino business spend time and resources chasing what’s simply inactive. And that frees up time, for example allowing for personalized targeting of players who prefer positions or those who spend time playing Blackjack.