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As more countries open up their markets to iGaming operators, it has become increasingly clear that online casinos are here to stay. After all, with buy-in from both residents and legislators, casino operators can enjoy favourable social, political, and legal environments. This sustainability has inspired more online casino operators to invest heavily in their platforms. However, with the stiff competition in the industry, operators inching for bigger market shares have embarked on strategic expansions by relying on market intelligence. We explain what this is and the strategies that are working in their favour.

What is Market Intelligence?

Business decisions in the casino world can make or break an operator. As such, online casino operators spend a great deal of time strategising before they decide to make any changes to their services. Luckily, they are now able to cut back on this time by using market intelligence. So, what is this?

It is simply tailored data. Casinos now have the tools they need to collect and analyse market data, not just about trends in the market but also on their own players. They can use the findings from these analyses to determine the best way forward. For example, if the analysis predicts that a certain market will have a boom in the coming year, then the casino would focus its marketing efforts on it so as to capitalise on this growth.

Which Tools Are Casinos Using?

Admittedly, the casino industry is awash with invaluable data. So, how are casino operators making use of all this information and why? Let's review the top strategies at this moment.

1. Artificial Intelligence (AI).

Casinos rely on AI to learn more about their customers. This technology, combined with machine learning, has the power to study a player based on their interactions with a site. As such, it allows casinos to collect data about each player, including:

  • The games they play.
  • How much time they spend on the site.
  • How much money they use on the games.
  • How often they play.
  • Their motivations, e.g., if they play for profit or for fun.

With this information, the casino is able to tailor unique experiences for each player. How? The site can suggest new games that align with what the player likes and can also show the player ads that relate to the games they enjoy. This targeted marketing increases the chances of a player clicking on the game suggestion or ad compared to when casinos show each player the same thing.

2. Big Data Analytics.

Casino growth comes down to two aspects. First, they must retain their customers as they form their main customer base and are a predictor of future revenue. Secondly, they must attract new customers, not just to expand their customer base but also to replace the customers they lose over time. Big data analytics helps operators stay on top of the second goal by enabling them to gain insights into the following:

  • The current market trends. The online casino market is highly competitive, and any operator that falls behind loses out on key customer attraction and retention strategies. As such, casinos continuously analyse market data to figure out how well they are doing compared to others, the marketing trends and campaigns that their competitors are using, and the strategies that are working. With this information, they can identify the most profitable markets and channels in which they can invest.
  • The technology trends. New platforms are always coming up in the online casino world, from AI to cryptocurrency to virtual reality. And players are often eager to jump onto the next trend, which is why casinos must research emerging technologies and determine the ones that are a good fit for them.
  • The regulatory changes. Market regulations are subject to change, and not only should operators be aware of these new rules, but they should also analyse how adopting these new changes will affect their operations.

For all these situations, big data analyticsnot only predict what will happen in the future, but they also enable the casinos to test out various models to determine the best course of action in light of these changes.