Caring for your customer: The importance of Data Science 

The iGaming industry is experiencing accelerated growth and is expected to reach $158 billion by 2028, according to recent market research by Fortune Business Insights. Data Science and Analytics play an important role in achieving this projected growth. The collection, analysis and insights gained from player behaviour are important enablers in the ability to provide data-driven decisions that positively impact the end-user experience. Positive user experiences will drive engagement and retention.

How Symphony Solutions puts customers first 

At Symphony Solutions we put people first. We understand that everyone is unique and individual in their experiences and preferences. This should follow through to data and the mindset employed when designing a data strategy in iGaming.  

Finding the balance between value-based segmentation and truly knowing and catering to your customer´s needs is key. It wasn´t long ago that terms like ´how to hook a customer´ or how can we ´push a customer´ were used.

We are long past that. We couldn´t be further away from this as a mindset if we tried. Instead of focusing on high dollar amounts and profits, finding a balance between knowing what games a customer likes (which might not be the most profitable) and messaging the customer about events or games that they might like that sit within their usual spending pattern should have equal importance – high value upsell is not the be-all and end-all.  Customer safety and satisfaction should always come first. 

says Eduardo Dos Remedios, VP of iGaming at Symphony Solutions. 

Why an iGaming company should need a data analytics strategy  

Collecting and analyzing data allows the betting operator to understand the reasoning behind user behavior and what may help the bettor experience the games in a safe and entertaining environment, keeping the right balance of engagement while protecting the user from exhibiting harmful patterns in behavior and getting ‘hooked’. This way the bettor has positive experience playing, trying out new games or betting on different kinds of sports.

Whilst we do of course provide you with typical stats such as daily active users, number of bets, total stakes, the key here is focusing on your customers, who are they and what do they need, whilst keeping them safe.

The current tendency is to pay close attention to customer behavior when engaging in potentially harmful activities. Bearing the social responsibility of a betting operator, you want to create an entertaining yet safe environment for your users. At Symphony Solutions we can use customer standard behavior as a marker to see if they display any problematic changes. Different gambling jurisdictions have different markers as to what player harm might look like. Keeping a track of these all and encouraging your analysts to look for new markers of harm based on customers who have self-excluded can truly help how limits of harm can be indicated and go the extra mile to help the customer. This way you can know exactly:

• What is appealing to the bettor?
• If you should interest users in exploring a new kind of game?
• What is the right timing for ad placements?
• Is the player engaging with the games in a healthy way?

At the end of the day, all the operator wants is to deliver the best player experience and have a safe and satisfied customer who spends some entertaining time playing their games. A happy player makes for a busy business. So if you know how to use the data just right, you will create the kind of environment that will be beneficial to the player and keep the business profitable.

Types of Big Data analytics in iGaming

There are different types of big data that can be tracked, analyzed and used in iGaming but they can be put into categories based on whether you are observing general tendencies across your betting or gambling app, or if you are following a single user in order to understand their behavioral patterns and draw conclusions from that to customize and improve their playing experience.

In-game analytics

A lot of data can be tracked from how the game app is being used daily, from real-time data to long-term statistics that is collected and consolidated for further analysis.

• Real-time data monitoring is a way to deliver relevant and time-sensitive reports that can be important for efficient decision making for achieving business objectives.
• Behavioral analytics show the way a bettor interacts with the platform, what kind of games they play and how often, how their playing patterns change throughout the months, are they likely to click on recommended games or stick to what they know.

Predictive analytics in iGaming  

In online gambling and sports betting, players often like to access data on previous games and analyze it so that they can predict the outcomes of future games or sports matches. Using predictive analytics has already shown a proven track record in winning casino games, lotteries, and even jackpots. The right way to achieve positive results is to leverage machine learning and neural networks to build data-driven betting and gaming strategies. Powered by AI, such predictions can achieve a high level of accuracy and help punters increase their wins.

How iGaming companies can apply data analytics 

If a company wants to start using data, firstly it must have a data warehouse solutions suited to the desired business needs and then the data brings the business benefits. We can design and build this for you based on your needs! But the trick is defining what are the needs?  For example: 

• Product-related Key Performance Indicators
• Behavioral modeling
• Predictive modeling and forecasting
• Up-selling and cross-selling through personalized recommendations
• Optimized gamer experience across game platforms
• Fraud detection
• Preventing harmful gaming behavior with responsible gambling
• And many more options that we can help you with.

Building software solutions for gambling and sports betting requires having a good grip on the technologies and an eye for innovation. Symphony Solutions has over six years of relevant experience working with leading names in the industry. Our expert teams build custom iGaming solutions with the goal of creating a seamless experience with excellent customer engagement. Behind all that we apply our solid data warehousing experience and our expert data scientist to the tasks.