Big data solutions have transformed the way companies do business, and it is no surprise that the rise of big data has caught gaming and betting industry leaders’ attention.
Industry leaders quickly took advantage of big data analytics and designed different big data services to enable their partners to strategize more effectively. Still, it takes creativity rather than time and only willingness to grab a hold of hundreds of terabytes of data and exploit it to the maximum.
“We are data-rich. Let’s be insight-rich as well,” said Tatevik Hakobyan, Chief Data Officer of BetConstruct, at the first-ever ArmDataHackathon. “Real value is not the large volume of data but what we can do with it.”
Gaming and betting companies have long known how to develop games or new bet types or betting markets. Now it is time to unleash the potential of big data to increase customer engagement.
“Customer retention is much more difficult than acquisition. Analyzing big data empowers us to understand their wishes and expectations and make data-driven decisions,” says Tatevik Hakobyan.
After BetConstruct had successfully developed the first version of its Customer Relationship Management (CRM) product, the team embarked on a new venture – to develop the second version of CRM. It is planned to upgrade BetConstruct’s unique gaming CRM which is already well-known for its functionalities such as existing player base segmentation, target group configuration, ad-hoc marketing campaign creation and more.
The company has been building its lake of big data which is used to help operators examine customer sentiment. It helps answer some of the hardest questions in business management – what impact do our marketing campaigns have, and how can these campaigns be altered to target certain segments?
Big data is essential for decision-making – be it real-time decisions or making paradigm shifts. Operators come to understand their customers’ wants and needs as well as predict their future tendencies. It means they have enough information to plan and execute strategies more effectively.
In the same way that big data can empower operators to make better decisions, it too can help sports bettors and fantasy sports players make informed decisions rather than trusting their gut feeling.
BetConstruct’s Statistics gives operators an access to accurate historical data for top football tournaments held during the last 20 years. Different operators can use this information in two ways: sports betting operators provide these data on their website so that players can make data-driven decisions, and daily fantasy sports providers create better measurements of performance so that fantasy more accurately reflects what happens on the field.
Gaming and betting businesses are only just starting to explore what big data can do, and once they’re more familiar with its capabilities, they will connect with their customers with more to offer than ever before.