iGaming Providers Turn To New Data Technology For Payment Solutions
These days, iGaming providers are using new data technology to create better, more efficient payment solutions. It's one more way data is making an impact.
Over the last seven years, the iGaming industry has come a very long way. In 2019, it has become one of the largest industries in the world. It is comprised of several different online gambling sectors like the online casino sites that accept PayPal, live sports betting, and poker. Big data is going to have a large impact on the direction of this growing industry. Industry data shows that the real money betting and gambling sector was worth around $417 billion in 2012. iGaming accounted for 8% ($33.8 billion) and the market is growing fast.
iGaming Evolves with Big Data
By 2023, the iGaming market is expected to generate almost 70% of all global gaming revenues (over $75.5 billion) and there are some statisticians the estimate that revenues could reach around $100 billion by the end of 2020. Gaming providers are looking for new solutions to maximize their bottom line. Big data is going to play a more important role in all of them. Customer care is an example of an area where big data is going to be very important. Gaming providers use big data to personalize services for consumers that are purchasing either goods or services. As a result, business reputations being made or broken on brand image and customer services that rely on advanced analytics. In such a highly competitive market as iGaming one of the most important aspects of customer service is simplifying process of depositing and withdrawing money. This is another area where big data is especially important. If evaluates risk factors to verify identities, prevent fraud and ensure compliance more quickly, so customers can get and deposit money as timely as possible. No player wants to have to wait for funds to make it into their account after making a deposit and no players wants to have to wait for winnings to go back into their preferred payment option. Delays on both sides of the banking methods will surely lead to players looking elsewhere even though waiting for days for a pay-out to clear was standard practice a few years ago. Running the risk of losing traffic in this way is very real as there is always another platform that provides more attractive services elsewhere, so the quicker the better is the optimal way to keep players happy and more importantly loyal for the long run. This is why gaming providers use big data to deliver the following benefits:
- Today players expect to be able to play their games on several devices without degrading the quality of their games, regardless of the devices they are using.
- Payment functionality should also support a seamless transition of user experience and although supporting all types of payments can be quite expensive the use of big data can glean a better understanding of gamer preferences and behaviours so trends can be monitored and actioned on.
- Contrary to popular belief, the use of payment bonuses and promotional offers that focus on customer attraction and the keeping of those customers is still working well, even though it has been around in iGaming for at least 10 years. Those bonuses include match bonuses and free spins on a nominated slots game. They are one of the oldest trends in iGaming and are used to encourage new players to come through the virtual doors and begin to deposit as well as keeping existing players coming back as well as giving those dormant customers a reason to play again.
Providers are giving bonuses as part of an ever-evolving payment strategy. They are using them to improve existing customer satisfaction, as well as drive new customers through their virtual doors.
Conclusion: Gaming Providers Rely on Big Data More than Ever
The majority of iGaming sites will offer all of the standard payment options such as credit and debit card, a range of eWallets like PayPal, and direct bank transfers. Some sites will also give players the option of using their phone to fund games either using their monthly contract or deducting the cost of games from their pay-as-you-go account. Increasingly we are also witnessing blockchain cryptocurrencies like Ethereum and Bitcoin gaining popularity as a payment option to fund games. Being able to fund almost instantly in total anonymity is very appealing to the consumer, especially if worried about personal identity fraud. Wearables could also increase in popularity as a payment option and according to ABI Research (2017) the shipments of wearable technologies will reach over 500 million by 2021 meaning that payment options like Samsung pay or Apple pay or any other version will work not on the smartphone but also on other, different wearables.
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