Modern casinos have an ever-growing competition, now more than ever, thanks to customers’ ability to travel and the explosion of online gambling. Nowadays, you are not competing with just the casino next door, see the list from KingCasinoBonus, but with the entire division of online casinos that makes their games available to players from all over the globe and lures them with tremendous casino bonuses.
New technologies add a great value to casino operations, yet some casino professionals are resisting in trying out new tools. On the long run, this often results in decreased popularity among players and, implicitly, decreased profits.
So why are casinos resistant to new technology?
Financial difficulties are frequently cited as the main reason for this resistance, but operations teams continue to spend hundreds of thousands of dollars on different types of software, such as ERP systems. This demonstrates that there could be room in the budget for software acquisitions and the real reason is, in fact, quite different.
For example, let’s talk about the difference between ERP systems and Data Analytics Tool. For starters, casino operators understand the value-add of ERP systems and they have already proven their usefulness, while Data Analytics is unknown territory. They want to see evidence of the value-add before making such a costly commitment to simply try something new.
Another reason for this resistance might be the change and the necessity to learn something new. The operators have already done the work to learn to use the ERP system and inertia encourages them to keep to their habits.
However, if you are not growing, you are dying and the competitors are ready to do the work!
Business problems fixed by Data Analytics
Looking back to the previous year’s budget, you will be searching for wasted expenses, and this is where Artificial Intelligence saves the day. No slot site operator will make a change to an asset and then evaluate the outcome based only on the next month’s revenue from that only asset, he looks at the whole project.
In the same manner, when going over the past year’s marketing budget, one must look at the big picture. Are your promotions creating lift or just cannibalizing your business? Are they going unnoticed? AI is using complex algorithms to decipher real lift from cannibalization and other false leads so that you can be certain of the result of your marketing campaigns.
What used to be a very long budgeting process for most casinos, combing through numbers to account every penny for an accurate budget will become much easier. The data analytics platform pulls your existing data from the database and interprets it to return the answers you need on the fly.
By now it should be clear why many of your partners are making room in their budgets for data analytics. It is definitely a make or break matter!
Contemporary problems require modern solutions
Our younger generations are interacting with casinos in a different way than their parents or grandparents did, due to speedy changes in technology that brought gaming to smartphones. For this reason, casinos only have two options: sink or swim! If their option is to swim, that involves a lot of engagement, including accepting and investing in technology to make them faster and more appealing to millennials.
As the world evolves, businesses must adapt and many renowned casinos are consulting analytics that allow them to use forecasting to budget founded on future predictions, creating a more precise and progressive plan for success. Forecasting enables them to allocate the budget in such a way that will diminish wasted spending and create airtight budgets for the year to come, in a few seconds.
2020 Gambling trends
Following trends is often important, especially if you’re a business trying to stay relevant. Let’s see which are the 3 best gambling trends of 2020 that can turn any regular experience into an unforgettable one!
The use of the mobile devices is constantly rising, being considered more convenient than laptops, let alone computers. While mobile games are sort of revolutionary, we are looking at an even bigger rise in video games, accessed from a mobile app. So now players can have their favourite gambling platform in the palm of their own hands and taking up zero space in their devices’ internal memory.
With mobile gambling, you’ll be able to access slot machines, table games, and many other game categories at your chosen time and place right from the desired browser! As many young adults don’t like to clutter their gadgets with apps or are even trying to save that storage space, this sounds like a great solution to all these issues.
2. Improved game designs
For a casino to be one of the best, the game designs also need to be at their best. So, the better-looking and better-running the games are, the more players will give it a try and might stay to play more. Since 3D graphics entered the world of online slots only a few years ago, we can expect to find more games with 3-dimensional animations.
Many customers went away from their slot-playing habit as a consequence of the repetitiveness and predictability. However, 3D brought many of them back, providing a new look and new feeling to the games.
3. Virtual Reality
Another modern addition to the world of gaming is virtual reality or in short, VR. Renowned companies have pioneered virtual and augmented reality technologies and now they are spreading further to many other industries, including gambling.
With a VR headset, you will have a captivating experience, being able to visit a real-life Las Vegas casino from the comfort of your own home. Some gambling platforms have already implemented this technology, having a wide number of fans around the globe.
Walk around the gaming floor, go to the bar, play and see other player’s reactions, as if they’re sitting next to you!
To wrap things up, the online casino industry has risen because of the advancements in modern technology and while some platforms aren’t going to make the big step towards technology, others are willing to take the chance and evolve with the rest of the world. With this ongoing development, we can enjoy games with top-shelf functionality and breath-taking graphics. And by the looks of it, we can only expect it to get better. Are you and your business up to date?