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The online casino industry has been growing ever since it began to take off in the late nineties, now accounting for a hefty chunk of global gambling. The industry is set to continue its growth with a lot more players than ever before.
So how exactly do casinos use big data?
Big Data and Business Intelligence
The most basic form of big data is business intelligence. It’s information that can be used to make better decisions about finances, personnel, products, and other areas of an organization. In fact, every single aspect of your life is being monitored by some sort of big data in one way or another.
Business intelligence has existed as a concept for quite some time, but it only became practical in recent years thanks to the explosion of digital technology. There are two ways you can get data into a system so you can analyze it: manually or automatically.
Manual methods are still prevalent today because they’re very simple to implement. You could send a team out to gather all of your information, but this method would require a lot of manpower that might not be available if you need them elsewhere. Plus, there are plenty of situations where manual methods just don’t work. For example, gathering data from retail stores requires someone to go through each item on a shelf and record what it costs. This process is both time-consuming and costly, especially if you have hundreds of items.
Automated methods offer the greatest benefit when it comes to efficiency and cost effectiveness. They’re also a great way to gather data that simply doesn’t come easily by any other means. That’s why automated systems are popular in industries like finance, manufacturing, and retail.
For example, if you were looking at a spreadsheet of all of the transactions made at a store over a certain period of time, you wouldn’t know which ones were profitable and which weren’t. An automated system like Google Sheets can help you identify trends and patterns that might be valuable for future decision making.
This same principle applies to casinos. Casinos have access to a lot of information about their customers via various devices and platforms. However, they often struggle to put these pieces together to gain insight into the overall performance of their businesses. By automating processes like collecting player data, casinos can find out what works and what doesn’t.
You can think of a big data system as being similar to a computer program that runs a series of tests to figure out what’s going on within the system. The test takes place in real time and the results are constantly updated so that the program can learn how to improve itself.
With a big data system, casinos can perform analytics that help them make better decisions about their operations and customers. They can see whether certain promotions are working or if certain games should be removed. With the information gathered, casinos can then adjust accordingly. Some even go even further and combine big data with AI to give their players an edge.
Using Big Data to Train Machine Learning
Machine learning involves using big data to train artificial intelligence (AI). AI is a type of software that uses machine learning to simulate human abilities like memory and problem solving. In short, machines can learn new things without having to be explicitly programmed.
This allows them to adapt much more quickly than humans who are limited by their brains. It also makes them far more efficient; they don’t need to spend hours trying to figure out how to solve problems themselves.
Because machine learning relies heavily on big data, it’s an ideal solution for casinos. As we mentioned above, casinos have access to a ton of information about their customers thanks to the constant stream of data that passes through their systems.
But to make sense of all of that data, you need to have a good understanding of how machines work. That’s where machine learning comes in handy. By training AI on lots of different scenarios, casinos can teach it to learn how to recognize patterns and behaviors based on player behavior. Once trained, AI can then be applied across a wide range of situations.
By doing this, they can determine which types of promotions work best, which games generate more revenue, and which players tend to win more frequently. These insights are invaluable when it comes to running a successful casino.
Combining Big Data with Human Input
While machine learning can be extremely useful, it can also be prone to error. That’s why sometimes combining it with human input is necessary. If you don’t want your AI to become too sophisticated and start thinking for itself, you need to provide it with plenty of guidance.
That’s what happens when you combine the two. Instead of relying solely on data collected by the machine, human beings are still involved in the equation. While the machines learn how to apply those lessons and adapt to changing circumstances, they still need human supervision.
For example, imagine you run a casino that offers a game called “Wheel of Fortune”. Your AI learns that Wheel of Fortune does well with female players and low-income customers. You decide to create a promotion specifically for this demographic group. When you run the numbers, however, it turns out that the promotion isn’t generating enough revenue to justify the extra expense. So you scrap it.
Now, you could try to retrain your AI to see if it picks up on something else. But if you do that, you risk losing the valuable insights that you’ve gained by analyzing the data first. That’s why combining human and machine learning is such a powerful combination. It allows you to collect huge amounts of data while keeping the AI from becoming too complicated and potentially dangerous.
Big data is only as useful as you allow it to be. Without proper analysis, you won’t be able to derive any meaningful conclusions from the information you receive. Combining that data with machine learning allows you to learn how to leverage the insights you discover and use them to make a positive impact on your casino’s bottom line.
