Big data: Why online gambling should bet on streaming analytics

Big data has come of age. What is big data? The term big data illustrates a huge amount of data that are both structured and unstructured that streams into the business during the day today activities. However, it is not the size of the data that’s is of utmost importance but rather it is what the business in question does with the data. Through analyzing of big data organization can gain insights, which can enable them make better decisions and implement strategic plans.

The big data phenomenon can be used in online gambling. Online gambling businesses could stop cheating and fraud through gathering and analyzing player data.

The fast-growing gambling industry has been given an opportunity to keep the pace with its data by real-time analytics. Rather than studying the past the gaming franchise should take the advantage of extracting data insights so that it can manage to keep the balance between profitability and customer’s safety and satisfaction.

By collecting data from many streams such as payment and transactions clickstreams, marketing or advertisement performance and in-game data the business will have a successful intelligence system. Through linking, comparing and analyzing these unique streams as they are received in instantaneously and making a comparison against the historical data, the business will realize a great value. The real-time analysis of data means that the business will have an opportunity to respond immediately to customer including anticipating the future behavior of players.

Though this is important for the entire organization, the compliance and risk team benefit the most from the concurrent large volume of data.

One of the reasons that big data analysis can benefit the compliance and risk team is that it helps them identify problematic gambling and addictive tendencies. The main purpose of the business is to utilize huge customer data into adhering to legislative requirements and government regulators without affecting the customer experience. This helps the business to adopt proactive strategies to detect problematic behavior.

Detecting credit risk and fraud is another advantage for big data analysis. Often, online gaming is involved with a large amount of transactions such as credit card payment take place. Newly acquired users are offered free credit, which is an enticement by the companies. There are players who are motivated to misuse of these offers by opening multiple accounts or bogus accounts this practice is termed ‘bonus abuse’. Through this companies are defrauded. If this is done at a large scale it could eat up the business’s credit risk.

In addition, big data analytic could be used by the company for the purposes of ensuring Privacy and Data Security. With big data initiative, companies can easily prevent data and privacy breaches. With different types of data both structured and unstructured scattered throughout the organization, the right platform of big data can help ingest these data sources despite their sources and store them securely, only providing the right people access to the data that they require.