John Chyriwsky, Head of Marketing at Fincore, says that operators need to be able to accurately predict player behaviour if they are to personalise the experience offered and ultimately drive the highest LTV from each customer.
If operators could have one superpower, it would absolutely be the ability to see into the future so that they can learn more about the unique preferences of each player and provide the exact experience they are looking for.
But even with this superpower, they would still have to beat the customer clock that is always counting down to the moment the player will leave the brand for a rival sportsbook or casino.
Still, the ability to see into the future would unlock huge benefits. Operators would be able to streamline CRM costs by delivering the right bonus at the right time, suggesting tailored odds and games, and ultimately adding value where the player is seeking it to provide a truly personalised experience.
This in turn would drive engagement and loyalty, mitigating churn to the point the operator would no longer worry about players switching to a rival brand simply because they’d been offered a bonus or incentive to do so.
Knowing a player’s move before they make it might sound like something out of the movies, but operators can gain this insight through data, analytics, machine learning and artificial intelligence.
But despite these capabilities being available through platforms such as Fincore’s Tri, operators and their marketing teams need to understand the landscape against which these capabilities are being deployed if they are to keep players engaged.
Time really is of the essence. There is only a small window from when a player first signs up, deposits and bets/players to connect, engage and deliver value. Operators must deliver the right thing (game, bonus, interaction, etc) at the right point in the user journey and at the right time.
This can be done via a cutting-edge technology solution such as Fincore’s TRI Data that translates the huge volume of raw data operators generate and collect and translates this information into easy-to-understand narratives that can be instantly actioned.
These are just some of the ways data, once translated into actionable insights, can be used to drive operator efficiencies and deliver a superior player experience.
Precisely calculate player lifetime value
Data, when combined with machine learning and AI, can help to model player behaviour quickly. The probability of churn or the player becoming a VIP can be calculated, and from that, and other factors, operators can build an accurate picture of the player’s life-time value.
This is highly beneficial when it comes to the incentives and rewards offered to that player – there is no point in hitting the player with a run of bonuses and promotions if they are highly likely to leave the brand regardless.
Of course, the players with a lower churn score – or indeed those that are more likely to become VIPs – can be offered bonuses of much greater value as the operator has a higher degree of certainty that they will stick around and thus a greater LTV will be unlocked.
Roll out the red carpet with personalised recommendations
When engaging in entertainment experience, personalisation is now a deciding factor in where consumers spend their time and money. When watching Netflix, we expect to find content tailored to our preferences so that we don’t have to trawl through the thousands of titles on the platform.
The same applies to online sports betting and casino play but this is not happening at the vast majority of brands. But used in the right way enables operators to personalise experiences based on player preferences, and not just based on the country they are playing from.
Personalisation can be deep, including pushing particular sports for bettors and casino games for slot players. Bonuses can also be personalised – perhaps the player enjoys table games more than they do slots, so a table games bonus would add true value to their play.
Prevent bonus abuse or bad behaviour Operators can incur significant costs through bonus abuse or undesired player behaviour. But by taking a look into the future thanks to the power of data, operators can cut back spending on “red flag” players and invest more in those that show the characteristics of being loyal. In fact, we have helped one operator save more than €1.4m between 2022 and 2023 in this way.
Detect VIPs in the early stages
VIPs often make up a significant portion of an operator’s revenue, and sportsbooks and casinos need to be able to spot these players at the earliest possible moment so that they can give them the high- roller experience they are seeking.
Again, data combined with machine learning and AI can spot VIP player characteristics very early in their lifecycle with a brand, giving a probability score as to whether the player will become a genuine high-roller or not.
Operators can use this insight – this ability to see into the future – to deliver a VIP experience to the player with confidence they will generate a positive return.
Being able to tell the future might seem like a superpower, but thanks to data and cutting-edge technologies, it’s very much a superpower operators can actually use today. Ultimately, this is the only way to beat the customer clock and ensure players remain loyal for a long time to come.
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