In this article, the award-winning developer and solution provider for online and land-based casinos BetConstruct shared the main KPIs of online casinos and the ways to improve them.
BetConstruct specialists say: «Whether you have a small-scale business, a multi-millionaire organisation, or just a fresh start-up idea, you need to have performance indicators to monitor your every step. After all, every successful business is built on correct decision-making that relies on accurate data.
And when it comes to the igaming market, the stakes of making mistakes can turn out to be truly damaging. That’s why identifying and setting online casino KPIs right from the start should be a crucial part of your business strategy. Remember, only with precise calculations can you understand whether your igaming business is moving in the right direction.»
BetConstruct identifies three types of KPIs that need to be considered. First, there’s the budget-measuring KPI; as BetConstruct explains, it helps to determine how much profit a gambling business can make.
To analyze these metrics effectively, you first need to understand the player’s journey on the site, including which events and games they prefer to play and which products generate the most revenue. This will help facilitate the process of preparing financial statements.
Discussing some of the ways operators can improve their KPIs for measuring in-game budgets, BetConstruct suggests: «Entertain your players to make them place more bets. This can be done in several ways: Constantly add new games, tournaments, and jackpots, give bonuses and promos and offer free spins and more.
However, you should be careful, or there may be too many gifts on your platform that may damage your profits. Make sure to avoid abuse of your bonuses by carefully forming your defensive programs and terms of service.»
The second type of KPI is the engagement indicator. It is designed to help companies identify which marketing activities generate the most engagement with players and reflect this in their retention strategy.
Betting companies can measure KPIs and analyze data, behaviors, likes and dislikes to increase engagement. BetConstruct also noted the need for strong customer support by creating customized VIP and loyalty programs.
The third type of KPI is a mixed, or hybrid, indicator. As you might expect, they combine both financial and engagement-focused KPIs.
In conclusion, BetConstruct noted: «Creating your online casino platform is a great starting point for many entrepreneurs. It’s profitable, ever-evolving and has enormous potential. And though it is a remotely fresh market, the igaming industry continues to grow rapidly with each passing year.
Successful businesses know how valuable good customer data is and do everything to use this data as much as possible. But when we pay close attention to the titans of the industry, we reveal that most of their success is due to precisely calculated customer data and the knowledge of using this information correctly. Fortunately, many key performance indicators warn you beforehand about upcoming issues or wrong tactics you may be using.»
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