improve small or start-up businesses

Gambling may sound like some casual way to lose money but it is a complex industry that even employs a good amount of technologies. It’s an industry which businesses look to for new technologies to use. There is new gambling tech that can be used to improve small or start-up businesses.

Artificial Intelligence

Artificial intelligence in gambling is already a reality. It’s not necessarily to defraud players but to get them hooked. A recent article in The Guardian revealed how bookies are using artificial intelligence to make them gamble more and more. AI is being employed as a tool for predicting behaviour in what is described as “frightening new ways”.

This information is purportedly revealed by gambling industry insiders who claim that people’s betting habits are being examined and modelled so casinos and gambling sites can influence players’ future behaviour. There’s profiling going on and casinos bombard those who are susceptible to gambling addiction with ads that encourage them to gamble some more.

This may sound sinister but at the very least, it teaches the lesson that it’s possible to engage customers and entice them to patronize your products continuously using artificial intelligence.  Businesses can make great use of artificial intelligence for marketing and to turn new customers into repeat customers and then into patrons.

Artificial intelligence can also be used for automating customer service. It can be used to automate responses to customer enquiries and concerns. Moreover, it can promote engagement with customers as well as with employees.

Cryptocurrency

Many online casinos or gambling sites are already accepting cryptocurrencies. These cryptocurrencies can be used to buy chips or be directly deposited into an online casino account. Cryptocurrency makes it possible for anyone anywhere in the world to play at online casinos. It also makes it possible to play anonymously as cryptocurrency payments are quite difficult to trace, especially when used alongside mixers or blenders.

Certainly, businesses should consider adopting cryptocurrency, especially bitcoins. The decentralized nature of cryptocurrency makes it an excellent medium of exchange. Transactions can be completed reliably, quickly, and for theoretically lower transaction fees.

If you don’t feel reassured holding cryptocurrency you receive from sales (in lieu of cash), you can always find a good exchange and have your cryptocurrency converted to fiat currency. Using cryptocurrency does not mean that you will only be using cryptocurrency through and through. If you think that the value of the cryptocurrency (in relation to fiat currency) is too volatile, you can immediately have it exchanged into fiat currency.

Blockchain

In relation to cryptocurrency, businesses can also make use of blockchain, the technology that plays a very important role in bitcoins and other cryptocurrencies. A recent article on Entrepreneur.com points out the possible role of blockchain in allowing small businesses to challenge larger rivals.

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Accordingly, blockchain can help small businesses particularly in the acquisition of reliable data that can be used for lead generation. At present, it’s the larger companies such as Amazon and Facebook that appear to have the monopoly of data useful for marketing campaigns and sales strategizing. With the help of blockchain, small businesses can share data among themselves and pool useful sets of reliable information that can be used to guide sales strategies and promotional campaigns.

This is only an idea for now but it is foreseen that blockchain would enable the creation of a system that would allow small businesses to submit a query in a blockchain-enabled environment and obtain information on which businesses have the data they are seeking. For instance, if they are targeting male customers who are seniors and living in a certain area, they can get a list of businesses that can provide such data, contact these businesses, and buy the data they need to serve as the basis for the formulation of their marketing strategy.

Enterprise Content Management

Casinos are businesses. As such, they greatly benefit from business tools. One of the tools many casinos are already employing is enterprise content management or ECM. Examples of casinos that are already using ECM include Grand Mille Lacs, Mille Lacs Corporate Ventures, and Grand Casino Hinckley. These companies have invested in ECM technology to streamline their businesses processes and lower the costs of doing paperwork and logistics.

ECM is already being used by businesses but it’s worth emphasizing that not many businesses realize how important it is for the accurate monitoring of documents. It may not be necessary for all types of businesses but it can create palpable advantages for many.

Big Data

The gathering and analysis of extensive amounts of customer and business data is something casinos and gambling companies are already doing. They are doing this for a number of reasons. For one, they want to come up with targeted marketing to have more efficient promotional campaigns. For example, they may use big data to identify patrons who may not have visited the casino for some time or identify those who spend a certain amount for wagers. To entice these players to return to the casino, the casino may offer them something like $200 worth of free play for a certain date or period.

Big data is also being used by gambling companies for security. There are casinos that maintain databases that include transaction information, a list of players found to have cheated on games, or a list of people of interest. This continuously growing information pool can be used to beef up security and implement preventive actions against the possible problems that may be caused by identified people of interest.

Businesses are encouraged to take advantage of big data to improve their operations. Big data is something not only multinational companies can benefit from. Even companies with local operations can use big data to effectively identify issues and come up with solutions.

The technologies used by casinos and other gambling-based businesses both online and offline are technologies many businesses can benefit from. They can deliver real-world benefits and merit being considered as tools many businesses, even start-ups, can use.