In-memory analytics beat the odds

Today’s business landscape is both dynamic and data rich. Technology advances present new threats and opportunities almost simultaneously. World events – from wild weather to unexpected political developments and shifting consumer sentiment – can disrupt even the best laid plans. When it comes to understanding what it all means for the bottom line and re-calculating your odds of success, mastering Big Data analytics is key, a truth that online gambling and gaming businesses have been quick to acknowledge.

Online gambling and gaming sites are more popular than ever. More than 3.2 million people gambled online last year according to Nielson Media; a 40% jump from the previous year. Online gambling growth is even outpacing social network sites like Facebook. And big betting events like the Kentucky Derby, X Factor and the 2012 Olympics are sure to sustain that healthy growth rate.

This bettors’ tsunami is a big data challenge for gaming sites. Keeping track of who signs up, what they bet on and the slew of other factors that impact a game or event are critical to calculating the correct odds. The slightest miscalculation can result in lost revenue or angry customers.

That’s why gambling site businesses have become some of the most advanced power users of data analytics. The ability to crunch the data and calculate the odds quickly and accurately allows them to respond instantly to ever-changing information -- from an injured race horse to changing weather to the betting popularity of athlete. Accurate, competitive odds keep their customers happy and revenue streams flowing.

The biggest challenges gambling sites face with traditional approaches to analyzing big data are a) the analytics systems take too long and too much money to deploy and b) running queries could often take days, even weeks. In an industry that thrives on real-time and predictive information, speed means everything.

These real-time businesses need solutions that let them continuously query data effortlessly, quickly and accurately as soon as the questions arise. In-memory analytical platforms can be deployed within days, creating an environment where they can start analyzing data within seconds. In-memory analytics enable ‘train-of-thought’ analysis in which betting data can be updated and queried in real-time, keeping the odds continuously updated.

Knowledge truly is power in the gambling industry. Without recognizing this, online gaming sites risk alienating their customers and losing revenue – a gamble they’re not willing to take in today’s economy.