In the iGaming industry, data is a fundamental part of our business. Operators have to make decisions on a daily basis that need to be driven by data in an effort to constantly improve performance. The importance of reporting cannot be understated.
Precise and comprehensive reporting enables operators to make informed decisions, driving efficiency and profitability. Detailed metrics can shape strategic initiatives, customer engagement strategies and marketing campaigns.
When you have superior control over data, operators will hold a crucial edge over your competitors, which will lead to sustained growth and success. Here, we run down the six key metrics we always try to remain on top of at iGP via our cutting-edge reporting suite.
Deposit conversion rate
The conversion of deposits is one of the standout acquisition metrics in iGaming. This is often worked out by dividing the number of unique visitors by the number of first-time deposits. When you have information regarding the first deposit and potentially second deposit from any player, this will often indicate the lifetime value of the player.
Tracking this metric helps operators understand the effectiveness of their onboarding process and promotional strategies. If deposit conversion rates are low, then acquisition costs for each player will rise. Technology needs to track this data and provide insight on how to improve your number of unique visitors that are transcending into first-time depositors. iGP’s reporting suite can provide this information, and share our expertise on how you can learn from this data, ensuring your deposit conversion rates are constantly moving upwards.
Average revenue per user (ARPU)
ARPU will give an indication of a product’s profitability, primarily used in industries that rely on subscribers and users. This number will provide insights into user spending behaviour and will help in forecasting revenue and budgeting.
Where iGaming differs from an industry like media is that some users spend considerably more than others, but it is still an extremely useful metric when comparing one operator’s performance against another.
Management will often take the ARPU number into account when assessing which products are performing well, and which ones will either need a different approach or should be discontinued. This can also tie in with things like churn rate and user growth rate. iGP can provide real-time reports which will track this figure, with our team on hand to offer detailed descriptions and expertise.
Customer lifetime value (CLV)
CLV can help assess long-term customer value and will help guide investment in customer retention and acquisition strategies. If players churn before the investment to acquire them has been made back, then the operator is not extracting any worthwhile value from them. CLV is ideally about measuring the value across a long-term period as opposed to a purchase-by-purchase basis.
Improving CLV will lead to considerably more revenue over time and is often tracked by customer support teams which can have a direct influence on the player’s journey and engagement with the operator. iGP can work with these teams to establish how the metric is performing and advise on how to make a plan to improve this number going forward.
Retention rate
A strong retention rate is proof of an effective customer relationship management system. The way to implement this is to track the number of players who are returning with several deposits, along with the accounts that are inactive.
This is crucial when it comes to both short-term and long-term success. Remaining on top of this can reduce your costs, as it is significantly cheaper to retain players rather than acquire new ones.
This is the best way of measuring customer loyalty and the effectiveness of retention campaigns. The iGP team will be more than happy to provide consultancy in this area.
Monthly Active Players (MAP)
MAP is a key indicator of player engagement and the overall health of the operator’s playing audience. It is important to compare the number of players who are actively engaging with a product versus the number of accounts that are inactive, and the MAP number will provide a much clearer gauge of performance than the total number of accounts.
To be classed as an active user, players would usually have to perform an in-app action during a 30-day period. This could include logging in or completing a specific action, such as making a bet or deposit.
The number of monthly active users can also be compared with the number of daily active users, which will provide more insight on how players are really engaging with an iGaming offering. These are all numbers which can be tracked within the iGP reporting suite, and we can help work out how to improve this number on a month-to-month basis.
Average Deposit Rate
Monitoring this helps operators understand deposit behaviour and optimise deposit-related promotions and incentives.
This number can vary based on a number of factors, but the important thing is to delve into these reasons and compartmentalise the different deposit rates from separate player demographics and how best to utilise this data and improve its performance.
This figure may fluctuate, but it’s crucial to be on top of when and why this may happen. These are all questions iGP can help to answer.