When running a business of any kind, assessing and evaluating performance is essential. There are various factors that must be monitored and measured to determine whether or not a particular strategy or campaign is working and to assess wider business success.
If you are the operator of a live casino platform, there is a range of key performance indicators (KPIs) that can be analysed to evaluate the success of your business. We’ve detailed some of the most important KPIs below and discussed what they mean for your live casino platform.
Gross Gaming Revenue
When evaluating the success of your live casino platform you must analyse the financial health of your business.
Gross gaming revenue (GGR) is one of the most basic and important financial KPIs. It is calculated by subtracting the total amount of player wins from the total amount of player wagers, with the resulting figure indicating how much your live casino platform is left with. However, it’s important to note that GGR is before operational expenses, and so does not indicate total profit.
GGR is useful for assessing the performance of your games, whether that be live roulette or live baccarat. This KPI can give you an immediate indication as to whether or not your games are generating enough money to sustain your business.
Net Gaming Revenue
While GGR is used to get a quick and simple overview of your casino’s performance, a different KPI needs to be measured if you want a clear and accurate picture of your live casino platform’s profitability and financial sustainability.
Net gaming revenue (NGR) is calculated by subtracting the cost of expenses such as payments and bonuses made to players, network charges, licence fees, and taxes from the total amount of wagers placed by players.
This will give you a more detailed picture of your casino’s profitability and will allow you to evaluate whether or not your platform is financially viable for the long term.
Visitor to Depositor Journey
Attracting visitors to your casino can be tricky, but unfortunately, it’s only half the battle. Once a visitor arrives at your platform, there are several additional steps they need to take before they become an active, depositing player. There are various KPIs that can be used to measure the visitor-to-depositor journey.
The first of the rate of visitors who have signed up and registered an account with your live casino platform. If you are attracting lots of visitors to your site but few are actually registering and opening accounts, this could indicate that more work needs to be done on your conversion strategy. Special bonuses and welcome offers can be effective methods of encouraging more visitors to register.
Another important KPI that must be considered is the number of newly registered players who move ahead and make a deposit. Registered players are all well and good, but they need to start depositing funds if you want to see a return. To motivate users to make a deposit, offering first deposit bonuses and streamlining the deposit process can be effective approaches.
Active Users and Session Length
Once you have converted visitors and encouraged them to make deposits, there are KPIs that must be measured to assess the level of activity on your live casino platform.
Daily active user figures and monthly active user figures will give you an indication of the number of active users on your platform every day and every month, while session length will reflect how long an individual spends on your platform.
If you see a dip in these metrics, this could mean there are functional problems with your platform that are discouraging users from returning and maintaining a consistent level of play. Ensure all your games and services are accessible and working correctly and that user interfaces are intuitive and easy to navigate.
Getting players to register and start using your live casino platform is one thing, ensuring they remain loyal and don’t turn to a competitor is another.
Player retention rates make for a crucial KPI that operators must monitor to ensure they are meeting the needs, requirements, and expectations of their players. Player behaviour and preferences are in a state of constant flux, which means operators must be prepared and willing to change in the face of an ever-evolving market.
To retain players, your live casino platform must offer the latest and greatest products and services, such as live dealer games. If a player believes they will be offered a greater selection of games elsewhere, they won’t hesitate to leave your platform for a competitor.
Player retention also requires knowledge and awareness of broader industry trends. Research has revealed that the UK is one of Europe’s most active sports betting markets, indicative of the increasing popularity of the activity amongst UK players. To retain players on your live casino platform, launching sports betting services can be an incredibly effective strategy that will set you apart from the competition.
When measuring the success of your live casino platform, several KPIs must be taken into consideration. Monitor GGR, NGR, visitor-to-depositor journeys, active users, session lengths, and player retention rates to evaluate the success of your business.