How To Measure Success With an Online Casino
Written by Phoebe
Published date · Oct. 21, 2020 | Last Updated · Oct. 5, 2022 | Read Time: 4 mins
What do you imagine when you think about success at an online casino? Do you picture yourself hitting a huge jackpot or merely logging off with more quid than what you started with?
Each customer has a different idea of success and this can depend on several factors, like how much you have to spend, the level of risk you like to take when placing your bet, what games you play and how long you like to play for.
Some customers don’t even care about the money. They like to enjoy themselves or simply unwind after a hard day’s work. Regardless of the money you win or lose, however, your main aim should always be to have fun.
Can a Player Constantly Be Successful?
It’s impossible to win all the time and in the long run, the casino will always come out on top, due to the house edge. Have you ever wondered why a blackjack player has to beat the dealer to collect a payout but the dealer only needs the player to bust out to collect the player’s bet? This is an example of the house edge in action.
Every game you play has a house edge that ensures the casino gets paid a certain percentage over time. The percentage varies depending on the game. This is how it’s been designed and is a fair system for both punters and casinos. In the highly competitive market of online gambling, it ensures that the casino can cover all its costs and be profitable.
However, the aim of a player in the casino should always be to have fun. So, if you have fun each time you play, then yes you can be successful all the time.
How Do Casinos Measure Success?
Unlike punters having unique ideas when it comes to measuring success, online casinos are far more methodical. It goes way beyond trying to maximise total revenue. There are plenty of key performance indicators (KPIs) to keep track of. What makes these figures so useful is that KPIs are quantifiable.
Gross Gaming Revenue (GGR) (also sometimes referred to as game yield) shows the amount of money that players bet versus the amount of money they win. In other words, after customers leave the casino, GGR is how much the casino is left with. Net Gaming Revenue (NGR) is the total amount of gross gaming revenue, minus all the associated costs such as prizes, refunds, costs of fraud, transaction fees and associated tax.
Average Revenue Per User (ARPU) looks at how much revenue is made per customer. This is important when looking at the performance of the business because it gives you an idea of how much a casino can afford to spend on acquiring new customers.
Did you know that online casinos could be spending a lot of money when it comes to CPA? Cost Per Acquisition (CPA) is what it costs, on average, to get a new customer. And, it’s not only about getting customers to join up and start playing. You also have to ensure the punters are entertained to keep them. For online casinos, the churn rate (CR) is used to measure the percentage of players who leave and never return. You want to maximise your number of active users.
What Makes a Successful Gambler?
While many gamblers may claim to have a system that makes them winners, there’s one element alone that makes a gambler successful on any given night. Luck! Of course, if you’re betting on racing and you’re an expert in the field, then your knowledge could play a large part. However, if you’re betting on games of chance like blackjack then your casino success mainly comes down to luck, although there are some things you can do to maximise your chances of winning.
When it comes to luck, it’s important to remember that every winning streak comes to an end. After a good run, you may feel like you’re invincible and can’t lose.
Beware of getting caught up in the moment. No-one is invincible and the house edge is always against you. Know when to cut your losses (or cash in your winnings). Success can disappear in an instant.
What you need more than anything else is to have an awareness of what’s going on. Focus is the key. You need to have a plan and stick to it. If you like to be spontaneous in your betting sprees then that’s fine, as long as this forms part of your plan. You must keep your wits about you regardless of the game, whether it’s roulette, blackjack, or one of your favourite slots. Set an overall amount you can afford to lose and if you reach this point then stop playing instantly.
Online gambling is about having fun and you should look at money lost as money you’ve spent on doing something you enjoy. And, provided you’re spending money on what makes you happy then you’re always going to be a successful gambler.