What is ‘Conversion Rate’?
The ‘conversion rate’ in casino gaming can refer to two things. It is used to describe the current rate at which currency is exchanged – especially important for online casinos that allow international players, or for players who are visiting a casino abroad. The conversion rate is also a marketing term, used to describe the amount of people who become customers through advertising, web content and other materials. Understanding this conversion rate is extremely important to casinos who need to bring in new players – often to account for the high client turnover experienced in this industry.
‘Conversion Rate’ Explained
The conversion rate of currency is very important if you play casino games online. You might win a prize in euros or dollars, and need to know how much you will be paid. You also need to know how much you are spending. If casino platforms allow international currency spending, they will offer a set exchange rate based on the current global average. Payment merchants like PayPal can also carry out currency conversions at a reasonable rate.
Conversion rates in marketing are complicated, because they cover all advertising and outreach materials. Customers can be converted through an email marketing campaign, via a PPC banner ad, through social media or via the website itself or indeed any other marketing method. Completing a transaction by making a deposit and placing a wager is what makes a customer part of the conversion metric, and conversion rates can be adjusted and split into categories to better understand where customers are being diverted from. This is known as a sales funnel – a stream of visitors who have a chance of becoming customers through the sales process. It is vital for casinos to know their conversion rates in order to focus on the areas which will drive the most conversions.