Artificial intelligence is the latest software and online buzzword. Why bother writing an article or drawing a picture when you can ask AI to do it? The chances are you’ve already looked at an AI image and read an AI article today (not this one; the author worked hard on it). Gambling news is littered with these ponderings at the moment, so how big of an impact will it really have?
Bettors Can Get Help with Predictions
AI doesn’t know everything. It does, however, know lots and lots about most things. Depending on the software you’re using and the dataset assigned to it, it can assess prior information and workout averages, determine information on recent sports team forms, and predict the outcome. However, the accuracy of said predictions isn’t always that good. Well, that’s for the generic AI tools. Specific betting prediction AI tools are available; however, whether they are any better is another question; they haven’t been around long enough to make such claims.
Of course, if you have no idea about the market you’re betting on, it can give you some pointers – but in that case, maybe you should reconsider wagering on the sport anyway.
Betting Companies Can Use AI for Marketing
When betting companies collect customer information, they don’t just do it for fun. They are farming data to make better decisions, especially around marketing and how they can appeal to more customers. The process used to take data analysts an elongated time to assess information and make data-driven decisions. Recent advancements have made these processes faster. AI is now so powerful that it can even make suggestions as it can read the data in real time, making it a faster method for the marketing department.
AI Can Provide Personalised Experiences for Bettors
When users log on and use a betting site, the platform logs and keeps a record of their activity. While it is illegal to use this information improperly, the platform can use such records to tailor customer experiences. The AI can detect and spot customer behaviour and then change how the site interacts with them. For example, if the customer consistently bets on football matches, it can pick up on these user preferences and then present them with more related markets and promotions to encourage customer spending.
Fluctuating Odds Have Used Similar Technologies for a Long Time
Consider an in-play sports betting market—a live football match, for example. If one team scores to go into a winning position, the odds of winning the game will become less profitable, while the odds of a draw and the opposition team winning the fixtures will increase. These movements are not manually added in or adjusted by a human, and if you pay attention to the gambling news stories and headlines, trying to find the value in these moments is one of the biggest considerations in betting. That would be incredibly long-winded and inefficient, especially considering the number of markets most sports betting platforms host. Instead, they use technology similar to AI to make these decisions, which they have done for a long time.
AI Leads Fraud and Problem Gambling Detection Efforts
One of the biggest problems that online casinos have is dealing with negative gambling experiences. Whether it is fraudulent gambling or betting activity from those who are becoming addicted to gambling, it has a responsibility to safeguard both its profits and its users who need help.
Luckily, AI can help betting companies identify such problem activity. In the case of fraudulent bets, it understands when there has been abnormal behaviour and defines it as nefarious behaviour. A good example is when match-fixing or spot-fixing incidents occur; if a smaller market suddenly gets a momentous flux of bets, it could be because insider information has been shared. For example, a sportsperson makes it known they intend to trigger specific, measurable metrics, like intentionally getting booked. The AI can suspend the market and any offending accounts when this is detected.
With the same technology and processes, AI implemented within online casinos can detect when users are depositing consistent amounts of money and spot trends which are typically aligned with those who are addicted to gambling, i.e. multiple sessions of heavy gambling. When such behaviours are identified, the AI can present help resources so that the user is aware of the available assistance. Some gambling firms have such processes built into their policies to identify and stop problem gambling when it first appears. Protocols like GamStop also prevent users from signing up for gambling sites, when they have self-excluded themselves from gambling in order to help their recovery from addiction.