Whether it be Hollywood film studios or people who use content writers, there is barely an industry in the world that isn’t starting to ask itself about the benefits of Artificial Intelligence. If you want to write a note to your lover, you no longer need to be consumed with passion before picking up your paper and pen, instead being able simply to ask ChatGPT to write something for you. Someone asked to write a speech for a wedding could spend hours or even days agonising over what to say, or they could ask an AI to write something for them in a matter of seconds.
As a result, we probably shouldn’t be all that surprised that an industry such as gambling, which is all about finding margins wherever it can, might consider using Artificial Intelligence to do the hard work for it. Given the fact that the likes of white label sites exist, in which only the branding is different from one site to another, it isn’t a shock that betting companies might try to take away the need for anyone to maintain a site other than the people checking that the AI system is working as it’s supposed to. With this in mind, might a site be totally powered by AI in the future?
AI Is Already Working On Sites
Of course it is possible for a betting site to be powered entirely by Artificial Intelligence. We know that to be the case due to the fact many aspects of online betting sites already utilise AI technology.
AI can be used to analyse large amounts of data, for example, as well as to make predictions and in order to provide personalised recommendations to users.
Here are some ways in which AI can is already being used by some betting sites or could be used in the future:
One of the biggest issues facing betting sites is the sheer wealth of information that is out there when it comes to various sporting events. AI algorithms are used to process vast amounts of data, including historical sports statistics, player performance data and betting patterns.
By analysing this data, AI can then identify trends, patterns and correlations that humans may not easily recognise. This analysis is then used in making predictions and determining the odds for different events. AI can analyse data that it will previous have taken a team of people to look at.
Artificial Intelligence can be used to calculate odds based on various factors such as historical data, team or player performance, weather conditions, injuries and other relevant variables.
The AI algorithms continuously learn and adapt based on new data, ensuring that the odds are adjusted in real-time to reflect the most accurate predictions. In many ways, it doesn’t make a lot of sense to use an AI to analyse data but then ignore it when it comes to calculating odds. You can even adjust the calculations that it makes to increase profit.
AI can assist in managing the risk associated with betting. By analysing the behaviour of a user and their betting patterns, Artificial Intelligence algorithms can identify potential high-risk gamblers and implement measures to mitigate excessive gambling.
Whilst betting companies already have processes in place to manage the risk of customers, the sheer number of fines issued to betting companies for failing to do this successfully suggests that they aren’t doing it well enough. Putting this job in the hands of AI might help to mitigate risk even further.
AI may also help betting companies mitigate their own risks. While the saying “you never see a poor bookmaker” is generally true many still go out of business. This is often due to mismanagement or overspending. It is not just in odds that AI can help companies out, it may be able to help them manage risks in other areas too.
Artificial Intelligence algorithms can analyse user behaviour and transaction patterns to identify potential instances of fraud or suspicious betting activities. This helps in ensuring the integrity of the platform and protecting users from fraudulent practices.
It is a step further along the road from risk management and, as in that instance, the fact that so many companies are issued with fines around money laundering issues suggest that they could use all of the help that they could get. Algorithms already look out for suspicious activity, so AI could take it to the next level.
AI-powered chatbots can handle customer inquiries and provide support 24-hours-a-day, seven days a week. The development of natural language processing algorithms allow the chatbots to understand and respond to user queries effectively and in real-time, making it seem like they are speaking to a human.
Artificial Intelligence can also provide personalised recommendations to users based on their previous betting history and preferences, to say nothing of analysing previous conversations that customers have had with customer support in order to ensure the best response.
In-Play Betting & Real-Time Updates
One of the most exciting developments to online betting in recent years has been In-Play betting. AI can facilitate live betting by continuously analysing data from on-going matches or events in order to ensure that the information offered to the punters is as accurate and up-to-date as possible.
The use of Artificial Intelligence around In-Play betting can provide real-time updates on scores, game statistics and other relevant information, enabling users to make informed betting decisions as events unfold and to ensure that the odds are as accurate as they can be.
AI Isn’t Perfect
Artificial Intelligence is being developed all of the time. It is something that will continue to evolve every day, meaning that it will be better in a week’s time than it is today and betting in a month than it is in a week. That means that some aspects of AI can be used to help betting companies in the here and now, whilst other aspects will need to wait until AI has developed enough to be able to cope with it successfully.
It is certainly possible that a betting site could be created and run entirely by AI, but it is definitely the case that we’re not quite there just yet, as things stand.
Whilst AI can power many aspects of a betting site, it is important to note that human over-sight and regulation are still crucial factors when it comes to gambling. Human involvement is necessary for setting the rules and regulations, monitoring the platform for ethical compliance and addressing any unforeseen circumstances or disputes that may arise.
The use of Artificial Intelligence in the world of betting is likely to make things much easier for those that run betting sites and to ensure that bettors get the most up-to-date information and the smoothest customer service experience, but that doesn’t mean that human involvement will be removed in its entirety any time soon.
There may also be a kind of race between betting companies and punters in the future too, as customers themselves begin to use AI to help them bet.