Should You Use AI To Help You Bet And Gamble?

research concept illustration charts analysis investigationThe world of Artificial Intelligence is one that is becoming more and more prevalent in our everyday existent. Virtually no days can pass with some mention of AI being made in the media, such is the extent to which it is now a big part of how many people live their lives.

The question is, can we take advantage of that when it comes to how we place our bets? There are obviously limitations to AI, such as the fact that it can only look at things that have already happened, but that can be a help in our research given the fact that that is all that bookmakers have to look at too.

Ultimately, Artificial Intelligence is not going to be all that helpful for anything other than doing research. The thing that we need to remember, though, is the fact that we should always do research before we place bets. If you decide to place a wager on the Grand National, say, you’d be much better placed looking at how a horse has performed previously over fences than you would be to just look at their name. Using AI to help you do this research isn’t a bad thing, but you need to remember that all it can do is look at what’s happened in the past and the associated data.

complex maths on a blackboardGiven the fact that Artificial Intelligence is all about the data that is available, one of the things that it can help people with is having a look at the current trends.

Algorithms can be created to analyse a huge amount of data in order to flag up any patterns that might emerge. Trends that are taking place can then be used in order to try to predict the likely outcome of a sporting event. Bettors can then use this in order to make informed, data-based decisions around the wagers that they choose to place. Whilst current trends aren’t a guarantee of an outcome, they can be informative.

AI is also being used by betting companies to look at the sort of thing that people are betting on and the wagers that individual customers tend to place in order to offer personalised recommendations based on that information. This means that you can can use AI in order to find the best odds on the things that you want to place your bets on, in addition to systems such as ones that will cash out at appropriate times if you’ve set the right rules in motion. It can all be based around how things are when it comes to current trends, making use of the information at hand.

It’s All About Research

betting articlesWhen all is said and done, gambling is gambling. You are likely to lose your money in the long-term because that is the manner in which betting companies are set up. In this sense, it doesn’t matter how clever an Artificial Intelligence system is, there is a good likelihood that you’ll lose over a long period of time betting with them because that is how gambling works.

That being said, one of the things that AI will allow for is the summation of information that betting companies have available to them that you might not be bothered to do the research on yourself given the time needed.

Research is one of the only actual ways that punters can take the fight to betting companies. At the end of the day, the system is set up to mean that bookmakers, casinos and any other form of gambling is setup in order to win the more that you bet. Yet just because that is the case doesn’t mean that you should sit down at a blackjack table and not play Basic Strategy, which will lower the House Edge. You’ll still lose, but you’ll give yourself a better chance of winning. Similarly, you’ll still lose against sports book sites in the long-run, but that doesn’t mean you shouldn’t take advantage of the research AI can do for you.

The downside is that Artificial Intelligence systems can only have access to the same sort of information that the bookmakers have available to them. When it comes to betting, the best way of trying to get one over on the bookies is to look for the information that they don’t have to hand. An AI system won’t be able to look out for that, so anything that you glean from it will essentially just put you on an equal footing with the bookmaker, rather than in a position where you can beat them. Anyone that has ever bet for any period of time will know that beating the bookie is all but impossible at the best of times, AI or not.

Minimising Risk

safe risky written on diceThe main that Artificial Intelligence can be used for in the short term is the minimising of risk. The more information an AI system can gain, the more accurate its predictions are likely to be.

Once we start feeding in the likes of real-time data, for example, the more likely it is that Artificial Intelligence will be able to predict a likely outcome of a sporting event. This might not mean that you can win more bets, but you might be able to Cash Out bets that you’ve placed that the AI says are going to be losers, thereby minimising the risk and exposure that you have in place.

Bookmakers, though, want to minimise their own risk. For every advancement that human beings make, bookies respond. Using AI might help to minimise your risk as a punter, but you can bet your bottom dollar that bookmakers will be using their own Artificial Intelligence machines in order to find ways to get your money off you a different way.

As much as AI can help us make sensible decisions around the bets that we’re placing, it won’t make any difference if you’ve decided to go into a casino and play blackjack, craps or roulette when you don’t know what you’re doing.

What Does AI Have To Say About It?

Given we are talking about AI we thought we would ask it whether you should use AI to help you bet.  Funnily enough it pretty much agrees with what we have already said on this page:

Using AI to help you bet can have advantages and disadvantages, and ultimately it is up to you to decide whether or not it is the right approach for you. Here are some things to consider:

Advantages:

  • AI can process vast amounts of data and identify patterns that humans might miss, potentially increasing the accuracy of predictions.
  • AI can learn and improve over time, which means that its predictions may become more accurate as it gains more experience.
  • AI can help you make more informed decisions by providing you with data-driven insights and analysis.

Disadvantages:

  • AI is only as good as the data it is trained on, and it may not be able to account for unpredictable events or anomalies that can affect the outcome of a bet.
  • AI is not a guarantee of success, and there is always a risk involved in betting.
  • AI can be expensive to develop or access, and it may not be accessible to everyone.

In summary, using AI to help you bet can be a useful tool, but it is important to remember that it is not foolproof and should be used in conjunction with other strategies and considerations. It is always important to bet responsibly and within your means.