May 25, 2024

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How AI Will Transform the Online Gambling Industry

According to Spawning.AI co-founder Mathew Dryhurst, as cited in a new Vox article written by Peter Kafka, until recently, AI tech, in most cases, was seen as nothing more than a science experiment that nobody cared to mull over in detail. Nevertheless, now that the mainstream public is aware of the possibilities that AI opens, it is clear that even in the face of mountain lawsuits that AI start-ups such as MidJourney and Stable Diffusion are facing that the concepts they pioneered are here to stay and that they will get implemented by other industries going forward.

One established sector that is looking at exploring AI involvement in its business approaches is the online gambling sphere. Digital betting appeared on the World Wide Web in 1996 and has grown tremendously over the past decade, with several thousand gaming sites floating around on the internet and new ones debuting each week. It is now on track to pull in global annual revenues of $158 billion in the next five years, and many industry insiders believe that the incorporation of artificial intelligence can give internet betting a further boost smoothing the overall experience by dramatically simplifying betting on casino classics, games with skill-based elements, and sports. 

Below is a list of current and incoming AI trends, along with their expected effects on online gambling.

Improved Responsible Gambling Features

One of the primary ways AI is transforming the online gambling and betting industry is by ensuring that gamblers do not overstep their means. Casino/sportsbook users right now can manually set deposit/loss/session limits on their profile pages. When they come close to surpassing these or stepping over them, operators leverage AI to inform these individuals in text form via email or SMS that they should wager less or consider stopping betting for a while. Such software continuously scans betting data collection points, looking over how close gamblers are to their set restrictions and offering a real-time comparison of new activities against self-exclusion models and other users.

Hopefully, new AI algorithms can analyze each gambler’s behavior and character traits. They can develop a make of their deep characterizations and serve individualized feedback to the players, telling them if they should ease up or stop betting altogether. That will inform them that they might be self-excluded or reconsider playing on a given day. That advice would originate from demographical, behavioral, and transaction data paired with previous wagering patterns.

New Betting Genres

In the past, bettors only wagered on the point spread, the score total, and who will win an event. Over time, sportsbooks added various props markets over time, like how many corners will get won in a soccer match and if a player will run over a specific number of yards in an NFL game. Now, wagering on political elections and reality TV shows online is a thing. Soon, it is not hard to imagine that with the help of AI, betting sites will start gambling on trends such as ideas, issues, and phrases appearing on social media platforms within a fixed timeframe, which celebrities will get together in the new year, and so on. The list of options is endless, as AI software can easily track Web news and general goings-on, quickly deducing and producing accurate data.

Efficient Fraud Detection

Gambling operators have done loads to keep gamblers safe when they test their knowledge and luck on their hubs. From Know Your Customer identity verification checks to location analysis, better known as geo-tracking software. That said, cybersecurity is often a cat-and-mouse game. Given that nowadays, it is tough to get past high-end firewalls and decipher advanced encryption, hackers now concentrate chiefly on infecting victims with malware or utilizing social engineering tactics to gain hold of other people’s online accounts.

AI tech could easily spot access from a previously unused location/device, uncharacteristic behaviors, and utilization of software aid to assist in gambling activities. Thus, cheating, money laundering, and fraud can easily be detected by ongoing real-time analysis of all on-site happenings.

Faster & Better Customer Support

The proper use of current artificial intelligence solutions elongates customers’ on-platform lifecycles. With the rise of chatbots, gamblers can get answers to simple questions quickly and resolve elementary issues in no time. However, for more complex problems, they must wait for a service representative to become available. That should not be the case for much longer. AI should get employed to make site/account changes soon on its own, and up-to-date learning models can now predict a customer’s lifetime value with more than 80% accuracy using only two-three days of data. That means they can inform staff which player should receive priority treatment.

To Wrap Up

These are only a few ways that AI will influence the growth and betterment of the digital betting sector. Some worth mentioning is creating more efficient cash flow management, deeper promo personalization, and self-sustainable systems.

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By I&T Today

Innovation & Tech Today features a wide variety of writers on tech, science, business, sustainability, and culture. Have an idea? Visit us here: https://innotechtoday.com/submit/

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