How AI is reshaping the Online Gambling Industry
The effect of Artificial Intelligence on the Online Gambling industry cannot be overemphasised but is it a good thing?
The effect of Artificial Intelligence on the Online Gambling industry cannot be overemphasised but is it a good thing?
Artificial Intelligence is the new cool right now, with many industries now adopting this controversial technology.
While AI may look like a new concept, it has been in existence for years. Based on historical evidence, AI has been a thing since the 1940s.
According to Washington.edu, the term Artificial Intelligence was first coined in 1956 by John McCarthy but the concept goes back years before 1957.
Initially, AI was not fully embraced due to its depiction in movies like Terminator, Blade Runner, Lucy and other sci-fi pictures.
However, over the years the technology has been embraced, with many industries adopting it, including the online gambling industry.
AI in the Online Gambling industry
In recent years, we have seen bettors use the technology to make strategic decisions before placing bets.
Some companies that compute stats rely on the power of AI to gather data on history, team’s previous performance and player stats, which bettors use to guide their decisions before placing their bets.
These companies even get weather condition updates from AI tools, thus helping bettors make informed decisions.
Some of the data AI can gather to help bettors make better decisions before placing bets include:
- Player Stats
- Team Stats
- Weather Conditions
- Head-to-Head
- Team News
AI’s Impact on Real-Time Betting
Another area where AI helps bettors is live betting. Some Analytics employ the services of AI to make in-game analyses, thereby helping anyone who wants to bet on the game.
These AI tools could go further and predict who is likely to score next or win a match based on their observation.
How does AI help Online Sportsbook?
AI does not only benefit bettors as it also helps online sportsbooks. In fact, one of the major contributions of AI to the Online Gambling industry is the ability to act like a watchdog.
There are AI tools and systems that help online sportsbooks detect fraudulent activity and act swiftly on it.
Sometimes, bettors are looking to cheat the house with irregular betting patterns or match-fixing activities.
However, some AI systems can flag such activities and call the attention of the house to it. AI helps to promote fair play in betting as the aim is not just to win but also to promote responsible gambling.
Not only that but AIs are now being used to set odds. Given there are AI tools that can provide all the information that determines odds, it’s only right for some sportsbooks to allow AI to set odds.
Esports and AI
It’s not just in traditional sports betting that AI tools are used. It’s also prevalent in E-Sports.
In fact, AI tools are used to provide in-depth analysis of some games, helping to provide insights and predictions for some of these games.
Benefits of AI in Online Gambling
- It helps bettors make better decisions, given it can provide all the information needed on players and teams.
- It encourages fair play and can be a tool to spot illegal activity, thereby promoting responsible gambling.
AI still has flaws
While AI has a lot of benefits, it has its challenges. Considering it relies on data, its analysis may be wrong sometimes because there are twists and unexpected events that can affect sporting events.
Not only that but there could also be an element of bias when AI tools are used in the online gambling industry.
Nonetheless, it is important to remember that AI is just a tool to guide decisions and not replace human intuition.
Disclaimer: The information provided by the blog above is for general information purposes only. Doing your research and only investing what you can afford to lose is essential.
