It’s a fact that AI is slowly but surely becoming an integral part of every aspect of our lives. Artificial intelligence is seeping into all sectors of the economy, and there are no signs that it would be any different in a few years. One industry that is taking this up as well is the gambling industry. You would agree that most gamblers would rather gamble online than step into a brick-and-mortar casino for their gaming experience. There is a massive influx from the days of the Las Vegas casinos to the world of online betting as several reputable betting sites keep springing up. Now that AI is becoming mainstream, will it change the world of sports betting? Let’s explore some of its significant impacts in this field.
How AI Could Benefit the World of Sports Betting
Can AI impact the world of sports betting positively? Well, here are some ways we think this could be of benefit and you may just discover some Mighty tips you can put into action.
1. Better outcome predictions
Undoubtedly, the introduction of AI into the gambling sector has brought about some noticeable improvements. Back in 2017, the world watched in shock as artificial intelligence accurately predicted the unlikely winner of the Superbowl and even the right score. That was only a hint into how much data AI can utilize to its advantage and lead to better outcome predictions. Even bookmakers can use automation in determining the odds of sporting events and produce far more accurate results.
2. Improved customer experience
AI gives room for more personalization which means that customers can get betting options that tally with their preferences. You would have noticed how technology has revamped the fashion world so much that you could get suggestions based on your shopping history. A lot of times, these are pretty accurate. Now imagine this in the world of sports betting and how it would use consumer behaviors to deliver promotions, games, and bonuses that match their tastes. No doubt about it, this will boost the chances of the gambler’s winning. AI is also relevant in bridging the communication gap with chatbots and emails for fast responses to issues.
3. Fixing the issue of gambling addiction
With artificial intelligence, it could become much easier to keep people from becoming terribly addicted to gambling. It all starts with collecting as much information as possible on every player’s gambling habit, including how much time they spend playing games and the number of deposits. This will help determine when the players are going overboard, and measures can be put in place to help punters who struggle with addiction issues. Here’s an idea of how this would look:
- Smart health trackers will be installed on devices. They can automatically disable all betting applications across all users’ devices when they have exceeded a certain threshold.
- When the user has gambled too much, they won’t be able to access or see them
- If the user tries to turn the feature off, a close friend could be notified.
Gambling addiction has severe physical and emotional consequences, and AI could help in reducing incidences involving this.
Should gamblers bet against the house?
AI won’t be embraced by only players. Best believe that professional gaming outfits will also use AI data sets to their advantage. With how much data, sophisticated AI algorithms, and powerful computers that will be at their disposal, it becomes more and more possible for the house to gain a major advantage. Of course, beating the house is not inevitable, but businesses will be able to use AI to understand human behavior and innovate quicker. This can keep them a step ahead of gamblers at all times.
If we assume that both the bettor and oddsmaker have access to the same AI sophistication, the oddsmaker still has the advantage of volume and time with several bets up before game time. Still, gamblers don’t have to work with emotions when cold hard data from AI feeds them with a more accurate prediction. The betting outfits have always had the advantage over gamblers ever since the industry started coming to life from the days of physical casinos. However, there is every indication that AI is here to change the game. With more predictive information at player’s disposal, there is an almost level playing field that gives them the chance to win even more games against the house.
The Future is Now
With the impact algorithms and AI have had so far in the gambling industry, the trend can only get better over time. Still, when outliers are thrown into the mix, the weakness of artificial intelligence comes into play. This shows that it’s entirely possible that AI won’t be a complete substitute, and gambling will always need the human element. Machines can’t accurately predict factors like the emotional importance of some games or other environmental conditions that could affect an athlete’s performance. However, there is so much to look forward to in how much advancement artificial intelligence will undertake in the coming years and how it could change soccer betting in 2021.
