Could AI improve the online betting experience?
Like it or not, AI is infiltrating almost every area of our lives. In fact, AI has been all around us for some time now, subtly weaved into mundane, everyday tasks without us even realizing it. You know when you shop online and you’re recommended similar products? That’s AI! Or how you use reverse image search to find something? That’s AI too! While we’re not sold on the idea of AI-powered cars just yet, there are certain areas of our lives that AI can enhance and make better. One specific sector that AI is set to transform is the online betting and online casino industry. AI has the potential to improve the online betting experience for players in several ways. Let’s take a closer look at what exactly they are.
Improving safety and fraud detection
As with any form of online entertainment, online betting has its own security risks. Despite sportsbooks like bet365 having robust security measures in place, they are not immune to security breaches, attacks or fraudsters. AI-powered security mechanisms can intelligently keep track of online users, scan for and block flagged IP addresses and shut down brute force attacks quickly.
AI can be seen as the online casino’s virtual “eye in the sky” by detecting suspicious activity and banning these users before they can do any damage to the casino’s reputation.
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Enhancing customer service
AI chatbots can be implemented to provide top-class customer service to online casino customers. These bots can be trained with thousands of pre-determined answers to efficiently respond to problems in real-time. These responses can be activated both during gameplay and as a helpline to solve customer queries.
Ensuring things run smoothly
AI is lightning fast, so if there is downtime or an error on the website, it can detect this within seconds so online casino owners can find and implement a solution much faster. Downtime leads to players leaving your online casino for a competitor, so it’s vital to limit downtime to avoid losing revenue.
AI-powered risk management
Bookmakers can make use of AI to mitigate risks and manage their losses to ensure they remain profitable. AI can analyze records and identify patterns from past events or matches, which can be used to set odds that are more accurate. In addition, AI can automate the manual tasks of managing bets, freeing up bookmaker’s time for other important tasks.
Improving and speeding up game design
AI can speed up website design and game design to create a more immersive and realistic online betting experience for players. Additionally, it can customize each player’s gambling experience by offering personalized recommendations of which events to bet on based on the player’s online history and preferences.
Gambling addiction detection
It is no secret that gambling carries the risk of becoming addictive when not enjoyed responsibly. AI can be applied in several ways to mitigate the risks and flag potential problem players, so they can get the help they need earlier. An example of this is Mindway AI, gambling addiction detection software that identifies patterns of behavior regularly associated with gambling addiction, such as erratic spending and time of day the person is online. It gives players a score through a color spectrum where green is good and red means the player should step away from the game immediately.
Potential dangers of AI in online betting environments
The biggest concern is whether players will use AI to place their bets. This calls into question ethics and whether this type of risk management creates a fair, level playing field. Say one player uses AI algorithms to predict which team is going to win based on historical wins and training data, while another player does this manually. Does it feel right or fair if the player who used AI wins? Time will tell how this aspect of online betting will be managed going forward.
Closing thoughts
There is great potential for AI to improve the online betting experience for players in several ways. From the way bookmakers manage risk to improved customer experience and detection of problem gambling, AI is set to transform the online gambling industry for good. How online casinos will manage AI-powered bets, however, remains to be seen.
