The sports betting universe has been impacted by several technologies lately, the latest of which is artificial intelligence (AI). Artificial intelligence is not a new technology, as it were; it has been in existence for years. But its impact has only been felt in a few industries.
Now, AI is starting to have a considerable impact on online sports betting.
Here’s how AI has impacted the sports betting industry, but first, let’s clear all doubt by defining artificial intelligence.
What is artificial intelligence (AI)?
Artificial intelligence – or machine intelligence – is the human-like intelligence that machines demonstrate. It is an area of computer science through which machines or collections of technologies are capable of performing and reacting like humans.
An excellent example of AI can be observed in your interactive experience with Amazon’s Alexa or Apple’s Siri (if you use an iPhone). You can ask either of these to tell you a joke or play your favorite song, and they will swing into action to bring your directive to pass.
New advancements in AI are applied across several industries that utilize highly sophisticated algorithms to leverage predictive behavior and probability theories.
How artificial intelligence impacts the sports betting universe
Now that you know what artificial intelligence is and its overall impact across a wide variety of industries, here’s how it is impacting the sports betting world:
Data collection and monitoring games
Smart data collection is one of the most prominent uses of AI in the sports betting industry. This involves gathering relevant data from individuals who place bets on sports events or tournaments.
For example in Colorado, which is a state with one of the largest online sports betting activities in the entire United States, the leading sportsbooks can leverage this vital data in several ways, including personalized service delivery. Artificial intelligence-driven solutions are developed and implemented to ensure that every data collected is high-quality and authentic.
When bettors in Colorado compare the best sportsbooks on this website, this is reflected in the provision of personalized service and an improved customer experience. In contrast, sportsbooks can launch AI-based betting solutions to keep an eye on every game. They can leverage this crucial data in several ways, including customized service delivery. AI-driven solutions are developed and implemented to ensure that every data collected is high quality and authentic. This continues to drive personalized service delivery and improved customer experience.
Sportsbooks can launch AI-powered betting solutions to keep an eye on every game. These AI-driven solutions help pinpoint any inefficiencies in the market and the betting process. As soon as this is done, the AI software starts automating the betting process based on the available and suitable opportunities unearthed.
This offers a significant leg-up to bettors compared to sportsbooks that rely heavily and only on manual analysis to place their bets.
Identifying and preventing fraudulent activities
Online sportsbooks are somewhat disadvantaged compared to their land-based or offline counterparts, especially regarding security. Fraud and cheating will likely happen in several ways, including match-fixing, rigged slots, etc. But there are no security personnel or cameras to monitor these deceptions online.
Some bettors even learn to make prohibited use of AI-powered bots empowered with algorithms that are far less likely to commit any human error. They activate these bots when spinning slots, which endlessly increases the likelihood of getting several jackpots and winning with a probability of 5–10 times more often than regular players.
The developers of the sportsbook platforms may successfully identify and block these AI-powered bots. But the bot developers are now relentless; they can create new strategies and then relaunch their bots. So, this cat-and-mouse cybersecurity game can go on ad infinitum as hackers and developers keep outwitting each other.
Some players are geniuses in studying sports game patterns to turn every outcome in their favor. This is why sportsbooks are no longer relenting in implementing AI-fortified security solutions capable of running extensive analysis, study patterns, etc., to readily identify fraud long before it happens. This makes it easier to nip such illegal plans in the bud even before deployment.
Predictive analysis is also one of the most compelling benefits of artificial intelligence in the online sports betting universe. Artificial intelligence can be employed in predictive analyses based solely on historical data about trends, patterns, and other crucial factors.
AI-based software can help sportsbooks have a much better understanding of the strengths and weaknesses of different sports teams and how they will fare when pitted against one another. This helps sports betting companies understand the precise type of strategies the teams are most likely to implement during a game, the counter-strategies of opposing teams, and everything in between.
This helps sportsbooks to determine the odds that will favor them – and their customers – in the long run.
Examines and boosts sports betting strategies
Artificial intelligence can be used to boost sports betting tactics. For example, several AI-powered tools can identify value bets as they can look through the odds of several bookmakers and pick out any disparities.
Artificial intelligence also assists in risk management. AI can help determine the likelihood of a particular wager losing or winning. It is always the best strategy to avoid wagers with a high level of risk ad go with one with a low level of risk. Without artificial intelligence, this is practically impossible.
Improved customer experience
Betting options can be personalized, based primarily on every customer’s preferences. AI technology considers customers’ behaviors and delivers just the perfect type of games, bonuses, and even promotions they want.
As a result, sportsbooks can deliver reliable and fast customer service via chatbots or emails. Every email will be customized according to the betting needs of the customer. The customer receives bonuses, promos and sports events that match their preferences, resulting in a loyal customer that stays and transacts business with the bookmaker for the long haul.
The sports betting industry has grown in leaps and bounds recently, but only with some technological assistance. One of the technologies making its impact felt in the sports betting universe is artificial intelligence. Research is still ongoing to discover many more ways this exceptional technology can further the interests of sportsbooks and bettors alike. Only time will reveal the extent of the overall impact of AI on the sports betting industry.