How Online Betting Sites Are Utilizing AI

Is there anything in the world today that AI isn’t impacting? Certainly it’s doubtful.

For a burgeoning industry such as the online betting industry, which has only been legal and regulated across the USA since the spring of 2018, AI is filling a vital role. The technology provided by AI modeling is proving capable of helping the betting industry grow and improve at almost every turn.

It’s being utilized to promote the product, to calculate and set the odds, even to create new methods to bet on the games athletes play. AI is enabling online betting sites to improve customer service, to more accurately market their product to players, and to calculate the betting odds for events with startling accuracy.

As well, these betting sites are delivering improved security of people’s information and of the integrity of outcomes. They’re able to quickly identify fraud and suspicious betting activity, as well as to accurately assess when someone might need help for problem gambling.

Sports betting sites tend to always be on the cutting edge of technology. Many accept cryptocurrency as a payment method, for instance. And just as easy as it is to check which crypto exchange has lowest fees, you can rest assured that betting sites are using AI as a beneficial tool.

Marketing The Product

The marketing arm of any business is tasked with the challenge of convincing people to want to try out what the company has to offer. It’s no different in the ultra-competitive online sports betting market. In some US states, there are 20+ sportsbooks battling for your betting dollar. That’s a cutthroat level of competition.

The online betting sites are taking advantage of what AI can offer to create a more welcoming and personalized experience for each and every player who signs up with their site. AI chatbots are making it possible to offer 24/7 customer service every day of the year, including Christmas.

AI and machine learning are being utilized to tailor personal portfolios for every player. They can provide data on which promotional offers are most popular, and what types of bets a player prefers to make. By doing so, the betting site can deliver to the player a complete history of wagering that they’ve done on the site. As well, they can also create a personal profile tailoring each player’s experience to what they most desire. Recommended bet preferences can be assembled and promotional opportunities can also be aligned with what the player is most interested in being offered.

By doing so, there’s no wasted energy or effort. Marketing efforts are basically being individually targeted. Betting sites aren’t offering lines that are of little wagering interest, and they aren’t delivering promotions to players who have no desire for that particular offer.

Crunching The Numbers

If you’ve ever wondered how the betting sites are so accurate with the odds they set on sporting events, you can thank AI. The predictive analytics that AI offers to betting sites offer incredible levels of accuracy.

AI algorithms crunch the data, everything from past scores, historical data, player performance, statistics, recent outcomes, even weather forecasts and the latest injury reports. Then the algorithm will virtually play the game over and over again literally thousands of times to determine the most likely potential outcome. And they can continually recalibrate the odds throughout the game based upon how events are unfolding on the playing field.

Massive amounts of data can be assessed in a matter of moments. In fact, it’s the raw speed of AI that’s enabled online sports betting sites to introduce one of the most popular forms of wagering today, live in-play wagering. With this type of bet, you can wager on such in-event factors as which team will score next, which baseball player will get the next hit and which soccer player will commit the next foul. However, none of these wagers would be possible without the help of AI to quickly assess the data and provide the odds for these potential outcomes in a matter of seconds.

Enhanced Security And Fraud Protection

Betting sites are using A1 as a method for detecting suspicious betting patterns, as well as to determine whether scurrilous activities such as match fixing might be afoot.

Advanced AI models can quickly identify such red flags as suspicious betting activity from players. For instance, it’s one of the methods that online sportsbooks have been using to catch athletes betting on games, which is illegal in virtually every pro and major amateur sport.

In the case of standard customers displaying unusual betting behavior, the betting sites are getting assistance from AI to more quickly make determinations on whether to block a betting account that is exhibiting these types of behaviors.

Similar AI tools are helping to protect the integrity of games by identifying unusual patterns and preventing the possibility of a game outcome being altered by participants.

An example of this was exhibited in an English Premier League match. There was a suspicious bet placed on a player to be assessed a yellow card, since the player in question seldom was assessed yellow cards. And yet in this game in which the bet was placed, the player did commit a foul leading to a yellow card infraction.

An investigation was conducted and it was determined that the player was not involved in any way with the bet that was placed on him to commit this flagrant foul.

Protecting Customers From Themselves

As much as AI can enable the betting sites to protect both the integrity of their betting activity and of the games upon which people are betting, the technology is also proving handy in protecting bettors from themselves.

AI models can identify problem gambling activity among bettors much more rapidly than the human eye will be able to catch it. These models can be programmed to set off alarm bells when a player’s gambling activity is getting out of control. By doing so, they can prevent the player from making further bets and point them in the direction of organizations that provide help to people with problem gambling issues.