Over the past few years, AI has been playing an ever-increasing role across various fields. Artificial Intelligence (AI) has existed since the 1970s. However, only recently has it been implemented across different fields. From Robot control to healthcare, AI is used everywhere. Its detailed processes and algorithm structures always produce accurate results. There is not an ounce of doubt that it can produce accurate results more accurate than humans. Betting was the only one that was not touched by the powerful AI. However, it seems to be changed now, as it entered the world of sports betting too. Yes, you heard it right. AI will be playing a prominent role in sports betting in the future.
Sports betting has changed a lot over the past few years. Although sports betting is not a new concept, most people have a notion attached to it that it is illegal. Flash News!!! It is not illegal. Sports betting is now legal in many states. In the U.S this ban was lifted back in 2018. And it has been legal in the UK for a long time. With time, sports betting has also evolved. There are many online sports betting sites too. These online sites have made it easy for people to place bets on their favourite sports. Since sports betting has become online more and more people are taking an interest in it. There are platforms like OlyBet where you can place bets on sports such as Basketball, Tennis, Football, MMA, etc.
Sports have a prominent history. No matter what your differences are, people unite for sports. That is the emphasis one puts on the games. Some of the major sporting events are of huge importance to many. So if you’re a sports betting enthusiast and want to stay ahead of trends in sports betting then this article is just for you, stick to the end of this article to find interesting information about AI and its relation with sports betting.
Predictions will be accurate
Sports betting is all about predicting accurate results. Don’t you agree? The players predict the outcome of a sport and place their bets on it. Although it may sound quite easy, it is not so. Most people believe that it takes luck to win huge winnings. Well, the truth is quite the opposite. You can’t always make huge winnings based on your instincts. Don’t you agree? Having something that gives you accurate predictions will increase the conversions for the bookkeepers and the players too. So naturally introducing AI into this setup will take the luck factor out of the equation. If you’re wondering how AI can predict the results accurately. It does that factoring the past game results, players’ previous performances, weather conditions, and hundreds of other variables. The only things that AI cannot predict are exceptional situations and also unaccounted for poor performance. Simply put, it all depends on the amount of data you provide to AI. The more data you provide the more accurate the predictions are.
Goodbye to Bots
With technology advancing, scammers are also becoming smart. Now that people can place bets anonymously on online sports betting sites they have using various tricks to tamper with the online casinos. Scammers are using bots to predict the outcomes of the sports and place bets accordingly. However, this will truly work against the online sports betting sites as they can lose the bet amount to the bots. However, with AI this will not be the case, as you see AI can easily recognise between a human and a bot. So no matter how smart the bots are they cannot fool AI.
Money laundering is the primary reason why sports betting was not legal earlier. It is no secret that the sports betting industry is quite vulnerable to money laundering schemes. With AI being introduced into sports betting it will put an end to this problem to a certain extent. Online betting sites already have a few automated systems that would detect the suspicious actions (betting patterns) of customers and warn the bookkeepers. As you know AI learns and adapts, when you provide data till will become even better at finding patterns that usually go unnoticed. So the money laundering will be controlled as you know it is not easy to dupe an AI.
Sports betting is also now focusing on the customer experience too. Although they’re a step behind other industries it is a good start. Personalization has been a thing for years now. With personalization, brands can truly offer their customers exactly what they need. Amazing, right? Customer retention will also increase with this marketing strategy. Sports betting sites can also use AI personalization to improve the user experience. With customization, they can give their users unique offers based on their past bettings.
Artificial intelligence is bringing changes to technology so rapidly that it is forcing the regulations to change too. While some countries are relaxing the regulations there are a few that are tightening the regulations. Although it is still not clear how AI will bring changes to regulations, one thing is clear, you will see many changes in regulations over the next 10 years.
Will AI be the future of sports betting?
Technological advancements have brought a tremendous change in people’s life. Many industries are adapting to AI to achieve their goals. As you have made it to the end, you would have already understood the positive changes AI will be bringing to the sports betting industry. But nothing is set in stone yet. There can be new technologies coming that will influence sports betting a lot in the future too. Also even if AI becomes prominent in the sports betting industry, experts claim that more human involvement will still be the center as AI learns and adapts from the data given. One thing clear, be it small or large AI will surely have an impact on the sports betting industry.