Sports betting is fun and if done right it can bring big winnings home. If you’re someone who indulges in it then you already know the meaning of it. However, if you’re new then let’s get to the basics. It is an activity in which people normally bet on the results of the particular sport. Simply put, they predict the results. Sportsbook takes the “upfront” bets only i.e., the bettor must pay before placing the bet on the sport.
Earlier sports betting or gambling is seen in the bad light and most people were not open to the idea of gambling. In recent decades, this notion has completely changed and more people are taking an interest in it. Most people are taking an interest in it as it offers both entertainment value and also a chance at winning huge amounts of money. This is one of the main reasons why many people are interested in becoming a professional bettor.
However, this success of the betting industry is all thanks to the internet. With time, technology has also advanced. One can say that the internet has taken a prominent place in people’s life. Can you imagine a day without the internet? Impossible, right. From personal to professional. One can say that people are quite dependent on the internet to get work done.
It has not only been a boon for people, but it has also the course for the betting industry. The Internet has opened doors for online betting. With tight schedules, most people have no time to go out and have a fun evening. But with online betting people can enjoy the betting on their favourite sports and teams right from the comfort of their sofa. This is one of the main reasons why the online betting industry has gained momentum and become quite popular over the decade.
With online betting becoming popular, it has given rise to many sports betting sites. These sites have a list of the latest betting offers displayed to attract the player’s attention. Most popular sports for betting are basketball, boxing, football and hockey. With sports betting becoming legal in most states, each of the states has its own set of rules for online betting. Some of them allow mobile or online betting within the state lines, while there are others who only allow people to place sports bets inside a casino.
But if you think online betting is the highest pinnacle in the online betting industry then you’re wrong. The gambling industry is also keeping up with the recent technological advancements to improve the customer experience. One such technology that has slowly crept into the online betting industry is Artificial Intelligence.
Is AI really changing the betting industry?
AI is used in many other sectors, introducing it into the online betting will only bring many interesting developments to the betting. All the recent developments are pointing towards a promising future for online betting. Artificial intelligence is quite powerful, It is usually defined as the insights from deep learning and machine. With these insights, the automated system makes its own decisions. Its detailed processes and algorithmic structures are behind AI’s unprecedented accuracy when it comes to the results. The results produced by the AI are more accurate than the human brain.
Here is how AI is changing the sports betting
An AI strategy starts with gaining a thorough understanding of the customers. It determines when, where and how they are interacting with the platforms along with what they’re doing. AI gathers all the information relating to user psychology. It is the starting point to understand them and develop user interfaces and algorithms. But it is not a one-time thing, it takes a constant reviewing, improvements and evaluation to stay relevant. Especially for an industry like online gambling, user experience is quite important. It can either make or break it.
With AI they can gather information about their user preferences and behaviours. All this vital information can actually help online betting platforms to improve their user experience. This multitude of data points will provide you with a real-time 360° vision of the players. You will get to know information beyond how much they’re spending each month, it will give them insights about user behaviour. The bookmaker can deliver content that is relevant to the users at the right time.
Improved customer experience
As discussed above you can say that customer experience is quite important for any business. With AI the online betting platforms can improve the customer experience. When you understand your user’s preferences you can improve their experience. AI is giving the users a chance to personalise their bets. Some users have clarity on which game they are going to place bets, while others would like to take a look around and then decide.
If they understand the preference of the user, the platform can respond to the users accordingly. This way they will not lose the customers, while the users also get what they’re looking for. With all the data gathered about a particular user, the platform also understands what makes the user interested and when are they active. So they can effectively communicate with the users at that time such as sending an email, SMS etc. The personalisation always helps you in keeping your customers happy and engaged.
Luck will be out of the picture
Most people associate winning a bet to luck. But with AI in the picture, the luck will no longer significant. AI uses algorithms and statistical processes to predict the outcome of a sports event. So people will no longer depend on their luck to win their game. They will make decisions based on the statistics or the data gathered. One could say that this unique collaboration between the machine and humans to predict the outcomes of a sporting event. Everyone knows that sports betting or any other game is actually based around the statistics and probability so integrating AI in sports betting is quite sensible.
There is not an ounce of doubt that AI has a huge impact on the gambling industry. It has the potential to take sports betting to new heights. Integrating the AI into the sports betting is sensible as it predicts the outcome of a sporting event based on its previous results, weather, the form of the team in the previous matches, etc. So the results will be more accurate. Not only this till is even helpful as it will help the platforms in preventing fraud too. Although it is yet to be implemented on a large scale. It is only a matter of time when it will be completely implemented in the online platforms to create the perfect bet. Who knows what amazing breakthroughs will AI see in the coming years and the way it will change the sports betting industry.