If you are an igaming business owner or well on the way to it, or maybe just an innovation enthusiast, you clicked the right link. Keep on reading as innovation, artificial intelligence, machine learning in gambling are the hot topics of the reading. Just follow along for the below-mentioned ways to leverage the power of machine learning and artificial intelligence in the online gaming business. They’re definitely worth a shot!
What Are AI and ML?
Artificial intelligence and machine learning are hot buzzwords that seem to be on everyone's lips today. But does everybody know what it really means? The line between the two is often blurry. So, it’s high time to gain better insight into AI and ML technologies.
Artificial intelligence and machine learning are two different concepts that are interchangeable, therefore, easily confused. AI refers to machines performing tasks that are typical to human intelligence, e.g. recognizing things, planning processes, understanding signs and languages, fraud protection.
Machine learning includes algorithms and statistical models that computer systems use to perform a specific task. It is regarded as a branch of artificial intelligence. Some practical examples of ML use in our daily life include weather predictions for the next days, win predictors in sports tournaments, ads recommendations according to your preferences and much more.
AI Innovations in iGaming Industry
In a very real sense, AI and ML systems have already penetrated and turned many industries on their heads. There are a number of surveys that prove AI and ML efficiency in fueling economic growth. Industry experts predict that AI will increase economic growth by an average of 1.7% across 16 industries by 2035.
Gambling is among the industries that embraced and absorbed innovation rapidly. Innovation? Well, it’s a bit different with the gaming industry. What if I say that the attempts to employ AI in gaming date back to 1949? It was the time when mathematician and cryptographer Claude Shannon pondered a one-player chess game that would enable people to play against computers. Yet, at that point, the supercomputer was decades away from existence. Only 5 decades later it was possible for IBM’s Deep Blue computer to defeat the renowned chess master Garry Kasparov 3.5 – 2.5 in a six-game match.
The concept Shannon suggested undeniably influenced the future of AI and game-playing. Since the time, AI in the gambling sector has come a long way. Currently, online gaming is among the top industries effectively unleashing the power of artificial intelligence and machine learning systems. So, let’s move forward and explore a few sure-fire ways the innovative trend is applied in the igaming sphere.
4 Ways Online Gambling Industry Benefits from Machine Learning And Artificial Intelligence
In our digital era, innovation is happening lightning-fast. The gaming industry has long proved its openness to innovations. Thus, it is not surprising that AI-powered and ML-driven innovations are warmly welcomed and made full use of in the online gaming sector.
Tackling Betting and Casino Risky Players
Until recently, risky and fraudulent players used to be a real nightmare for online gaming platform managers. It took a lot of strains, time and resources for gaming operators to detect and root out high-risk or cheaty players. With the integration of AI and ML tools in the online gaming sector, operators got a free ride in safeguarding their business from unscrupulous players. AI and ML-powered technology make it harder for even the most experienced fraudsters to cheat gaming operators.
The advanced AI-powered risk management tools allow gaming operators to detect any risky activity in real time, segment players into groups and prevent losses resulted in any fraudulent activity. In this respect, BetConstruct offers an AI-powered risk management tool Umbrella that provides gaming operators with comprehensive data, timely detection and effective management of risky players.
It significantly facilitates the process of handling risky players for risk managers, allowing them to automatically segment players according to their activities and perform some other important tasks to prevent fraud.
Collecting and Analyzing Data That Generates Sportsbook Datafeed
It’s not the oil that runs the world any longer; the most valuable resource of today’s world is data. Real-time, accurate and reliable data feeds are paramount to the success of any online gaming business. It is a landmark in providing high-quality odds, precise statistical probability, and more confident trading decisions.
Once, a team of trained scouts and expert traders was enough to collect and deliver accurate data. Today, there is a growing tendency to trust the lion’s share of the job to AI algorithms. After all, regardless of how professional scouts or traders can be, they are all human beings and may miss some details or fail to be super-fast in delivering data. The situation is different in the case of machine learning and artificial intelligence-based software. Particularly, BetConstruct has enriched its product line with AI and ML-powered data scouting tool AJNA which is capable of delivering accurate data from the field in seconds.
Boosting Player Engagement and Retention
Another important application of AI and ML in the online gaming industry is for gaining player engagement and retention. The AI and ML tools, integrated into CRM systems, allow gaming operators to track where the players come from, collect data on their gaming or betting preferences and accordingly, offer them more games that they will definitely like. Online casinos greatly benefit from the innovation, as it allows them to use the player data to offer highly personalized gaming experiences, ads, promotions, and special offers. It’s no surprise that industry leaders are investing so many resources in AI to get and analyze player info. Once all the info is at hand, it takes no much effort to press the right button for motivating and encouraging players to come back or play more.
Promoting Responsible Gaming
Parallel to the growth of online gaming platforms, more people are at risk of developing problematic gaming behavior. Gaming addicts are bad news for any prestigious gaming operator. So, reputable gaming platforms are committed to taking measures that will prevent addictive gaming and promote responsible gaming instead. Thanks to AI and ML systems, handling problematic players has become an easily achievable task. Tools that incorporate artificial intelligence and machine learning systems make it possible to identify players inclined to addiction beforehand. The preventive measures include individually designed prevention programs, voluntary self-exclusion, limit-setting, etc.
Tech innovations bring winds of change in almost every industry, and not a single sphere is safeguarded from the wave of digitalization. For better or worse, we have not reached the point where AI and ML systems can completely replace human engagement in any industry. Still, in many ways, AI and ML tools outperform the human work in regard to speed and accuracy. iGaming industry was among the forerunners to early realize and exploit the potential of AI. Online gaming implements AI and ML systems to segment and manage players, prevent gaming fraud, offer a highly personalized experience, generate more accurate data, promote augmented and virtual reality, etc. So, to succeed in the industry, online gaming operators have to embrace innovation and invest in AI technologies!
Author Ani Baghdasaryan