If you are an igaming business owner, or about to become one, or perhaps just an innovation enthusiast, then you have clicked the correct link. Keep on reading. Innovation, Artificial Intelligence, Machine Learning in Gambling are currently the hot topics. Just follow 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 they actually mean? The fine line between the two often gets blurry. So, it’s high time we gained better insight into AI and ML technologies.
Artificial intelligence and machine learning are two different concepts that can be easily confused. AI refers to machines performing tasks typical to human intelligence, e.g. recognising things, planning processes, understanding signs and languages, preventing fraud.
Machine learning includes algorithms and statistical models that computer systems use when performing a specific task. It is regarded as a branch of artificial intelligence. Some practical every-day ML examples include weather predictions, betting predictions in sports tournaments, ads recommendations based on your preferences and a lot more.
AI innovations in iGaming industry
In a very real sense, AI and ML systems have already penetrated into many industries and turned those on their heads. There are a number of surveys that prove the AI and ML efficiency in fueling economic growth. Industry experts predict that AI will increase the economic growth by an average of 1.7% across 16 industries by 2035.
Gambling is among the industries that have rapidly embraced and absorbed innovation. Innovation? Well… With the gaming industry, it’s a bit different. What if I said that the attempts to employ AI in gaming dated back to 1949? It was the time when mathematician and cryptographer Claude Shannon described a one-player chess game to be played against computers. Yet, at that point, the supercomputer was decades away from its existence. Only fifty years later was it 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 then, AI has made a long journey in the gambling sector. 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 this innovative trend is applied in the igaming area .
4 ways online gambling industry benefits from machine learning and artificial intelligence
In our digital era, innovation is happening at the speed of lightning. The gaming industry has long proved its openness to innovations. So it is no surprise that AI-powered and ML-driven innovations are warmly welcomed and used in the online gaming sector.
Tackling betting and casino risky players
Until recently, risky and fraudulent players used to be online gaming platform managers’ worst nightmare. It took gaming operators a lot of effort, time and resources to detect and uproot high-risk or cheating 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. The AI- and ML-powered technology makes it harder even for 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 resulting from fraudulent activities. In this respect, BetConstruct offers its own AI-powered risk management tool Umbrella, which provides gaming operators with comprehensive data, timely detection and effective management of risky players.
It makes the process of handling risky players much easier for risk managers, allowing them to automatically segment players on the basis of their activities and perform some other important tasks to prevent fraud.
Collecting and analysing data that generates sportsbook datafeed
It’s no longer the oil that runs the world. Data is now the most valuable resource on the planet today. Real-time, accurate and reliable data feeds are very important for 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 AI algorithms with the lion’s share of the job. After all, no matter how professional, scouts or traders are all human beings and can miss details or fail to be super-fast when delivering data. The situation is different with ML and AI-based software. In particular, BetConstruct has enriched its product line with the AI and ML-powered data scouting tool AJNA, which can deliver accurate data from the field in seconds.
Boosting player engagement and retention
In the online gaming industry, AI and ML are also used for improving player engagement and retention. AI and ML tools, integrated into CRM systems, allow gaming operators to track where players come from, collect data about their gaming or betting preferences and offer them games they will definitely like. Online casinos greatly benefit from the innovation, as it allows them to use player data to offer highly personalised gaming experiences, ads, promotions, and special offers. It’s no surprise that industry leaders invest so many resources in AI to get and analyse player info. Once all the info is at hand, it doesn’t take much effort to press the right button for motivating and encouraging players to come back or play more.
Promoting responsible gaming
Alongside the growth of online gaming platforms, a lot of people are at risk of developing problematic gaming behaviours. Gambing addicts are bad news for any prestigious gaming operator. So, reputable gaming platforms take measures that will prevent addictive gaming and promote responsible gaming instead. Thanks to AI and ML systems, handling problematic players has become an easy process. Tools that incorporate artificial intelligence and machine-learning systems make it possible to identify players inclined to addiction as early as possible. The preventive measures include individually designed prevention programmes, voluntary self-exclusion, limit-setting, etc.
Tech innovations bring winds of change in almost every industry. Not a single sector is safeguarded from the wave of digitisation. For better or worse, we have not yet 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 human work in terms of speed and accuracy. Igaming industry was among the forerunners to realise and exploit the potential of AI in its early stages. Online gaming uses AI and ML systems to segment and manage players, prevent gaming fraud, offer a highly personalised experience, generate more accurate data, promote augmented and virtual reality, etc. So, to succeed in the industry, online gaming operators need to embrace innovation and invest in AI technologies!
Author: Ani Baghdasaryan