The rapid evolution of artificial intelligence technology (AI), as we have seen in the past year, is set to transform the entire economy and the sports betting industry. Russell Karp is the senior vice president of DataArt and focuses in the second of two parts of the series on how sportsbooks benefit from the use of AI.
One of the most exciting uses of AI for sports betting today is the ability of bettors to strategically place their bets and minimize losses.
BettorTakes, Juice Reel and other apps like them aim to improve users’ performances through detailed analytics of past betting behavior. In an interview this year with DataArt, BettorTakes’ CEO Steve Rubenfaer explained that the app shows “your patterns, biases, and things you may not be aware of about yourself.
AI apps can assess a bettors gambling history in addition to team or player stats. The AI will then make suggestions that are digestible and comprehensible for optimal bets.
Reduce the risk
The industry leaders understand the risks associated with making gaming more seamless and engaging than it has ever been. In early 2013, I was able to have a very interesting conversation with Voxbet’s board member Ian Marmion and Voxbet managing director Jonathan Power.
Voxbet provides users with hands-free, real-time voice betting powered by AI. It allows gamers to bet more conveniently than ever before.
It was interesting to see how Voxbet would implement its concept in line with the newer gambling laws. I also wanted to learn how they planned to use a location check to ensure that all bettors were legally permitted to make their wagers. It is determined by their GPS data.
The vast amounts of data to which sportsbooks are privy is another concern. It is especially concerning that they are using AI more frequently.
Matthew Holt, from US Integrity, was my guest last year to talk about his experience working with sportsbooks. I was interested in how the company handled user data and privacy risks. Holt explained that online gambling has been significantly safer over the past few years.
Many European countries did have reliable and consistent systems for transmitting data before the US legalised sports betting.
AI and Responsible Gaming
Holt confirmed that the company doesn’t have access to personal data of bettors. It’s complex to sort through all the data that US Integrity uses.
Holt said, “We do not pull any personal data.” They have only account numbers and little else. We do this because we don’t store such data.
The second you act, the risk of cyber-attacks and your insurances will skyrocket.
It’s important to minimize the negative impact on users who are vulnerable. This includes making gambling more appealing, sticky for both new and older audiences, and simpler than ever.
The same tools used by BettorTakes or JuiceReel for analysing player behavior to determine optimal bets, can be used in order to identify unusual betting patterns.
These tools are not only useful for reducing the risks of gambling excessively, but they can also alert you to possible fraud.
The human mind is infallible
Balance is key in the sports betting world. AI has incredible potential for sports betting, but it shouldn’t be viewed as a substitute.
A computer algorithm cannot match the human ability to judge, have intuition and be experienced. We can maximize both individuality and technology in sports betting by integrating AI with human insight.
Staying up to date with the latest technology is crucial to maintain an advantage over the competition.
The sportsbooks should focus on using sophisticated technological solutions to manage data, harness AI integrations and keep bettors’ sensitive information secure.
Technologically-savvy individuals can create sophisticated AI algorithms that analyze vast quantities of data. It can give real-time insight into trends and sports events. A high level of technological expertise ensures a secure, compliant and safe integration of AI. This protects the sensitive data of users and ensures compliance with regulations in the heavily regulated world of sports betting.
Technological expertise is important
Are you prepared for the changes coming in sports betting? As I explored this space in two parts, I talked about some of the biggest challenges and potentials that will come with AI’s continued improvement.
It’s important to remain aware of industry regulations and to adhere to them. While AI is a powerful tool, it cannot replace the human judgement.
In order to successfully navigate the complex sports betting landscape, it is important to have a solid understanding of technology.
