AI has become one of the most exciting advances in technology over the last few years. It can do seemingly anything, including creating art or even assisting you in your home with the use of tech such as Amazon’s Alexa. What you might not know is that even betting sites are using AI to improve their services. Here is what they are doing with the tech, and why they are using it.
What Exactly Is AI?
First of all, we need to understand exactly what AI is. In simple terms, it is the simulation of human intelligence, done by computer systems to handle tasks that typically humans would have to do.
Often, AI is used to handle tasks that are basic and repetitive, in order to free up time to handle other tasks. For example, AI machine learning is often used to assemble and analyse data, to further improve services given by different Industries.
How Are Betting Sites Using AI?
When you hear that betting sites are starting to use AI, it can sound rather worrying. In practice, the use of AI is often more benign than you would imagine. Here are some of the ways that betting sites are currently using this technology.
Improved fraud detection: This is probably the most important reason why betting sites are starting to use AI. The industry has always had to handle fraud and match fixing, which is highly time consuming and when done by humans, some issues can still slip through the net. If AI is placed in charge of this though, it can make detecting and preventing fraud a lot easier.
This is done with the use of machine learning. An AI will be given data from a lot of different sources, such as historical betting and patterns, social media, player performance, and so on. With this data, they can start to create a picture of all of their players patterns. With that pattern recognition technology, they can then spot if there is any suspicious betting behaviour which could indicate fraud.
Because the AI does this in real time, the issues can be spotted much more quickly, and fraud stopped in its tracks.
Offering personalized betting: Another key way that AI is being used in the betting industry, with the personalization of betting for site members. Again, because AI algorithms can spot patterns, they can help offer members more personal bets.
For example, if you were to bet on specific football games on your betting site of choice a lot, then the algorithm will notice this. Because of this, the site can have AI automatically offer you special deals on football bets, as these are potentially the ones that you are most interested in.
That makes betting a lot more rewarding for betting site members, and for operators it helps keep members engaged for longer.
Improving odds accuracy: Finally, AI can be used by betting sites to properly create accurate odds. As seen with sites like Irishbettingsites.ie, betting sites offer odds on thousands of events. These are always crucial, as they are one of the biggest reasons why someone would choose a particular betting site over another.
With AI, betting sites can use algorithms to analyse a lot of different variables that are needed in creating their odds. For example, they will need to take into accounts current team performance, weather conditions, any player injuries, and so on. AI modelling can then create potential outcomes for any upcoming match, allowing sites to create odds that are more accurate.
By using AI technology to do this, creating these odds is a much quicker process as well. This is so important, especially when it comes to creating in play odds. That ensures that members will get the most accurate odds every time.
Why Are Betting Sites Using AI?
With the above examples, you can see how AI is benefiting betting sites. As these algorithms have access to a huge amount of past data and information, it enables them to create much more accurate predictions, and models of upcoming games.
Betting sites can use this to improve the betting experience on their platform. By being able to reduce fraud, offer more accurate odds, and even give members personalised betting experiences, AI is going to become more of a fixture on betting sites in the future.