AI integration in gambling is transforming the industry, enhancing the user experience while exacerbating addiction risks and spotlighting concerns among experts.
An important turning point in the development of gaming and betting is the meeting point of artificial intelligence (AI) and the gambling sector. Applications of AI in this field are opening up previously unheard-of possibilities for efficiency, security, and personalization as the technology develops.
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Not only is this integration improving the user experience, but it’s also changing how sports betting and casino operators operate.
Concern as the gambling industry embraces AI https://t.co/XCEw9MLSyk pic.twitter.com/iefurmeiTi
— alfoperre (@alfoperre1) March 5, 2024
AI in the gambling experience
At the age of 18, Danny Cheetham started going to the neighboring bookies to gamble on the Fixed Odds Betting Terminals (FOBTs). He didn’t take time to play video games online. Mr. Cheetham, 34, claims that the ease of access and the solitary nature of online gambling exacerbated his habits.
The most recent advancements in artificial intelligence (AI) have provided gaming companies with a new resource. Businesses claim that it improves the client experience. However, Mr. Cheetham and others are not so sure; he said that while this technology undeniably enhances user engagement, it also has the potential to deepen addiction. Additionally, the ethical dilemma here is whether the pursuit of profit is being prioritized over the welfare of individuals prone to addiction.
Furthermore, Scotty McKeever brushed off such concerns. AI is at the foundation of the service offered by his firm, EquinEdge.
EquinEdge uses artificial intelligence to analyze data such as horse performance, track conditions, and jockey and trainer statistics. This is crunched to generate a metric, such as the likelihood that a specific horse will win. While AI has done the hard work, gamblers must still decide how to interpret that metric, and this is what EquinEdge describes as “the fun part.”
According to Mr. McKeever, AI has made it easier than ever before to offer consumers the kind of data and analysis that used to be the province of pros. Moreover, he believes that the use of AI won’t have any impact on problem gambling. He stated that it’s a disease no different than any other addiction. He also added that those who suffer from it aren’t going to be helped by making gambling more boring or challenging, nor will they be harmed by making gambling less boring or challenging.
Additionally, Jim Makos, on X (formerly Twitter), said he can’t wait to see how AI will disrupt the gambling industry.
I can't wait to see how AI will disrupt the gambling industry.
That was what I saved in my note-taking app to post one day. Instead, I decided to write this article.
I had no idea how AI would disrupt the gambling market despite my long experience as an advantage player.
So,… pic.twitter.com/Xi7TgFXzEH
— Jim Makos (@JimMakosCom) March 2, 2024
Companies using AI in gambling
However, several other companies are using AI to customize the experience for gamblers. Betby provides technology to gambling companies and uses artificial intelligence to personalize the betting experience and forecast churn and lifetime value.
Danil Emelyanov, head of AI at Betby, stated that the company could prioritize relevant content for users based on their past activity, current actions, similarities with behaviorally close customers, and prevailing sports trends thanks to the newly launched AI tools.
Similar to EquinEdge, Betby offers recommendations to users and extra details about particular events to assist clients in making wise wagering decisions.
In addition to providing gamblers with more of what they desire, artificial intelligence is also being trained to identify “key behavioral shifts” that could point to a problem for the client. This could include impulsive behavior, general spending, and recurrent losses or loss-chasing.
The algorithms used by Betby rely on information about user account activity, the frequency and amount of bets made, and the kinds of bets made. Emelyanov said that from this data, the technology can identify key traits that could indicate problem gambling or fraudulent behavior.
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