In recent years, few new technologies have kicked up quite as much of an uproar as artificial intelligence. In the public eye, we’re getting closer and closer to AI taking peoples’ jobs, replacing people in society, and even turning rogue. Entrenched cinema-goers may even have one eye on the rise of Skynet in the Terminator series. While we’re not quite there yet, the industry is growing rapidly.
Already said to be worth over $137 billion – which was a market size value given in 2022 – AI is expected to grow at an annual compound growth rate of over 37 percent through to the end of the decade. That showcases that forecasters see it rapidly growing in prominence and power. Given the advancements demonstrated to date and the potential shown by these, technology does have a tremendous future in our world.
Importantly, artificial intelligence is already proving its worth across several industries, particularly in the realm of iGaming. Composed of betting and casino gaming online, iGaming has always been quick to adopt new tech in the pursuit of a better product for customers and a more streamlined experience. One of the big breakthroughs was integrating live streaming into games, but now, it’s about AI making gains behind the scenes.
Gathering and crunching the numbers
Particularly with the advent of live or in-play betting, it’s become integral for online betting platforms to have fast and accurate odds-making software. Humans can naturally get a sense of a sport when watching it live, and see where the momentum is and which side looks to be in with creating the next most impactful moment. For a long time, computers have struggled with this, and humans can’t input their qualitative data into a system either fast enough or accurately enough to reveal their sense of momentum, for example.
Coupled with some additional tech to track and collect data instantly, AI and its learning capacity can now be leveraged to crunch stats rapidly to both present them to users and reflect the state of play more accurately in live odds. The vision of the computers can go far beyond touches of the ball or missed catches, though. They can read more subtle information points like player trajectory and velocity to predict upcoming attacks.
Improving the customer service experience
Few people enjoy contacting customer services because, more often than not, it’s because they have already had a frustrating experience. In iGaming, this can be even more frustrating as an issue is most likely to do with their money being spent on games or betting. Usually, these issues are resolved eventually, but customer service teams can only be so big. This is where an AI chatbot can enhance the experience at the point of contact.
A well-programmed AI chatbot can analyze text, identify the key points, and compose a valuable reply incredibly quickly, without the customer needing to wait for the answer to be researched by a human customer service member. However, humans are still needed. When the AI can’t solve the issue or isn’t permitted to, it can then quickly put the person on a direct line with the correct expert. Such software could also be run in the background, monitoring all accounts to flag those who are possibly infringing responsible gambling practices.
A unique experience for every customer
Personalization has become a buzzword in the online world, particularly since 2020. It’s been reported that over 70 percent of customers expect the companies that they connect to send them personalized interactions in return, with three-quarters of people getting frustrated when the returned interactions aren’t personalized. Not only does personalization help people to buy and enjoy the products and services that they want, but in return, it increases growth for the business.
The iGaming space is vast. On any given platform, there can be over 1,000 games, with more added regularly. This is just the state of play with online slots. You’ve got the forever big hitters like Big Bass Bonanza and 9 Masks of Fire, but some players may miss new releases like Golden Dragons, which can end up tumbling down the slots page after a little while.
So, AI can come into play to read the slots being played, analyze the themes and features, and then show its results either on the user’s slots page or a separate “suggestions” page to ease the process. Another way that AI could weigh in with regard to helping customers find the games and odds that they want is via searches powered by AI. Again, the results could work off of the user’s previous searches but also integrate data from others.
For example, AI could read what other players of the same game also play, and then make that suggestion.
Used appropriately, AI could power the iGaming industry forward tremendously, helping to make so many aspects of the customer-facing experience and the behind-the-scenes work much more efficient and effective.
Fraud Detection and Prevention
AI algorithms have proven invaluable in detecting and preventing fraudulent activities within online gambling platforms. By analyzing vast amounts of data, AI can identify patterns and anomalies associated with fraudulent behavior. This includes monitoring player behavior, transactions, and account activities to swiftly detect any signs of fraud. By leveraging AI, the industry can ensure a secure and trustworthy gambling environment for players.
Responsible Gambling Measures
AI plays a crucial role in promoting responsible gambling practices. By monitoring user behavior and analyzing data, AI systems can identify signs of problem gambling, such as excessive spending or frequent losses. This enables personalized interventions to be provided by outlets such as betway.com, such as setting deposit limits or suggesting self-exclusion options. AI-powered responsible gambling measures help protect vulnerable individuals and foster a safer gambling environment.
Game Development and Optimization
AI has transformed the process of game development and optimization within the gambling industry. By leveraging machine learning algorithms, AI can analyze player preferences, engagement patterns, and feedback. This data-driven approach allows for the creation of highly personalized and engaging games. AI helps optimize game design, enhancing user experiences and satisfaction by delivering tailored gaming experiences that align with individual player preferences.
Enhanced Security and Anti-Cheating Measures
AI technologies bolster security measures and anti-cheating efforts in the gambling industry. By analyzing player behavior and gameplay patterns, AI algorithms can detect and identify suspicious activities or cheating attempts. This includes identifying collusion, bot usage, or other fraudulent behavior. Through the use of AI, casinos can maintain a fair and secure gambling environment, ensuring a level playing field for all players.