With AI seemingly all over the place, Boardroom breaks down a few ways in which the sports betting industry has incorporated the technology.
Artificial intelligence (AI) has emerged as a game-changer across various industries, and sports betting is no exception.
With the ability to process massive amounts of data, identify patterns, and make accurate predictions, AI is rapidly transforming sports betting and offering unprecedented opportunities for fans everywhere.
Boardroom breaks down three main ways AI is shaping the future of sports betting and revolutionizing the way users engage and play.
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No. 1 — Personalized Gambling Experiences
AI-driven technologies have opened up a realm of personalized gambling experiences for sports bettors.
By leveraging machine learning algorithms, sportsbooks can analyze individual betting patterns, preferences, and historical data to create tailored recommendations for users. This helps bettors receive customized suggestions on events, odds, and strategies that align with their specific interests and preferences.
“AI will allow for increasingly personal experiences for sports bettors, and customize quests for users, building upon the type of quests they tend to accept and complete,” Dan Taren, founder of the sports betting platform Scrimmage, told Boardroom. “This is powerful for operators we integrate with to help their users make their betting experience feel personalized to them.”
Through AI-powered systems, bettors can gain valuable insights, maximize their chances of success, and ultimately enhance their overall gambling experience.
On the flip side, AI can also help sportsbooks offer dynamic in-play betting options, where odds and betting opportunities are constantly updated in real time based on the unfolding events of a match, game, etc. This enables users to engage with the action as it happens, placing bets on specific outcomes or events during the game.
AI algorithms can quickly analyze changing variables to ensure accurate and timely odds adjustments and provide bettors with an immersive and dynamic gambling experience.
No. 2 — Detecting & Reducing Fraud
The sports betting industry has always faced challenges related to fraud and match-fixing. However, AI can be a valuable ally in detecting and reducing such illicit activities.
By analyzing data from various sources, including historical betting patterns, player performance, and social media sentiment, AI algorithms can identify suspicious betting behavior that may indicate fraudulent activities. Machine learning models can be trained to identify irregularities and anomalies in the betting market, alerting sportsbook operators to potential instances of match-fixing or insider trading.
“The focus on spotting real-time behavior trends can start way before a bet is even made. It can start as soon as you connect with the platform,” E.J. Ayala, NFT Promo Lead for DraftKings, said to Boardroom. “If teams don’t use sophisticated real-time AI risk indicators in the future to help prevent or detect bad actors from transacting, colluding, or exploiting the platform you will simply fall behind and leave money on the table. AI can become a trusted brand that protects users, maintains platform integrity, and fosters safe betting.”
This approach allows prompt investigation and mitigation measures, protecting the integrity of sports and preserving the trust of bettors.
Moreover, AI-powered systems can monitor social media platforms and online forums for discussions related to betting fraud, providing valuable insights into potential threats.
“We have developed our own AI chat filter that understands the content and context of messages and successfully removes unwanted messages and prevents hate speech,” Sofascore AI Team Lead Karlo Knezevic told Boardroom. “Also, in our Sofascore Editor application and during crowdsourcing, when users themselves enter the results of the matches they follow, the AI algorithm checks the entered data and gives them credibility or marks them as fake.”
By leveraging natural language processing, AI can gauge public sentiment and detect any indications of manipulation or misinformation that could impact betting outcomes.
No. 3 — Improving the Accuracy & Efficiency of Odds
The core of sports betting lies in odds calculation, where bookmakers look to balance risk and reward. AI is now playing a crucial role in enhancing the accuracy and efficiency of odds, benefitting both bettors and sportsbooks alike.
Using historical and real-time data, algorithms can analyze numerous variables such as team form, player injuries, weather conditions, and head-to-head statistics. By considering these factors, AI models can generate more precise predictions and calculate odds that reflect the true probabilities of specific outcomes.
Automated data scraping and processing techniques enable rapid assimilation of relevant information, ensuring up-to-date odds calculations and minimizing the time lag between event occurrences and odds adjustments. This real-time responsiveness allows sportsbooks and bettors to make informed decisions in an agile and competitive environment.
“Given that our partners collect statistical data from different sources, the AI algorithm really helps us to group them and filter out those that are repeated,” Zlatko Hrkac, CEO of Sofascore, told Boardroom. “A way we use AI is actually Sofascore’s most famous feature, our Sofascore statistical ratings. Sofascore ratings are generated by a sophisticated algorithm that translates hundreds of stats into one live number which quantifies a player’s performance.”
All in all, integrating AI-powered technologies not only enhances the overall betting experience for individuals but also safeguards the integrity of sports events, ensuring fair play and reducing fraudulent activities.
As AI continues to evolve, sports betting enthusiasts can look forward to a future that combines data-driven insights and tailored recommendations.
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