With the advent of new technologies, sports betting has transformed during the past few years like never before. AI is entirely a different ball game as it involves human-like interactions with the technology but more accurately. Platforms like Parimatch have AI integrations which enable a smooth betting process. There are several reviews available on the internet. In this Parimatch review, you will understand how AI is going to affect the future of sports betting and more.
How AI can affect Sports betting?
AI has replaced the conventional style of predicting sports outcomes that are solely made using human faculties and instincts. The Al predictions are principally based on specific algorithms designed to derive the most possible outcome of a sport. The sheer ability of AI to handle enormous data at once is matchless. One can make use of AI for sports predictions by equipping it with enough information regarding the player’s past performances, fitness level and other statistics. The more information AI is provided with the more accurate the outcome will be.
Improved Algorithms for better predictions
AI is slowly creeping into every Industry and the algorithms are being worked on more than ever. An algorithm is a mathematical formula that uses all the data provided and analyses it to arrive at an obvious prediction. The data includes every movement made by a player, the body part that has been used to hit the ball, the number of goals he scored and anything that can probably shift the momentum of the game. These algorithms can be employed in team sports and individual sports like tennis, badminton as well.
The revolution brought by big data
The big data set that was once not available back in 2009 is now handy. This has changed everything about the way AI is incorporated in every industry and sports are no exception.
The emergence of new companies which are focused on the collection of sports data has increased. This in turn allowed the traders to access the collected data and analyze everything that usually happens in sports such as football, tennis, badminton etc. and evaluate young talents. Therefore improving their performances.
Until a few years ago the market wasn’t equipped with the technology that was needed to collect this data. However, now we have access to data points of minor and major leagues.
Sports betting has become an almost entirely new ball game with the intervention of Artificial Intelligence/AI. With an increasing number of countries opening gates and lifting barriers for sports betting, a huge number of betting sites and applications have sprawled in digital platforms across the world in no time. Betting enthusiasts now need not depend on luck or curse bad fate for losses in the process. Thanks to AI, predictions in sports betting were never this accurate and clear. Potent tools are predicting the outcomes of various games and sports and are helping betting companies to provide betting ratios to the customers in real-time. AI tools work with hundreds of variables that have got potential to change the outcome of the game like previous performances of the players/teams, weather conditions prevalent over the match period and real-time performances of the teams/players during the match and give out the predictions onto which side the game might turn.
AI tools are also proved to be working in guessing the betting behaviour and betting patterns of various customers. Tools analyze the previous bets and bet amounts placed by every customer and guess the pattern of their betting. This intervention helps the betting companies and platforms in providing a personalized betting experience to every single customer and make them bet more.
AI has also proved to be successful in keeping the fraudsters and game manipulators at bay. This way, betting can be made a fraud-free experience.
Customization of the bet offers
The new reality of Bookmaking is that sheer choices may not always lead to conversions. Gone were the days where the traditional Bookmaking which catered to a broader audience made money. With the betting industry evolving it is high time they realise that catering to individual bettors who contribute more can lead to high revenues. This can be done by improving the marketing strategies of these websites where they should display a clear and crisp call to actions rather than a haphazard CTA. The landing pages having clear CTA with options like “Register now” and “Bet now” are more likely to get conversions than the ones with too many confusing choices.
But, how do betting websites that cover numerous sports can have thousands of visitors should narrow down the options to individual customers?
This is where AI comes into play to make all the difference. Some firms that already detected the problem are using technology in favour of the bettor’s customization experience by streamlining. This helps in presenting the bettors with a customised dashboard based on their past bets and specific links that will guide them to their favourite sports. This would subsequently increase the turnover from each customer as well.
Anti-money laundering practices
Financial defaulters, white-collar criminals and people with millions of dollars of unaccounted money are choosing betting as a tool for laundering all the black money. This development is going to leave a very negative impact on the economies of several countries and the betting companies knowingly or unknowingly are hosting the fraudsters. International vigilance authorities and whistleblowers are strongly recommending all the betting companies to lookout for all the discrepancies and put a check. AI has become the Saviour for the betting companies lately, in keeping the money launderers at bay.
Money launderers often invest through the accounts of people acquainted with them. These accounts are called mule accounts. Proper account verification and checking the complete information of the user is necessary and proved to be successful in keeping the launderers and mule accounts from entering the betting market. Using data analytics, betting companies can assess the risk levels of every customer by analyzing their account details and betting history.
There is a lot of money involved in the sports betting industry and the principle is to provide its customers with a secure platform that ensures their data is protected and all the transactions are being carried out securely. With the AI’s role getting advanced in sports, the future will witness better security that can’t be breached. AI’s intervention in gaming also prevents the usage of bots by fraudsters who use the algorithm to place a bet. An AI can detect if a bet is placed either by a human or an algorithm.