As a sportsbook solutions provider who harnesses the power of Artificial Intelligence in its solutions and business operations, Altenar is able to take a look at how AI has impacted the growth and development of iGaming and sports betting software.
For the most part, AI has drastically changed the face of software development, by enabling larger data analysis, adding automation where it was previously non-existent, and overall, enhancing the bettor experience by increasing efficiency and entertainment.
With Altenar, operators and their players not only have access to tier-one sports content and events, but are using, accessing and harnessing the top technologies in the industry today.
You can discover more about Altenar, its sportsbook solution and geographical locations by contacting the sports betting solution provider today to begin your sportsbook journey!
This article aims to demonstrate some of the impacts that AI has had on iGaming and sports betting software and how implementing this technology and the software that utilises it is a must for iGaming companies in an increasingly tech-reliant world and industry.
How Artificial Intelligence Has Impacted & Benefited The iGaming Software
Improving Your Prediction Capabilities
In your iGaming and sports betting business being able to analyse vast amounts of data and its patterns is a must, especially as more and more players are locking-on to the entertainment value of the iGaming industry.
AI can process data much faster than humans, making it possible for iGaming companies to analyse massive amounts of data in a short time. By analysing this data, AI can identify patterns and trends that are not easily detected by humans, thereby providing more accurate predictions. In addition, AI can learn and adapt to new data, making its predictions even more accurate over time.
With the added help of AI, your iGaming and sports betting business can analyse data sets in real time, leading to more accurate predictions and increased efficiency.
Increasing Your Automation Processes
With increased usage of automation friendly technologies like widgets, AI has increased the usability of certain betting processes, saving time and increasing efficiency as a by-product. Automation in your sportsbook solution or iGaming software is a must in an always changing world, where players may begin to prefer different types of leagues and events over time. By automating certain processes, operators can stay on top of their game and ensure they provide a seamless experience for their players.
Taking Risk Management To The Next Level
As a sportsbook provider, Altenar understands the value of AI in its Risk Management systems and how increased predictability can help the solution provider predict the probability of an event occurring and adjust accordingly.
Altenar employs a 24/7 risk management system that utilises AI, and you can discover more about this by contacting the team today!
Increased Personalisation For Players
AI can drastically increase the user experience for your players, by providing customised recommendations from a player’s preferences and play history. This can increase the efficiency of your marketing efforts, and knowing you’re showing your respective players the content you know they’ll love. Chatbots powered by AI can understand natural language processing and provide personalised responses to players, which can enhance the overall player experience and increase satisfaction.
How Could AI Continue To Improve The iGaming Experience
Identifying Patterns & Trends
AI could, in the future, refine its usage to help sports betting and iGaming businesses predict patterns and trends in betting behaviour, to new heights that we’ve not yet seen or witnessed, and could be a key tool in developing more effective strategies for bookmakers and bettors.
Fraud Detection
AI could be used to detect and help to prevent fraudulent activity by searching large data sets for any and all anomalies and suspicious behaviour.
Automated Trading
AI could automate the betting process and increase the efficiency of trades. Automated trading systems could be developed that use machine learning algorithms to analyse data in real-time and make trading decisions based on that analysis.
A Brief Overview Of AI’s Introduction Into Sports Betting & iGaming Solutions
Though recent times has seen an increased discussion around Artificial Intelligence, the technology has seen instances of use throughout the early 2000s until now, and for this, it’s crucial to take a look at how AI’s usage has increased over 20 years.
Early 2000s
Machine Learning (ML) algorithms have been used within sports betting since the early 2000s and was actioned with analysing large data sets and identifying patterns and trends, however, the usage of this technology was not as widespread, or popular, during this time.
2010
Sportsbook solution providers begin to use and harness predictive analytics and ML to increase the accuracy of models that predict the outcomes of sporting events. This increased the speed and efficiency of the betting process.
2015
ANN (Artificial Neural Networks) are implemented in sports betting, to once again, improve the accuracy of predictions, however ANN models complex relationships between a host of different variables. AI was being used to improve player experience and prevent fraud.
2016
Deep Learning models began to be utilised for analysing data in real-time during sporting events, this allowed bookmakers to make adjustments accordingly.
2017
The advent of NLP (Natural Language Processing) and the resulting chatbots provided a more personalised betting experience to players, as well as recommendation and customer support.
With an always improving and increasing AI implementation within the iGaming and sports betting industry, you should begin your sportsbook journey with your right, AI harnessing, foot forward!
