The impact of artificial intelligence continues to be wide-ranging, with a variety of industries either embracing the change that AI has brought about or tackling the challenge that comes with integrating it into the workplace.
Historically, sports betting has always been a sphere that is quick to embrace and evolve with any growing trends that sweep the market, and this has very much been the case with AI.
With a worldwide footfall that continues to grow, the sports betting industry has developed exponentially over the past few decades, with a transition to the online sphere seeing a sharp rise in popularity and accessibility for sports betting users.
No matter which side of the fence users come down on, the variety and diversity available to players when participating in sports and best casinos online games remains comprehensive, with AI playing a part in the way in which both punters and sportsbooks operate.
Playing the odds
Ultimately, the pinch point for any bookmaker or sports bettor is where the odds land, with bookies needing to offer attractive odds that make a bet on a specific outcome seem viable.
The development of live and in-play betting has led to more punters being able to place bets on smaller, individual outcomes within a sporting fixture, rather than focus on the overall result.
Odds and their movements are always there to catch the eye, but they will always protect the bookmaker too, especially if a gambler is leaning towards having an emotional attachment with an outcome when betting.
AI is now at the heart of odds development, both for sportsbooks and for punters and with informed decisions now being made by players and bookmakers alike, the stakes have risen exponentially with every stake placed.
Staying one step ahead of the game
As the old fable goes, poor bookmakers are hard to come by, with the oddsmakers often playing the percentages over the punters, which mathematically always pays dividends.
Statistical analysis has always held a strong place in the sports betting world, with bookmakers reliant upon the probability of certain results happening and setting their markets and odds accordingly.
From placing a bet on a horse race or football match to playing free sweepstakes games online, AI has a firm hold on the sports betting industry, which feels as if it is here to stay.
Data-driven sports betting companies have long looked to find a way past bookmakers on this one, and having AI as a tool in their armoury could prove to be telling.
There will always be a place for punters acting on a hunch and betting with their heart rather than their head, but the development of AI when choosing a bet should give punters a small advantage.
For those placing the bets, AI accessibility means tools and platforms that can crunch numbers across thousands of games to offer more informed, data-driven betting tips. For example, predictive models can estimate the likelihood of a team winning, the number of goals in a game, or even the probability of specific player actions like shots on target or assists.
This data can be invaluable and when some sports betting markets are defined by the finest of margins, having AI in the bag can prove to be rather useful.
Safety first
For all the positivity and financial gain that can come from sports betting, there remains two key pitfalls that punters and/or sportsbooks find themselves exposed to.
Firstly, the development of safe gambling has been a key concept in some countries, but it is now using AI to truly appeal to every player – reminding them of the risks they take when placing a bet.
Financial issues are gripping the world currently, with the global economy in a state of flux and the wider ethical question about whether players should be exposed to losing lots of money in a short space of time is one frequently asked.
Gambling addiction has become a huge problem due to the ease with which bets can be placed online, and advanced AI technology is working to address these issues and assist punters on their betting journey.
Secondly, the financial lure of the sports betting industry has led to the rise of disingenuous companies that use sportsbooks as a ruse to gain personal information from customer.
AI is working alongside all of the key players in the world of gambling, to tackle these financial fraud operations, keeping punters and sportsbooks safe in equal measure.
Lexy Summer is a talented writer with a deep passion for the art of language and storytelling. With a background in editing and content creation, Lexy has honed her skills in crafting clear, engaging, and grammatically flawless writing.
