Artificial intelligence (AI) has the potential to “revolutionise” decision-making and security, as well as improve products in the casino and sports-betting industry, according to a software expert working in the implementation of AI.
Ranjeet Kumar, technical project manager at Chetu, which offers software development and support services, listed a host of use cases for AI in the sports betting and casino industry during the “Future of AI webinar” presented by SBC Webinars on Tuesday (January 23).
“AI can handle the complexity of real-time data, it can optimise various needs of these industries. The integration of AI into sports betting can provide accurate predictions. The continual advancement of AI technology is likely to further increase the capabilities and impact of AI in serving the future of sports betting and casino industry,” Kumar said.
In sports betting, the uses listed by Kumar included using machine learning to create personalised betting offers, improved risk management for operators and assisting with fraud detection through biometric authentication, anomaly detection and enhanced surveillance.
In casinos, the possible uses also include personalised gambling experiences, as well as help with regulatory compliance, data analysis for games development and improved security measures, according to Kumar.
“AI can help address regulatory compliance challenges in the industry by continuously analysing the changes in laws and standards AI can streamline the process, reduce the risk of human error and enhance overall efficiency in meeting legal obligations,” Kumar said.
Some operators are also exploring the responsible gambling benefits of AI. Playtech announced last November the funding of an academic research collaboration to measure the effectiveness of personalised responsible gambling solutions using data and AI.
In the future, Kumar believes the industry will likely use AI to develop games for the industry, including creating AI-generated slot machine themes, realistic graphics, voice-activated games and dynamic jackpot systems.
There will also be benefits to deploying AI bots to help with customer support, due to their constant availability, multilingual support and transaction assistance, according to Kumar.
However, there are also a host of challenges to implementing AI, such as the amount of data an organisation has and “also it multiples the complexity if the data is not clear”.
“Using the right tools to clean up and streamline the data, kind of augmented data storage is very much required for AI tools to effectively work and give you the optimum results,” Kumar said.
Another challenge is the lack of knowledge within organisations to use AI tools.
“Finding the right talent is a complex job. Organisations must invest in existing employees, have them train on these AI tools, and hire an external trainer if required,” Kumar said.
Despite the benefits that AI can bring to the gambling industry, it is worth noting that its ethical use is still a subject of concern, according to researchers.