Artificial Intelligence is currently creeping into the gambling industry.
Gambling companies are reticent in embracing this fully as previous investments in technology-driven solutions have not always borne fruit, such as Virtual Racing and technology normally requires a capital investment in a technology unproven in their industry. However, there may still be opportunities.
The most pressing problem for gambling companies is to try to increase the number of bets customers are placing. This is a challenging problem as the number of products offered does not necessarily increase the number of bets placed by the player. Therefore, the gambling companies must focus on other incentives to encourage betting from its existing players.
Artificial Intelligence is a potential solution for this problem by providing accurate, individually focussed offers that are derived from a user’s historical betting activity e.g. offering a football betting customer, enhanced odds on his favourite team winning a Champions League match.
This increased accuracy and automation of rewards may result in an increase in betting activity and a reduction of costs, so a tangible opportunity for AI.
An area that currently seems less likely for automation is the accuracy of odds which are generated by actuaries with a long history of success.
There is a level of safety when using actuaries, they have a track record and they are protected against bad service through insurance. There is understandably considerable opposition to an AI application replacing actuaries, however, as with all areas based on risk or Insurance, this is likely to change as technology improves and historical data proves the accuracy.
We understand this at vScaler, and we look forward to helping Companies find their feet in AI with the ability to invest in cost-effective baby steps through to complete AI Clusters.
Get in touch if you would like to discuss this topic further.