Artificial Intelligence: The Game-changer in Sports Betting and How it Boosts Profits
Summary: In a recent interview with Gambling Insider, Danil Emelyanov, the Head of AI labs at Betby discusses how gambling operators can leverage the potential of AI to create more effective, profitable businesses and boost user experience.
Artificial Intelligence (AI) can significantly enhance how companies operate their businesses. Its potential is far-reaching, especially in the evolving world of sports betting. AI is paving the path for automated, hyper-personalised user experiences, much like what we see in platforms such as Spotify and Netflix.
As per Danil Emelyanov, embracing AI and its myriad of advantages can transform the entire player journey, boosting player retention, predicting churn swiftly, and even identifying suspicious betting patterns. This level of personalisation is set to revolutionise the sports betting industry.
“The transformative power of game-changing personalisation is set to revolutionise the sports betting industry,” – Danil Emelyanov, Betby’s Head of AI Labs.
AI has the potential to improve user experiences, especially with the personalisation of sportsbook for players based on past behaviour. These personalisation capabilities, although driven by AI algorithms, require diverse data points and human intervention to ensure ethical considerations and address unforeseen challenges. Emelyanov sees AI as a set of tools that generate insights that operators can use to streamline their practices.
With the integration of AI, Betby aims to offer more personal, immersive, and enjoyable experiences for players, transitioning seamlessly from traditional sports betting to esports betting. For instance, Betby is expanding its games portfolio with a Champions League-based game. With AI, operators can offer players personalised promotions, thereby enhancing the overall user experience (UX).
“While AI can automate many aspects of customer engagement, human oversight is necessary to ensure ethical considerations, prevent bias in algorithms and address any unforeseen challenges,” – Danil Emelyanov.
On the topic of regulation and compliance, vital in the online gaming industry, Emelyanov acknowledged that software developments offer solutions in risk management. Technologies such as AI and machine learning can help bookmakers to formulate more accurate real-time odds and assess risk levels by analysing player data, thereby eliminating the need for manual data analysis.
The use of AI in these areas not only simplifies processes but also improves accuracy and efficiency, particularly in real-time profiling of player accounts – a task that would be near-impossible to accomplish manually for any operator.
Learn more about the benefits of AI in sports betting on MySportOdds.com.