【stake fake money】AI: A Game

Over the last couple of years, artificial intelligence, or AI, has become a key tool for many businesses worldwide, including the sports betting industry. AI tech can help both the consumer and the operator.

With AI tools, bettors have easier access to data on various sports and can make more informed decisions before placing their bets. Meanwhile, gambling operators can utilise AI technology to provide improved odds calculations and data-driven insights.

Expert Shares His Input

However, AI expert and strategist David Borish has recently weighed in on the topic, saying AI in sports betting could be a two-sided coin. Here’s what Borish commented in an interview:

“The rapid advancement of AI has revolutionised various industries, and sports betting is no exception. However, the adoption of AI in sports betting also presents a complex set of challenges and ethical considerations that must be carefully navigated.”

AI tools help players with better access to team and player statistics, allowing them to make more informed decisions. Additionally, bets can be placed based on the latest information and historical trends rather than relying on intuition and occasionally limited facts.

However, all these technological advancements can pose certain risks. For instance, bettors may become overwhelmed by the abundance of information and easily exceed their limits or budget, believing that the next bet could result in a significant win. If it doesn’t happen, they usually place more bets, which opens the door for additional losses.

Potential Homogenisation across Markets

Boorish noted that AI dependency could lead to homogenisation and concerns over data privacy and security. He believes that decision-making may change as AI becomes more popular among players, thereby decreasing the diversity of approaches that typically make markets volatile and dynamic.

He continued by stating that the lack of betting diversity would diminish bettors' chances for significant outperformance and could result in markets mirroring one another. The expert also said that AI models handle and store sensitive user data, which raises the risks of breaches and unauthorised access.

AI’s Role in Responsible Gambling

While AI technology can assist in identifying problematic betting patterns among bettors, these models can also exacerbate addictive tendencies by concentrating on user preferences.

The Responsible Gaming Council in Ontario, Canada, has also noticed this. Melissa Toney-Williams, RGC’s Associate Director, Prevention Programs, shared that the organisation looks into how operators and bettors use AI in the industry.

Miss Toney-Williams also commented that:

“What we generally focus on is educating bettors in general … the reason is it (AI) can be used as another tool in the arsenal with a group of people who already feel they have the skills, knowledge and expertise.”

She continued by saying that the council’s objective is to help consumers understand that it doesn’t matter how they feel when using a tool. The reality is that with gambling, there will always be aspects beyond their control. This is the mindset that the organisation is trying to instil in players.

Miss Toney-Williams concluded by offering several points of advice to keep players centred while playing:

• Don’t allow yourself to be sucked in.
• Don’t start betting more aggressively.
• Don’t rely on things you believe will give you an edge over other bettors.

OLG Weighs In

The Ontario Lottery and Gaming Corporation, the province’s regulatory body overseeing gambling activities, has also expressed its position on AI in sports betting. The OLG stated that the market's integrity is a top priority for its product and the local player base.

Here’s what the Crown Corporation shared in its statement:

“We have oversight of our service providers' processes to provide ourselves comfort that we are supporting the integrity of the sports we offer, We also partner with leagues and third-party partners to support the detection of suspicious play.

OLG also noted that it relies on AI and machine modelling to protect its players. It stated that it uses AI to support its responsible gambling efforts by monitoring and detecting at-risk players. OLG analyses complex patterns and takes the necessary steps to assist players in need while also helping RGC.

Will AI Give Bettors an Edge—or Sportsbooks?

However, Borish still believes that AI in sports wagering can pose a problem. He thinks it will become an even larger issue in the future as new, faster, and cheaper AI models emerge.

Meanwhile, other industry representatives advise bettors not to use AI to gain an edge, as sports betting operators have access to the same information and, in fact, possess the budget to make AI work for them.

Borish has also highlighted that sportsbooks know firsthand when a user logs on and plays, how often they bet, and whether they are profitable. Rumours also suggest that AI allows operators to spot problem gambling quickly.

Additionally, industry officials are concerned about potential manipulation and the increasing responsibility for casino brands to stay ahead of the curve and identify AI fraud attempts.

Lastly, the AI strategist for Trace3 and AI consultant to the Denver Broncos, Borish, commented this:

“One of the biggest parts of their business is helping these Fortune 100 and 500 companies protect and secure their data with all of the things happening right now. Now, you’re talking about an industry that doesn’t want just data, this (sports betting) is an industry where there’s money involved.”

The Future of AI in Sports Betting

Overall, AI in sports betting offers a more accessible and data-driven approach for bettors. However, experts like Borish caution that it’s a slippery slope, and its advantages can be minimal. This is due to the fact that sportsbooks have access to the same, if not better, AI models, giving them an upper hand against bettors.

It seems that advancements in AI technology are just beginning, raising questions about how it will impact the gambling industry and whether it can be utilised to promote responsible gambling and fairness. One thing is certain: the sports betting industry must be cautious and choose a path that balances benefits with consumer protection.