AI and the Odds: How Machine Learning is Transforming Sports Betting
In recent years, iGaming operators that control licensed sports betting sites, online casinos and other real money gambling sites have been relying more heavily on using artificial intelligence (AI) and machine learning (ML).
Here is a closer look at several ways this new technology is being used in the iGaming industry, from personalising the user experience to detecting player behaviour and reducing problem gambling to being able to give the best possible odds, streamlining operations, scaling their business, and much more.
How is AI and ML being used in Online Sports Betting?
Both artificial intelligence (AI) and machine learning (ML) tools are being used in several ways to improve the sports betting industry for the operators and the people who sign up to licensed sports betting websites (aka online bookmakers) to place real money wagers.
Let’s dive straight in and take a quick look at several ways AI and ML are helping to shape the iGaming industry, particularly the sports betting industry:
- Thanks to AI and ML tools, operators can detect fraudulent activities much quicker and far more effectively than was previously possible
- The use of this technology helps operators streamline their operations, build upon existing systems, simplify and scale their business
- Artificial intelligence is now being used to improve the broadcasting and streaming quality
- It can help operators give users the best possible betting odds using advanced mathematical models and algorithms by collecting and analysing current and historical data
- AI can help operators tailor the user’s experience with more relevant promotional offers
- AI can monitor player behaviour and detect problem gambling before it has a chance to occur
- It can help improve the quality of customer service, especially with the use of advanced chatbots that can provide much quicker response times with more relevant answers
The online sports betting industry collects and analyses historical statistical information from previous sporting events. It also collects other important data, such as historical/current news, to predict future outcomes. Operators can use this information to give people the most competitive odds.
AI can also be used to make sports betting sites even more secure, meaning any payment method details you store on the website, along with your personal account information and your money, are in safe hands 24/7, 365 days a year.
A great example of a reputable online sports betting site where all this comes together is the official 10bet website. This top crypto sportsbook and odds specialist has over 40 major global sports to bet on daily.
As artificial intelligence and machine learning capabilities continue to evolve, people who sign up to sites like this have plenty of positive things to look forward to.
Is it safe to use cryptocurrency at online sports betting sites?
Yes and no. Cryptocurrency is only safe when used at fully licensed online sports betting sites that are licensed by mid to top-tier licensing authorities. Using cryptocurrency or any other fiat currency/traditional payment method at UNLICENSED sports betting sites is not safe.
In other words, never sign up to an iGaming site that is unlicensed (or licensed by an organisation nobody has ever heard of). Today’s most trusted iGaming sites, like 10bet, tend to be multi-jurisdictional, which means they can legally operate in more than one of the world’s most trusted jurisdictions.
For example, this trusted site is licensed by the UK Gambling Commission, the Isle of Man Gambling Supervision Commission, and the Mpumalanga Economic Regulator (in South Africa).
Why can’t I use cryptocurrency to deposit or withdraw?
Sometimes, depending on your country, it will often determine which online payment methods you can use. For example, South African players may be able to use certain deposit and withdrawal methods that UK players can’t use, and UK players might be able to use certain payment methods that US, Canadian, and Indian players might not be able to use, and so on.
For example, at 10bet South Africa, players can use various online payment options that are only popular in this part of the world, such as 1ForYou (1Voucher), Capitec Pay, OTT Voucher, Blu Voucher, Zapper, EFT, Masterpass, OZOW, Visa, and Easy Pay.
In other jurisdictions, players may be able to use various tried and tested payment methods, like Skill, Neteller, Trustly, and Paysafecard, plus numerous other secure, reliable and convenient payment options. Major cryptocurrencies like Bitcoin, Litecoin, Tether, and Ethereum may also be an option.
If you sign up to this site, one of the most important things you can remember to do is gamble responsibly. Set win/loss, session time, and daily, weekly, or monthly deposit limits, where possible.
Doing so can help you stay in much better control of how much money you spend and lead to a far safer and more enjoyable experience. More information can usually be found by clicking or tapping the responsible gambling/safer gambling tools button when logged into your iGaming account.