NEWS
20
2023
Jul.
Technology
Technology
The Intelligence of the Future: Artificial Intelligence and the Gambling Industry (Part 2)
Actual Protection
While AI has brought many new variations to gaming products, it can also be an element that is detrimental to the robustness of the industry. Leigh Nissim, CEO of Future Anthem, believes that AI is one way to minimize gambling controversies. For a responsible operator, there has long been a traditionally functioning approach to minimizing risk to players. Yet as consumers move to newer ways of adding value, such as open banking, there is an increasing difficulty for operators in tracking how consumers are adding value. As a result of this shift, it will become more challenging for companies to access and analyze data, and therefore more difficult to continue to perform risk management.
AI also plays an important role in customer interactions, for example, by preventing players from dropping out and optimizing the marketing funnel through big data analysis and engagement analysis. In the field of customer service, AI can also be used to enhance the player experience in a more timely and efficient manner, and it is also useful in detecting and preventing improper gambling behavior.
Comprehensive Development Potential
As the gambling industry grows, while much of the discussion on AI has centered on digital applications, AI can play an equally important role in the physical gambling industry as well. According to DataRobot, an AI cloud services company, AI can also be applied to casinos. In the most intuitive way, it can be used to predict the skill level of each table in a casino and adjust staffing levels accordingly.
Indeed, many other industries are rapidly seeking ways to effectively utilize AI, but AI should not be seen as a remedy for all industries. The implementation of AI can also have a knock-on effect on organizations, especially if they apply AI inappropriately and haphazardly. When enterprises begin the process of implementing an AI solution, they often find that the initial costs and resource intensity are much higher than what they had expected, and they are prone to the misconception that AI will be the panacea for everything, and that it can be applied to instantly improve their efficiency and profitability.
Lloyd Danzig, founder of Sharp Alpha Advisors, believes that enterprises should realize that AI relies on certain data standards in order to be effective. One of the main drawbacks of using AI solutions is that, given the speed and scale of their deployment, the conclusions or predictions they make can sometimes lead to further complications. “The quality of an AI solution depends on the quality of the data that’s being fed into it, which is why there’s a saying of ‘garbage in, garbage out’,” says Danzig.
In addition, there has been some public debate about whether the development of AI will become a force to dominate the job market. Nevertheless, the AI industry is somewhat unconvinced by this concern: although AI may lead to a reduction in the demand for employment in certain human tasks, many manpower resources will need to be invested in the field of data. Therefore, when interpreted in terms of data talents, AI can, on the contrary, bring more job vacancies to society.
Strictly speaking, the development of AI does not threaten human tasks, but manual processes. This is exactly the misconception that many people have about this new technology. Although there will be fewer manual processes, there will be an improvement in technologies and therefore more data scientists, data engineers, technicians and analysts will be needed for such advancement. The significant implementation of AI and machine learning tools in the gambling industry over the next five years will create a significant number of new jobs, as well as enable stakeholders to shift their focus to more productive functions and create entirely new employment opportunities.
Based on Sportradar’s real-world example, it has already been necessary to create an entire team to carry out the necessary support and maintenance in order to keep the AI running. The company currently employs “more than 700 engineers and 40 AI and machine learning experts specializing in the integrated work of creating a database of 20 billion files from data that is 100% accurate and delivers 30 million odds per minute.”
Although AI is a revolutionary innovation for the gambling industry, the pace of development of the gambling industry is also rapidly accelerating, and with the complementary nature of different technologies, it is believed that the industry will be able to lay a more stable path for its future development.
While AI has brought many new variations to gaming products, it can also be an element that is detrimental to the robustness of the industry. Leigh Nissim, CEO of Future Anthem, believes that AI is one way to minimize gambling controversies. For a responsible operator, there has long been a traditionally functioning approach to minimizing risk to players. Yet as consumers move to newer ways of adding value, such as open banking, there is an increasing difficulty for operators in tracking how consumers are adding value. As a result of this shift, it will become more challenging for companies to access and analyze data, and therefore more difficult to continue to perform risk management.
AI also plays an important role in customer interactions, for example, by preventing players from dropping out and optimizing the marketing funnel through big data analysis and engagement analysis. In the field of customer service, AI can also be used to enhance the player experience in a more timely and efficient manner, and it is also useful in detecting and preventing improper gambling behavior.
Comprehensive Development Potential
As the gambling industry grows, while much of the discussion on AI has centered on digital applications, AI can play an equally important role in the physical gambling industry as well. According to DataRobot, an AI cloud services company, AI can also be applied to casinos. In the most intuitive way, it can be used to predict the skill level of each table in a casino and adjust staffing levels accordingly.
Indeed, many other industries are rapidly seeking ways to effectively utilize AI, but AI should not be seen as a remedy for all industries. The implementation of AI can also have a knock-on effect on organizations, especially if they apply AI inappropriately and haphazardly. When enterprises begin the process of implementing an AI solution, they often find that the initial costs and resource intensity are much higher than what they had expected, and they are prone to the misconception that AI will be the panacea for everything, and that it can be applied to instantly improve their efficiency and profitability.
Lloyd Danzig, founder of Sharp Alpha Advisors, believes that enterprises should realize that AI relies on certain data standards in order to be effective. One of the main drawbacks of using AI solutions is that, given the speed and scale of their deployment, the conclusions or predictions they make can sometimes lead to further complications. “The quality of an AI solution depends on the quality of the data that’s being fed into it, which is why there’s a saying of ‘garbage in, garbage out’,” says Danzig.
In addition, there has been some public debate about whether the development of AI will become a force to dominate the job market. Nevertheless, the AI industry is somewhat unconvinced by this concern: although AI may lead to a reduction in the demand for employment in certain human tasks, many manpower resources will need to be invested in the field of data. Therefore, when interpreted in terms of data talents, AI can, on the contrary, bring more job vacancies to society.
Strictly speaking, the development of AI does not threaten human tasks, but manual processes. This is exactly the misconception that many people have about this new technology. Although there will be fewer manual processes, there will be an improvement in technologies and therefore more data scientists, data engineers, technicians and analysts will be needed for such advancement. The significant implementation of AI and machine learning tools in the gambling industry over the next five years will create a significant number of new jobs, as well as enable stakeholders to shift their focus to more productive functions and create entirely new employment opportunities.
Based on Sportradar’s real-world example, it has already been necessary to create an entire team to carry out the necessary support and maintenance in order to keep the AI running. The company currently employs “more than 700 engineers and 40 AI and machine learning experts specializing in the integrated work of creating a database of 20 billion files from data that is 100% accurate and delivers 30 million odds per minute.”
Although AI is a revolutionary innovation for the gambling industry, the pace of development of the gambling industry is also rapidly accelerating, and with the complementary nature of different technologies, it is believed that the industry will be able to lay a more stable path for its future development.