In the fast pace of life, many new technologies are emerging and making a strong position globally, including Artificial Intelligence. AI has emerged quickly and dominated almost every sector, such as banking, industries, and others. Furthermore, the demand for AI has been noticed in sports, too, especially the bettors access this utility to place a bet on the sports. It provides the real statistics of a game and fetches an enormous amount of data relevant for sports betting. Now, let’s see all the aspects of AI and its usefulness in sports betting. Some bookmakers like Sbobet integrate AI into their systems.
Role of AI in Sports Betting
In sports betting, the prediction relies on various factors, such as the player’s stats, team’s home and away performance, winning percentage, and others. To cover all these factors and present them in a single frame via mathematical calculation was a tough job for the bettors. On the off chance, if someone covers all the aspects and comes to the prediction, it is not sure that the probability will reach 1.
AI has a unique algorithm that gives the near prediction of the winning team. To perform this task, AI collects ample data in no time, covering the past performance of the teams, players’ stats, etc., and then fetches the prediction of the game. In short, it simplifies most of the manual work and enables the bettors to place the bet on the winning team.
Jackpot for Bookmakers
In sports betting, data is everything, and AI plays with the same to fetch the result. The bookmakers understand this concept very well and thus take advantage of AI in the gambling business.
Now, you may wonder how the bookmakers make a profit using AI? If you have placed the bet, you must have noticed a few things: attractive betting opportunities, unique simulation tools, and amazing odds. The bookmaker places these features to attract the users to increase the betting volume. To perform the overall said task, bookmakers take the assistance of an AI algorithm and thus make a profit.
Outstanding Betting Experience
In sports betting, odds-on matters a lot, and AI simplifies the same by dwelling all the minute data from history to present players’ stats; thus, reconstruction of such data enhances the odds-on. Once you get the comprehensive data, you can easily place the bet on the team and thus can make your winning probability higher.
The AI insights into the real-time game show the in-game change, which helps the bettors to place the bet efficiently.
AI measures the player’s skill.
To place a bet on any sport, you must be familiar with the players as they are the pivotal pillars in the game. The AI focuses on the player’s performance, for instance, the frequency of passing or receiving the ball (soccer), and it also analyzes the team’s defensive and attacking potential. This sort of information helps the bettors to place the bet on the right player to win the game.
More Involvement of bettors
In the early days, most people feared putting money into sports betting as they believed gambling was for the experts. Furthermore, the people kept a distance from betting because of the huge data collection and analysis.
With the advancement of AI, everything has become simpler as most of the work is performed through algorithms, and the bettors just need to place a bet on the team prescribed by the AI. For instance, if you come to know one football team is playing away from home and their performance is not good, you would place a bet on the opposite team.
With the above example, it’s clear how AI has simplified sports betting, and this feature is dragging more people into the sports betting industry.
Rise of tech companies in the gambling industry
The AI-enabled many tech companies to dive into the ocean of the gambling industry, and it can be clearly understood from the patent filed by esports related to the coverage of a novel esports betting exchange system. This patent elaborates the betting feature of esports, which includes more liquidity of money, a high volume of bettors, reasonable pricing, and many others.
The above case is an example of an esports company that has perfectly used AI in the betting industry. Likewise, there are many other companies too, such as IBM, which has recently launched the Power Ranking that shows the game plan, game-related information, and others in a grid form that helps the bettors understand the current scenario of the game.
The other companies on the list are Elys Game Technology Corp, Super League Gaming, and Skillz Inc. These are the emerging tech companies that stepped down into the sports gambling industry with the assistance of AI.
Drawbacks of AI in Sports Betting System
AI is incomplete without humans.
Undoubtedly, AI fetches fruitful results, but completely relying on AI is not advisable. As a human, it is a must to analyze the game plan, players’ performance, team’s home or away performance, and others. Let us understand this concept simply; for instance, if team A has the worst performance in the faraway region, the same team doesn’t need to lose in the current match, but AI will predict that the team will lose the game. But as a human, you must examine all the essential factors relevant to the game to place a bet.
AI fails to fetch the starting lineup.
To bet in a game, it is essential to have the starting lineup before the start of the match. On the off chance, if you don’t have the same, then the probability of winning lies at zero. The AI does not fetch the starting lineup feature, and this is the major drawback that keeps the bookmaker in a good position as they are quite familiar with the starting lineups, and the same helps them keep the odds on.
Undoubtedly, Artificial Intelligence has had an impact on the sports gambling industry. However, they are at an initial or medium-level and need some improvements. Still, it gives amazing results to the bettors, and without consuming much effort and time, bettors earn good money with the help of AI.