It shouldn’t come as a surprise that, according to Grand View Research, the overall sports betting market size has already surpassed $83.65 billion and could hit $182.12 billion within the next few years. Well, ever since online platforms started penetrating this sector in the late 20th century, a lot has changed.
For instance, with platforms like livescore.com emerging, you can now compare live match statistics on different platforms with just a simple touch of a button. Such convenience has, of course, played a significant role in this industry’s growth.
But that’s not all. More intriguing technologies like artificial intelligence have also been making waves in the industry, giving hope for more engaging experiences in the coming days. And if you want to learn more about how AI is changing things in sports betting, why don’t you stick around?
Predictive modeling and data analysis
In the past, oddsmakers relied on their expertise and intuition to set odds based on various factors like statistical analysis, market trends and so on. Similarly, players would have to depend on personal knowledge, historical performance and perhaps luck to improve their betting decisions. Even though this approach might have been effective at that time, it had limitations in predictive accuracy.
Thankfully, artificial intelligence can help overcome such challenges. The technology boasts an unparalleled ability to assess vast amounts of data within a matter of seconds and provide insights that were previously unattainable. It can collect and analyze varied datasets ranging from player statistics and weather conditions to team transfers to generate more nuanced predictions.
AI’s neural networks can help identify complex patterns and make forecasts depending on those patterns. In the same vein, its regression models help recognize relationships between variables and use historical data to suggest possible outcomes. Given these benefits, we could actually see more sportsbooks turn to this technology in the coming days.
Improving bettors’ experiences
Even in sports betting, customer experience is important – the experiences punters have on your platform really determine whether they will come back or not. So, as a betting site seeking to attract and retain as many visitors as possible, you want to provide engaging encounters that will encourage return visits. By the way, do you actually know that, according to Fluent Support, 89% of companies are expected to compete primarily on CX by 2025?
With such a statistic, you don’t want to ignore CX even for a second. Remember, the sports betting industry is already super competitive, and you might need to do a lot to acquire and retain customers. As such, you want to take advantage of every available opportunity to provide great experiences that will give you an edge over your competitors.
And what better way to offer such experiences than by using artificial intelligence? Just as this technology can assess vast amounts of data, it can also monitor a bettor’s behavior, past wagers and interests to offer more customized suggestions. This goes beyond just recommending simple bets to:
- Highlighting betting markets that align with a user’s preferences
- Offering risk-adjusted betting strategies
- Sending real-time alerts about possible lineup changes or odds shifts
According to experts, providing such experiences can yield up to 20% more conversion rates. Plus, personalizing experiences can improve customer retention by up to 44%. On the flip side, not customizing can actually be hurtful since 76% of customers claim to be frustrated with brands that don’t personalize. This is why many betting sites are turning to AI to take advantage of these statistics.
To further improve the betting experience, sportsbooks are adopting other AI-based tools like chatbots and even live chat. A more recent example would be when FanDuel unveiled a tool to help punters optimize the bet construction process. At a time when bettors value instant responses, live chat features could help betting sites get ahead of this increased need for immediacy.
Improving online security
With football sports alone having about five billion fans worldwide, it must be that a significant percentage of them bet. The consequence is that cybercriminals begin to increasingly target the industry because of the increased availability of customer data. And now that this data has become the new gold, the number of attacks targeting betting sites is actually increasing.
That’s why we can’t afford to turn a blind eye to the online safety of these betting sites. And any technology like AI that can help advance security efforts is always welcome. Briefly, here is how AI algorithms can help reduce fraudulent activities:
- Monitoring betting patterns for irregularities
- Cross-referencing real-time betting activity with historical data
- Using natural language processing (NLP) to scan online forums and dark web channels for hints of potential corruption
Plus, AI can detect unusual activities in real time and help provide mitigation measures, preventing further harm.
What is our final word?
It’s actually true that the general sports betting industry has been making significant strides. And, of course, tech integrations like AI have played a huge role in this growth. For example, with AI, sportsbooks can now provide better experiences that align more with users’ preferences.
This not only improves the experience but also provides a great opportunity for betting sites to improve their edge. Plus, at a time when sportsbooks are working really hard to combat cyberattacks, this technology can be very handy.
It can assess multiple data records and detect unusual activities in real time, allowing sportsbooks to take necessary actions early in time. And for those seeking to make more informed predictions like MLB picks, advanced data analysis can offer valuable insights.
