Artificial intelligence is the new buzzword, and it has wide implications across industries, including the gambling industry. Artificial intelligence or AI uses machines to mimic human intelligence. These systems have memory, they can assimilate data, they can learn, and they can improve over time.
The online gambling industry is a rapidly growing industry that is gaining more customers by the day. The main reason why online gambling is making a mark in the industry is that it has adopted the latest technologies like artificial intelligence, machine learning, augmented and virtual reality etc. If you want to read more about the applications of artificial intelligence in various industries, you can go to Webbipiste.fi.
The Applications Of Artificial Intelligence In Gambling
1. Improved Customer Experience
Artificial intelligence has the ability to assimilate user data like the website a user visits, the kinds of games that he likes to play, the advertisement pages that he clicks on etc. This information is collated and analyzed to draw conclusions about a user’s likes and dislikes.
For instance, if a player likes Slots, he will be shown more options for playing slots over other games. Hence, artificial intelligence makes sure that the services offered and the advertisements that are displayed are all tuned to the user’s liking. When a user gets to see what he likes, the level of customer satisfaction increases, and this improves an online Casino’s revenue.
2. Improved Financial Transactions For Casinos
Artificial intelligence-based systems are more efficient and quicker than their human counterparts. Hence an AI-driven financial system in a Casino ensures that the speed and efficiency of financial transactions increases and the chances of human error are non-existent. This in turn ensures that customers get their payouts on time and that Casino’s accounts are well maintained and up-to-date.
3. Checking Cheating By Casinos
There are many Casino games where random numbers need to be generated. It is often alleged that in these games, Casinos have the edge over the player because the player has no way to control what number is generated.
An AI-based system can analyze the numbers that are generated in a series of games and then verify if the numbers generated were genuinely random or if they were manipulated in some manner. Thus, AI helps license-granting authorities by giving them a means to check for unfair practices before granting or renewing licenses for running online and offline Casinos.
4. Tracing Problematic Gambling Patterns
Gambling is addictive, and at times people make impulsive decisions and continue to gamble even when they are losing. Artificial intelligence-based tools can help track impulsive players and warn them.
These tools analyze many factors like the time that is spent on a gambling website and the amount of money that is staked etc. Some advanced AI-based systems use multiple indicators to gain better insights about a gambling addict.
Some of the indicators used by algorithms to identify problem gamblers are canceled bank withdrawals, rapid and baseless changes in betting patterns etc. Casinos frequently warn these players because they want satisfied customers who come and visit their site again and not people who constantly lose and have no money at the end of multiple gambling sessions.
5. Helps Players Improve Their Game
There are many AI based tools that have beaten human intelligence in games like chess; however, gambling games are slightly different. Poker is more complex than chess because it involves an element of prediction, as a player has no idea about his opponent’s cards.
Many games like Slots and Roulette are entirely luck-based; however, with strategy-based games like Poker, virtual gaming assistants can help. Artificial intelligence based tools have now been developed that can predict how good a player’s hand is in a game of Poker. Artificial intelligence can surpass human intelligence in gauging an opponent’s behavior in Poker and can immensely benefit players.
Implications Of AI In Gambling
1. It Can Improve Revenue And Profits
AI improves customer experience by showing personalized options and giving prompt responses. Moreover, AI-driven chatbots provide quick, prompt and 24X7 assistance to users. This also plays a huge role in improving the efficiency of the business and increasing customer retention rates.
2. Creates Moral Ambiguity
AI improves speed of working and in turn business prospects; however, it also creates moral ambiguity. If a human commits a mistake, he can be blamed and punished for it; however, who is to be blamed in case an algorithm makes a mistake?
3. Increases The Scope For Cheating
AI can be used to assist players, but it can also give an unfair edge to some players over others. In case a person is being guided by software, it is evident that he will be at an advantage as compared to a person who is not using an assistive tool. Hence, there is a possibility of misusing AI based assistive tools to get an unfair edge over one’s opponents in an online game.
Limitations Of Using Artificial Intelligence In Casinos
1. Threats Of Unemployment
Since machines are quicker and more efficient than humans, artificial intelligence can lead to job loss in the gambling industry.
2. Concerns About Privacy
Artificial intelligence analyzes data about game preference, betting patterns etc., and at times this data is made available without the active consent of the players. Hence there are concerns about violation of privacy of the players.
3. Failure Of Machines
Machines are not perfect, and AI based facial pattern analyzers used for predicting bluffs are quite prone to failing.
4. Loss Of Human Touch
The use of software like chatbots is helpful and provides a quick solution to problems, yet many people complain that these are a loss of human touch and they do not like interacting with machines all the time.
Technologies like artificial intelligence have a profound impact on the gambling industry. The extent of this impact is expected to increase in the coming times as technology becomes more advanced. Casinos have to adopt technologies like artificial intelligence and machine learning if they want to stay afloat. However, they should actively try to mitigate the concerns of cheating, loss of privacy and the loss of human interactions in gambling.