The casino industry has been in the vanguard when it comes to the adoption of AI (Artificial Intelligence) and it has already been incorporated in various functions. At the same time, some experts believe that the surface is just being scratched and that machine learning has the potential to revolutionise how the industry works in future.
Players will benefit from a better gaming experience, whilst the operators – who have already seen revenues swell since the onset of the pandemic – will be able to attract even more customers.
The best online casinos, listed here, have been some of the beneficiaries of this trend.
Many people will be unaware though that some of the normal operations of a casino that that take for granted, are already using AI.
Customer Service
The chat bots -the computer programs that carry out virtual conversations with customers – are used because they are cheaper than employing human customer service representatives. AI uses a technique called Natural Learning Processing (NLP) to learn and extract information from people’s spoken and written words via the use of algorithms.
And, because machines can learn faster than human, bots are continually being developed to provide a better tailored customer experience.
Loyalty Schemes and Bonuses
Because of the vast amounts of data which machines can collect on each customer, casinos are able to tailor loyalty programmes and bonuses to suit induvial needs and preferences. This is actually smart business practice, because often those customers will be incentivised to play more.
Detecting Fraud
AI is far more effective at detecting fraud using cards or casino transactions than human, This because they are able to use productive models which can map possible fraudulent activity and then compare real-life transactions against these models.
Internet fraud is one of the biggest dangers faced by online casinos and AI is helping to mitigate the incidence of this.
Another branch of this is that it is being used to detect cheating. An AI machine is able to collects vast amounts of data and, from it, analyse the gambling activities of individual players over time. It is able to identify and flag up players who may be adjusting the odds unfairly in their favour, and then immediately suspend their accounts.
Problem gambling
Gambling addiction is not only a societal problem but, from the viewpoint of the online casino industry is an operational risk because it increases the demands for greater regulation and licensing requirements.
AI systems help online casinos ensure that all customers are above the legal age. It may also identify potential problem gamblers and identify the casino, leading to the player having their accounts suspended The casinos may then suggest counselling to the person involved, heading off both potential legal problems and creating a little goodwill for themselves into the bargain.
Odds Calculation
Traditionally casinos have used highly trained actuaries to help calculate odds and to help maintain the house edge. However, this process is slow and expensive. Instead, AI can analyse thousands of transactions in virtually no time and, from there, extrapolate the appropriate odds. Again, this has helped online casinos boost their profitability.
Future Trends
Like any industry, online casinos have to constantly stay ahead of the curve and continuously innovate, otherwise they risk being left behind. AT is used to analyse trends to predict how the market will develop in the short, medium, and even long-term, so that operators can put in place appropriate strategies to meet changing customer demands.
Human researchers can do this as well, but they are more expensive and less accurate in their forecasts.
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