The UK gambling industry is worth an estimated £14.3 billion, with online gambling making up 38.2% of this market. The popularity of the online betting industry is attributed to a number of factors, including the advancement of technology that provides an impressive user experience and the convenience of being able to bet at home or on the move.
The growth of online gambling in the UK over the last few years has resulted in the market reaching a value of £5.4 billion during 2023, and the industry is keen to capitalise on this popularity.
The influx of new online casinos and betting operators has resulted in an extremely competitive market that relies on incentives and state-of-the-art technology to compete. New UK betting sites are strictly regulated by the UKGC (United Kingdom Gambling Commission), which ensures sites are fair and secure. This makes it easier for customers to explore the best options available to them (source: https://www.safebettingsites.com/). Such sites are increasingly using AI in their operations to keep players safe and improve processes: here’s how.
How AI is Helping the Gambling Industry in 2023
One way that betting sites ensure they can offer the best user experience to their customers is by embracing new technology. The rise of AI in recent years has been a cause for concern for many, however, there are undoubted benefits to implementing AI technology in a number of sectors.
The UK is currently positioning itself as a global leader in AI technology and is holding an AI safety summit at Bletchley Park in November.
It is expected that a regulatory framework will be announced at this event, allowing the UK to move forward in becoming a major global tech hub. Developments will be followed closely by a variety of industries that are using AI technology, including the UK’s gambling sector.
The use of AI in the gambling industry allows for efficient data gathering that can help to improve security, personalise customer gambling experiences, and improve processes.
Security
The use of AI to gather and analyse data is essential to the long-term security of the gambling industry. It can be used to recognise irregular betting patterns on individual accounts which can indicate fraudulent activity.
This helps to protect individual customers who may have had their accounts hacked and provides them with updates and support in resolving any issues.
AI algorithms can also be implemented to analyse wider betting patterns to identify insider trading and match-fixing.
This type of behaviour has always been present in the betting industry and often relies on individuals spotting potential gambling patterns. This was extremely difficult for in-person betting operators as customers could move from one bookmaker to the next without arousing suspicion.
The use of AI technology in the online betting industry allows operators to quickly analyse vast amounts of data and act immediately.
Customer Protection
As well as protection against criminal activity, AI can also be used to detect changes in gambling habits that could indicate concerning customer behaviour.
Gambling operators are required to protect vulnerable customers and a new set of rules has helped to update the 2005 Gambling Act for the digital age.
Access to 24/7 gambling facilities can put vulnerable customers at risk, so new rules are being implemented that will ensure operators keep players safe by limiting stakes on certain games, for example.
The use of AI to identify irregular betting patterns allows automated systems to reach out to the customer and ensure they are okay. It will also provide customers with the steps they need to take if they require help.
The Personalisation of Gambling Experiences
AI technology capitalises on the vast amount of data generated in the betting industry. Machine learning algorithms can analyse the individual betting patterns of each customer and tailor recommendations based on their activity.
This can also be used to compare similar customers and provide a better understanding of the customer base and their needs.
This type of personalisation helps with marketing and can be integrated with new AI-generated casino dealer technology. This allows each user to enjoy a personalised experience while playing based on their account and preferences.
Improving System Efficiency
AI also drives dynamic live betting options in sports betting as betting odds can be updated instantly to reflect betting patterns and match action. The algorithms implemented by operators analyse a combination of changing variables to provide customers with real-time, immersive gambling experiences.
AI streamlines processes and increases efficiency by being able to analyse large data loads and provide quick and accurate odds on a range of betting markets. This ties in well with the rollout of 5G services to ensure mobile gaming operations keep up with high-speed internet connections.
About Post Author
