The casino industry has been at the forefront when it comes to the introduction of AI (artificial intelligence), and it has already been incorporated into various functions. At the same time, some experts believe that the surface is just scratching the surface and that machine learning could revolutionise the way the industry operates in the future.
Players will have a better gaming experience, while operators, who have already seen an increase in revenue since the pandemic began, will be able to attract even more customers.
At the best online gambling establishment Casino Uden Dansk Licens, listed here, were some of the beneficiaries of this trend.
What many people won't know, however, is that some of the usual casino operations that are taken for granted are already using AI.
Chatbots - computer programmes that hold virtual conversations with customers - are being used because they are cheaper than hiring customer service representatives. AI uses a technique called Natural Learning Processing (NLP) to learn and extract information from people's spoken and written words using algorithms.
And because machines can learn faster than humans, bots are constantly being developed to provide better customer service.
Loyalty schemes and bonuses
Because of the vast amounts of data that machines can collect about each customer, casinos can tailor loyalty programmes and bonuses to suit individual needs and preferences. In fact, this is a sound business practice because often these customers will be interested in playing more.
Artificial intelligence is far more effective at detecting card fraud or casino transactions than humans because it can use productive models that can map possible fraudulent activities and then compare real transactions to those models.
Internet fraud is one of the biggest dangers facing online casinos, and artificial intelligence helps to reduce the likelihood of this happening.
Another branch of this is that it is being used to detect fraud. The AI machine can collect huge amounts of data and use it to analyse the gambling activity of individual players over time. It can identify and flag players who might unfairly adjust the odds in their favour and then immediately suspend their accounts.
Gambling addiction is not only a social problem, but from the perspective of the online casino industry, it poses an operational risk as it increases demands for stricter regulation and licensing requirements.
Artificial intelligence systems help online casinos ensure that all customers are of legal age. It can also identify potential problem players and identify casinos, leading to the suspension of player accounts. Casinos can then offer advice to the person concerned, eliminating both potential legal problems and creating a small reputation for themselves in the transaction.
Calculating the odds
Traditionally, casinos have used highly skilled actuaries to calculate the odds and maintain casino advantage. However, this process is slow and expensive. Instead, AI can almost instantly analyse thousands of transactions and, from there, extrapolate the appropriate odds. Again, this has helped online casinos improve their profitability.
As in any industry, online casinos have to stay ahead of trends and constantly innovate, otherwise they risk being left behind. AT is used to analyse trends to predict how the market will evolve in the short, medium and even long term, so that operators can apply appropriate strategies to meet changing customer demands.
Human researchers can do this too, but their forecasts are more expensive and less accurate.