Machine learning and Artificial Intelligence are two of terms that you will be hearing a lot about from now on, no matter if you are a regular, a casual or a professional bettor. In fact, for professional bettors both machine learning and AI have already been hot topics, especially as they are promising to revolutionize sports gambling.
It seems that by now, every site offering sport betting in Indonesia – as well as in other parts of the world -has been turning their attention more and more to technological advancements and innovations that can help them improve their competitive position in the global market and enable them to grab a big share of the continuously growing online gambling industry pie.
With machine learning and AI, bookmakers are actually building state-of-the-art capabilities that eventually bring them closer and closer to delivering unique betting experiences to their users.
Every sportsbook’s goal is no other than to generate revenues from satisfied, loyal customers. Having loyal and satisfied customers is actually the ultimate objective because it means that the costs of attracting new users and generally the costs of customer acquisition is reduced significantly.
Satisfied users, spend more, bet more and also bet more frequently. On top of this, they are more likely to recommend a sportsbook or a betting site to their friends, they are more willing to engage in word-of-mouth marketing and they are far more likely to give good reviews and post their positive experience with the bookmaker.
No wonder why betting sites are making huge investments in promoting customer loyalty and in retaining their satisfied users.
But how does AI and machine learning fit into all this?
Artificial intelligence and machine learning are not identical, but they can be seen as complementary. Artificial Intelligence has the power to make predictions and decisions based on the intelligence built by analyzing incredible amounts of data.
Think of human behaviour, and more precisely of sports bettors’ behaviour, as a product of thousands of different variables, each of which may contribute to a varying degree, all connected to an extremely complex system which generates patterns.
Traditionally, bookmakers have been trying to identify those patterns by analyzing the variables, so as to be able to understand sports bettors’ behaviour, unlock their needs and preferences and accordingly develop services and offerings that meet their tastes.
But manually there is a limit to the amount of data analyzed, the number of variables considered and the accuracy of patterns generated. This is where AI and machine learning enter the picture.
AI can actually dig into unthinkably large amounts of data and identify relationships between variables in ways that no human brain can instantly do. With the help of Big Data Analytics and advanced systems, AI tracks patterns of behaviour which take into account profound and subtle variables. And then AI builds models for predicting behaviour.
These models are constantly fed with new variables, more data and with the use of machine learning they are getting smarter and smarter. They accumulate knowledge and they build intelligence.
And just like that, Artificial Intelligence and machine learning enable bookmakers and online betting sites to predict their users’ behaviour and as such to develop personalized solutions, customized services and bonuses, promotions and markets that are tailored to their needs.
And we are talking about personalization and customization at levels that go beyond the surface or simple generic offerings with a touch of personalization. We are talking about customization that actually fits the sports bettors tastes.
