The iGaming industry is one that has thrived in tandem with the rise of the Internet and other modern technologies. Previously, gambling was conducted in a physical location such as a casino, which required people to be present in the venue. However, as more and more industries have been taken online, so too has the iGaming sector.
While it has long been a popular and profitable industry, the advent of modern technology has allowed operations and revenue in the sector to be enhanced significantly. For example, in 2019 the global online gaming market volume was valued at roughly $46 billion, yet this number is forecast to nearly double and reach $94 billion by 2024.
There are a multitude of iGaming activities that can be conducted online, hence the industry’s continued rise. One of the most popular activities is bingo. The age-old pastime where players can eliminate numbers on a card that have been read out by a caller has successfully found a place online with sites such as Betfair offering online bingo in various forms including the famous TV show Deal or No Deal.
One technological advancement that has enhanced the iGaming industry is artificial intelligence (AI), though it is sometimes called machine intelligence. Broadly, AI refers to the intelligence exhibited from machines through repeated learning processes. It possesses the ability to become smarter through repetition and learn speech recognition, to name but one of its applications. AI has been beneficial to the iGaming industry as it is able to predict players’ behaviour and understand their preferences. Subsequently, AI can then tailor content to them specifically and thus, cultivate a more personal relationship with the user. In turn, they will be more likely to return since the service has been geared to them.
Fundamentally, AI is designed to become more intelligent as time passes. As such, the future of AI in iGaming is likely to significantly diminish various paper-based processes, such as sportsbooks. This is particularly beneficial for the environment, as online-based betting removes a lot of paper and thus there is less waste.
Companies that offer iGaming services can also increase their revenue by using AI to determine odds and adjust them accordingly in real-time. This is because it can analyse trends and patterns within a given subject. A football match is a prime example of this, as the AI can use data, such as the number of yellow cards or corners a team typically receives in a match, to generate odds that reflect the match more accurately.
Many iGaming platforms require users to verify themselves. Nowadays, users can take a ‘selfie’ in real-time and hold up documents, such as a utility bill, for an AI program to analyse and verify them. This security measure is far superior to traditional passwords, as the latter is less secure and can be compromised more easily. As such, AI has drastically improved the iGaming industry for both companies and users through its ability to predict behaviour, dynamically generate accurate odds and offer increased security.