Modern technology keeps growing. In the past, online gambling businesses used to take pride in having 3D slots and mobile apps. Now, players expect every slot to feature clear graphics and run on mobile devices.
In the marketing space, casinos are using advanced AI and Machine Learning algorithms to optimize profits and make clients happier. In this article, we’ll talk more about AI, predictive analytics, and more technologies elevating the iGaming business. Let’s get into it.
AI and Predictive Analytics: What Does it Mean?
AI stands for Artificial Intelligence. It describes the simulation of human intelligence in digital devices like computers and smartphones. Predictive analytics refers to the use of data to forecast future trends.
Predictive analytics with AI, therefore, means using sophisticated AI software to analyze big data and predict future trends. These two technologies are game changers in the online business world.
They’re helping businesses make sense of their data in ways never imagined. For example, they can help a supply chain business know which products to stock based on demand trends. They could also help pharmacies stock the right medicines based on current and past trends.
In the iGaming space, online casinos and sportsbooks are using machine learning and AI in the following ways:
Creating new slots is no longer a hit-or-miss experiment for software providers. They can analyze thousands of slots using AI to discover the most popular games. They can even get tiny details about the most beloved features in slots.
Next, they can analyze this data using predictive algorithms to determine which games to design. Interestingly, some AI software can generally themes and ideas for casino studios.
Let’s say a developer wants to create an ancient Rome-themed slot. They can use AI to come up with storylines centered on the Roman Empire. Then the developer could add popular features in one of the slots and market it to the right audience.
The use of AI and predictive analytics in casino game development has streamlined the process dramatically. Studios can create games faster, and cheaper. More importantly, they can have better success with their new games.
If your favorite Arizona online casino feels like it’s customized to your taste, you have technology to thank. Artificial Intelligence is the technology of choice for casinos that want to personalize their services.
AI solutions analyze your gaming data to determine your budget, your residence, preferred games, and bonuses. It then helps casinos use your data to optimize your gaming experience.
Let’s say you live in Arizona in the USA. Naturally, you want to play slots and blackjack at a safe Arizona online casino. Maybe you like to make payments using Visa. You love to play video slots and live poker.
A casino using predictive analytics can keep you up to date with bonuses targeting Visa players. It can also offer you free spins to play your favorite slots. Or, it targets you with special live poker promotions.
Beyond bonuses, the operator could use AI to match you with games you’re likely to love. It can also allow you to favorite certain slots.
Effective Digital Marketing
Predictive analytics can help online gambling businesses understand their customers better. It can also help them optimize their resources and improve player loyalty.
In other words, predictive analytics with AI helps optimize digital marketing in the iGaming businesses. In any case, most industries use this technology for marketing reasons.
As we mentioned earlier, casinos and sportsbooks use AI to learn more about their customers. They analyze data to learn about a player’s residence, budget, favorite games, and bonuses.
Then they use this data to offer players more value. For example, they can help a player who loves superhero slots find similar games. Or, they could help a player who enjoys baccarat have more fun using a bonus.
Because casinos use accurate players’ data, they don’t need to spend a lot of money on marketing. They can use data to discover what works and avoid trying techniques that could fail.
Mitigating Risks and Fraud
Many online businesses that accept payments using cards and digital wallets experience fraud regularly. The iGaming space is no different. Online casinos and sportsbooks incur losses through chargeback fraud every day.
Many of them have resulted in using AI and predictive analysis to eliminate digital threats. For example, they can check historical data to determine where most fraudsters live. Then they could ban players from these countries.
They could also check which payment methods are affected the most by online scams. If they can’t figure out how to solve the problem, they can stop supporting that payment option.
Truth be told, technology does not stop all forms of fraud. Fraudsters are constantly looking for ways to defraud online businesses. However, technology helps reduce financial theft from iGaming providers.
Improving Potential Profits for Players
AI-powered betting tools are on the rise. Some of these tools promise a success rate of over 80%. But most of them are correct only half the time. Developers are working to make sports betting prediction tools more accurate by using AI and machine learning.
AI-powered tools have an advantage over human tipsters for several reasons. They don’t rely on emotions to pick winning teams. They use facts and data. And they analyze lots of it.
Imagine you’re trying to bet on a basketball match between the LA Lakers and the Miami Heat. They’re both in form and have quality players. You’re not sure how to select your spread bet.
You can use an AI predictor to analyze these two teams’ historical data. Then you could use the results to make a more informed decision. Predictive analytics isn’t just benefiting sports bettors, though.
Some poker and roulette players have been using AI tools to beat casinos. Poker tools use data analysis to predict the likelihood of winning a round. Unfortunately, online casinos now use human dealers to shuffle cards. Or they shuffle cards after each round using a special device. This makes it impossible for AI tools to predict casino games correctly.