Those days are almost gone when one placed a bet on their favourite team hiding from authorities — sports betting is legal now in many parts of the world. While betting, whether one loves their team or a player or places a bet purely hating the opposing team, one needs to have some knowledge aka in technical terms, some data. The sports betting industry is turning to Artificial Intelligence with this data.
Legal sports betting around the world involves working with a lot of information and data collection. Various sports leagues around the globe give bookmakers this data to come up with better products to enhance legal betting. And to improve the field of legal sports betting with massive data, no technology could work better than Artificial Intelligence.
Artificial intelligence and machine learning are helping in predicting the patterns in a sport, but, for AI to work significantly well, this sport has to be predictive, and should follow a particular set of rules. For instance, football, which has a specific set of rules with short duration and gets repeatable, can be used for the AI model, where over a lakh of videos of the games were put through the algorithm for one to see patterns that can be predicted by AI. The real effect of the technology is felt when it provides these insights in real-time, which might impact on the significant factors when it comes to betting.
AI (Artificial Intelligence) is extremely powerful. Its algorithmic structures and detailed processes allow for unprecedented accuracy when it comes to results; results more accurate than even the human brain can produce.
Over recent years, AI has begun to filter into our everyday lives – not least in our sector – online gambling.
Gambling operators are utilising AI in order to conduct business operations more efficiently and produce more accurate results; with these results providing the platform for a better product/service and ultimately, increased profits.
Sports betting is one of these perfect problems for machine learning algorithms and specifically classification neural networks. Tons of data available and a clear objective of picking the winner! Nonetheless, classic classification models are not well suited for betting strategies, and one needs to use a custom loss function in his neural network to achieve better profitability.