The global artificial intelligence (AI) market grew beyond $184 billion this year, jumping by nearly $50 billion when compared to 2023.
Incredibly, this rapid rate of growth is anticipated to continue during the next six years, peaking above $826 billion by the year 2030.
This growth is being driven by a large and diverse selection of applications, including remote betting. But how is AI influencing sports betting, and how can it benefit players and sportsbooks alike? Let’s find out!
How Do Sportsbooks Leverage AI?
When you register at GGPker or a similar platform, you’ll see that the site may use AI in numerous ways, most commonly to formulate betting lines and odds.
More specifically, AI leverages concepts such as complex data analysis and predictive modeling to more accurately predict sporting outcomes. These models are able to drill down into granular data pertaining to player and team performance, game conditions and even the tactical trends that will impact in-play dynamics.
So, sportsbooks can set more telling and competitive odds, amplifying their potential profits in the process.
This also benefits bettors in some small way, who can arguably access more accurate implied probability values and make the most of their bankrolls.
Interestingly, AI can also help to ensure demonstrably fair play online. It can achieve this through the deployment of systems that can detect and prevent fraudulent betting patterns (such as those prevalent during match-fixing).
It can also help drive responsible gambling principles, with advanced tools such as PlayScan leveraging AI to analyze individual betting patterns and identify players who may be at risk of wagering compulsively.
AI and Bettors – The Key Considerations
As we’ve already touched on, bettors can benefit from AI systems by accessing more accurate odds and implied probability values.
At the same time, AI-influenced models can also be used directly by sports bettors. Some may be able to develop their own systems to analyze the statistical probability of outcomes and measure these against published odds, depending on their experience with the technology.
They can subsequently identify discrepancies that create so-called “value bets”, which describe lines where the implied probability values are much lower than they should be and you have a far greater chance of winning at enhanced odds.
When it comes to live betting, sportsbooks may also use AI systems to accurately and continuously recalibrate their match odds in real time.
These odds should provide a more accurate reflection of statistical probabilities as they continue to shift based on the in-game circumstances and the precise markets in question.
This also unlocks new and more efficient opportunities for arbitrage betting. This type of betting strategy seeks to identify temporary price inefficiencies and fluctuations, while AI systems can locate these in real time and immediately execute bets according to predetermined criteria.
This type of technological, AI-driven process is already widely used in the realm of forex trading, and it’s now beginning to revolutionize and improve how people wager on sporting events!
