Disclaimer: The following text is contributed by Mobinc CEO, Sergei Belikov.
The need for technological advancement is clear and artificial intelligence, in which software is programmed to perform human tasks, is one of the most promising solutions, writes Mobinc CEO, Sergei Belikov.
The Evolution of AI in iGaming
Recent years have seen artificial intelligence have a profound impact on the way the iGaming industry works across a wide range of disciplines. Its introduction has informed the way we approach everything from game design to player retention. Meanwhile, outside our sector the technology is being used to improve medical practices and perfect self-driving cars. In 2020, Grand View Research estimated the global AI market was valued at $62.35bn in 2020, predicting this would exceed $930bn by 2028.
While AI shows a huge degree of potential across the board, there is a solid argument to be made that the iGaming sector is particularly suited to benefit from it. One of the functions of AI is to analyze huge amounts of data to identify future outcomes correctly, immediately highlighting its ability to improve a bookmaker’s bottom line. All the necessary data is sitting around waiting to be inputted and significantly improve everything, from odds-making to player profiling as well as risk management and fraud detection.
However, as promising as this sounds, the bricks are only as good as the clay they are made with – the system needs high-quality information, and lots of it. If the data is poorly sourced the resulting intelligence will be lacking. Experts in machine learning are getting better at identifying how good data can be gathered in more automated ways. AI is rapidly evolving and getting to the point where it can identify and harvest quality data itself. With this in mind, the possibilities to improve a business’ productivity are endless, including how to identify player preferences more accurately.
This is where player profiling and segmentation come in very handy. Machine learning enables us to build dynamic cohorts of customers that are automatically updated by using a wide range of data points, allowing us to construct a detailed profile for each customer. By grouping similar users, an operator can tailor promotional offers that can acquire, engage and retain large numbers of customers with ease.
Results in Real-time
The correct use of AI will also allow us to exceed player expectations with a highly personalized experience. When done right, the technology will mean that everything a player does on a site informs their experience. If they search ‘slots’, it should seamlessly display the casino’s slots catalog. If they played mining gaming the previous day, those slots should predominantly be made up of that genre. Rather than retroactively spamming customers after they have left the site, AI has the potential to customize and personalize their immediate experience and deliver what is effectively real-time marketing.
Out-of-game messaging has its place, but here too AI and machine learning shows a great deal of promise. For example, in a live dealer, if a player has a preference for a particular game and dealer, a well-constructed AI system could identify this and send an email or message that they are currently live.
Equally, if a blackjack player does poorly for a number of hands in a row, they may get frustrated with a game, which is when a good AI system could send a bonus their way, so they don’t feel disheartened with the experience.
Meanwhile, in sportsbooks, the rapidity at which systems like these can process information means they can analyze the speed and trajectory of football players and, in the early stages of a mounting attack, identify if one of them will be offside, adjusting odds instantly to reflect that fact.
We are just touching on the potential that AI and machine learning hold for the iGaming sector, but operators seeking to boost their offering in every aspect from acquisition and retention to player segmentation would do well to stay up to date on how this technology is evolving, as Mobinc continues to help its operator partners to do.