What is ‘Artificial Intelligence’?
Artificial Intelligence, otherwise known as AI, is now one of the biggest fields of computer science. The overall aim of AI is to create and develop computers and technology that are capable of carrying out tasks and solving problems normally done by human beings; especially tasks that require a level of intelligence. The term Artificial Intelligence was first used in the 1950s by John McCarthy, a researcher from American-based Stanford University. Put simply, any program can be labelled AI if it carries out tasks that we would usually view as intelligent in people.
‘Artificial Intelligence’ Explained
Due to the huge technological developments in the last two decades, AI is coming on leaps and bounds, fast becoming an essential facet in the global iGaming sector.
For instance, AI is transforming the world of sports betting with the use of algorithms based on neural networks, genetic algorithms and pure statistics. Professional bettors are beginning to rely more heavily on machine learning to determine the outcome of football and tennis matches. Elite betting syndicates are already using various tools to get the most accurate picture of the outcome of sporting events in a bid to spot value.
Sophisticated forecasting models can be used to calculate accurately the probability of a sporting event’s outcome, helping bettors to quickly determine anomalies between bookmaker prices and the actual probability of an outcome.
In fact, there is a train of thought that says the most effective bettors in the coming decades will be bots, not humans. AI is already driving the development of betting bots that have vast sums of raw data flowing through them. On betting exchanges, such as Betfair, professional sports traders are now utilising bots to scalp markets more quickly and efficiently than any human ever could.
AI is highly scalable in the sports betting industry too. Bots can be developed to work across a multitude of markets, ranging from high-profile events to low-scale fixtures where press exposure is limited.