Technology has greatly impacted the casino industry by making it easier for people to access various casino activities. People can access their favourite online casinos virtually via an internet-connected device, as is experienced in online Koi.
Online casinos, as well as land-based casinos, have made use of current technology to offer a better casino experience to players. Artificial intelligence is an arm of technology that already impacts our day-to-day activities from car navigation, smart homes, healthcare industry, among many more.
The list of AI applications is endless; however, today, we will be discussing how it has managed to impact the online casino industry. And what this means for online casinos, stakeholders, players, the economy, and the casino market.
Improved online casino gaming
During the 2000s, online gambling revolutionized by being among the first consumer industries to join the online community. Players could now access casinos through the internet, allowing them to play their favorite games in the comfort of their own homes instead of driving to the nearest casino.
Gathering statistics and implementing probability theories were the major driving forces behind the evolution of the casino industry. AI introduced sophisticated algorithms to convey vast amounts of data collected from players to maintain and deliver better relationships and experiences to their customers. Some casino segments that take advantage of AI include fraud detection, marketing, preference customization, predictive maintenance, etc.
Active Management of Customer Lifecycle
Artificial Intelligence paves the way for more active management of the complete customer life in many ways. Using these insights betting companies can budget and design their market techniques better to gain customer retention and acquisition.
- (CLTV) calculation: AI can closely predict a customer’s lifetime or future value. This data assists betting companies in managing high-value players earlier on by providing custom offers to gain retention.
- Retention and Acquisition of High-Value Members: Artificial intelligence predicts potential VIP members and the tier the customer can achieve in the future. AI can predict the probability of a player churning in the following 7,14, or 30 days. The data is used as a treasure trove of customer lifecycle management.
- Cold Start Issue assistance: Current AI models have the power to predict CLTV with more than 80% accuracy with just a maximum of 3 days of activity data. Most AI solutions deliver the Cold Start Issue assistance. This helps provide adequate results from consumers’ first visit even before the player stakes any wagger.
AI has a better chance of identifying cheaters or people committing and engaging in fraud. Customers’ behavior patterns are recorded, and the information is utilized to spot if a player is cheating. However, AI has a downside since advanced hackers can use the technology to bypass detection in place at a website. But this is unlikely to happen since it requires highly novice computer programing and coding knowledge.
AI identifies specific patterns of players trying to alter the game to favor their results. Players identified as cheaters or playing unfairly are then investigated, and if they are found guilty, their accounts are shut down or suspended. Although cheating is not so simple when playing games, it is possible when playing live casino games or table games not influenced by random number generators.
Enhanced Player Protection and Security
Security measures must be set to protect players, especially since players are using their real money to partake in casino activities. AI is an effective means that operators use to help maintain players’ privacy and manage secure payments or deposits. Top websites use advanced AI systems to build a secure platform to place bets.
One type of AI system that is commonly used is the SSL encryption software. It’s the first line of defense against cyber hackers, fraud, and data leaking into the wrong hands. Using current technology, websites offer high levels of protection by eliminating the chances of credit card data and banking information being exposed to thieves or hackers.
If not controlled, gambling can become a dangerous addiction instead of a value-generating and sustainable form of entertainment. The dangers of addiction lead to chasing losses without knowing when to quit.
Artificial intelligence has the power to identify addicted players or players at high risk of becoming addicts through identifying problematic patterns. This can happen even before a player seeks to help actively reduce the number of consumers suffering from addiction. AI can act as a safety net for people at risk of gambling addiction, which is known as (Responsible Gambling).
Better Support Services
Customer service is a major factor in delivering a better experience. Online casinos need to provide customer support that’s seamless and offers quick responses. Most leading online casinos operate using AI chatbots, allowing the sites to offer chat support services.
Chatbots are designed to answer questions posed by players by providing a support unit for quick and accurate responses. They effectively eliminate the need for human customer support, eventually lowering operating costs.
From cutting-edge devices to pinpoint graphics, technology still advances to deliver a better experience to the consumer market. AI only aims to sweeten the pot for players and betting companies. Ever since AI’s employment, the online casino industry has seen a rise in its endeavors by delivering a better player experience. However, not all that glitters is gold: AI has its shortcomings though they outweigh its advantages.