Paired with AI technology, the sports betting industry continues its rapid expansion. A market report from 2021 projected $143.7 billion in market growth between 2022-2026.
They pegged key consumer countries as the U.S., China, the U.K., and Australia.
Another report offered an even rosier picture of growth in the long term. In 2021, they valued the Global Sports Betting Market for the next year at $84.6 billion. By 2032, they predicted the market size might reach a whopping $288.2 billion.
Behind the scenes of the booming sports betting industry lies AI technology.
How Is AI Used in Sports Betting?
Sports betting legalization in the U.S. began in 2018. Fierce competition among gambling companies led to a variety of promotions and bonuses.
The COVID-19 pandemic ushered in a revolution for online sports betting. While demand spiked, sportsbooks happened upon a once-in-a-lifetime opportunity.
Gaining new customers is only one piece of the puzzle. Once gambling companies get players to register, they want repeat customers.
To help them with that—they use AI technology. For example, data collection aids sportsbooks in profiting from details about their customers.
How do sportsbooks use AI? By transforming massive amounts of information into personalized experiences for bettors.
Say a user makes most of their football bets. With help from AI, gambling companies might send out automated promos for that sport. Customers may then receive a football bonus to their registered account via email.
That type of data collection gets spread across thousands of users. Rather than using a marketing team on an individual basis, the company saves time—and money. It also enhances the user experience to help with customer retention.
Another facet of AI comes in the form of predictive analysis. As a branch of data collection, it helps to sharpen betting lines.
Can AI predict sports outcomes? The answer is, Yes, it can.
Predictive analysis may observe winning patterns or trends like a four-game losing streak. Details like this built up over time only make AI more effective. Sportsbooks use that information to offer the best possible odds.
Data collection and predictive analysis also help with identifying and preventing fraud.
With online wagers, customers might feel unsafe. Consider betting online without a social security number at sites offering precise odds.
Latest Tools to Deliver Accurate Sports Betting Data
When it comes to delivering accurate sports betting data, many tools exist. Sportradar is one of the biggest sports technology companies in the world. They collect and analyze data for sportsbooks, professional leagues, and broadcast corporations.
The company supplies data for the International Cricket Council (CCN). Sportradar took live fielding data at the ICC Men’s T20 World Cup in Australia. Their data collection tool analyzed up to 80 data points per ball bowled.
They measured fielding positions, defensive actions, and “pressure events.” Their algorithm transferred that data to the ICC website and mobile app. Broadcasting outlets then used the live data to highlight their coverage.
The algorithm even determined “the tournament’s top 10 most impactful fielders.”
Sports fans in the U.S. got used to this type of data collection. It’s a significant facet of delivering fantasy stats. The main goal is to boost fan engagement.
ChapGPT is another exciting tool in the field of artificial intelligence. The chatbot drew over a million users in its first week.
Developed by OpenAI, the chatbot mimics human speech. It also writes essays in a matter of seconds, on command.
It might not be the secret weapon to predicting sports outcomes, though.
Instead, media companies began using AI in other ways. For example, CBS Sports advertises SportLine’s computer model amidst their NFL predictions.
The SportsLine Projection Model simulates each game 10,000 times. Users get access to the model’s predictions from behind a paywall.
By now, almost every aspect of sports betting includes AI technology. Many exciting tools exist to deliver accurate data to gambling enthusiasts.
The Future of AI Technology in the Sports Betting Industry
The impact of AI technology on the sports betting industry is massive. It’s global in scope and only seems to get better with time.
With continual growth, technology advances faster than expected. Data collection and predictive analysis might only exist as precursors.
In the future, bettors may wear virtual reality (VR) headsets. From there, they’ll get access to live betting odds.
Imagine placing bets with a flick of your wrist or pressing a button that only you can see. A friend online might offer advice beforehand.
The booming sports betting industry owes most of its success to AI technology.