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Virtual Odds: How Online Betting is Changing with New Technologies

Jan 30, 2024

Virtual Odds - Virtual Odds: How Online Betting is Changing with New Technologies

Online gambling sites have started using new tech tools to calculate odds, spot suspicious bets, and develop attractive propositions to keep customers happy and increase customer retention. Artificial intelligence and machine learning are some of the latest tech being used. Yet, although AI feels relatively new to the general public, it has been in use within the betting industry before the release of user interfaces like ChaptGPT and other AI tools.

The Math Behind the Odds

Behind those flashing odds numbers on your favourite sports betting app is some heavy number-crunching. Sites use huge amounts of stats, injuries, weather data and more to give the right odds. Traditionally, bookies would use human experts in their sports field to deliver information and mathematics experts to set the odds. It used to require a huge amount of expertise and collaboration.

Yet, computer software has now taken over the lion’s share of the work. Most of these software programs still require human or manual data input and scripts, but a new kid is on the block. AI programs work nonstop to gobble up data and update the odds instantly. It's cheaper for the betting sites and means better odds for punters. Some would also argue AI reduces the risk of betting sites getting it wrong, making it harder for sports betting pros to spot potential miscalculations in their odds and take advantage of the error.

While bearing all this in mind. Some say the machines will never fully capture that human judgment. For now, humans and computers can each do what they're best at.

Getting Inside the Player's Head

Understanding why people bet matters as much to online betting sites as the math. The more they know customers like you, the more apps and bonuses can be developed to benefit your overall gambling experience. Thanks to new tech betting online offers more value because you have an account on which your bets are recorded. Today’s AI tools can categorize players to customize promotions.

Bet often on the NBA? Your sports book may offer free bets for the next Toronto Raptors game. Haven't logged in for a while? Have a loyalty bonus or a free welcome-back bet with 0x wagering to get your real money bankroll started.

Maintaining Online Betting Entertainment

Data analytics even predict who might become addicted so sites can step in. It is known as profiling and can help players realize when they are betting to chase a loss. This usually involves a player increasing their typical bet sizes or placing more bets than usual while on a losing streak. Also, if players make several deposits in a short time frame, AI tools can trigger an analysis of the player’s deposit habits. This profiling is still in its early stages, but many say it already harnesses great results.

Glitzy New Bells and Whistles

To reel in more tech-savvy customers, many betting sites now feel more like video games with reward centers. You can collect points, badges, avatars, and even cryptocurrency. It's all calculated to keep you entertained. Now, some sites have virtual hosts that chat with you while you bet. There is no human contact, but weirdly, this approach feels friendlier, whereas before, there was rarely any contact from the site.

The AI assistants get to know you and will make suggestions, which is pretty slick and personable in many ways. Even though AI is still in its early conception when it comes to giving players

New Tech Is Sure to Offer a Better Sports Betting Experience

Whether you are a fan of technology or not, if you are betting online, new technology is changing the sports betting landscape for the better. Sportsbooks using high-tech software, especially AI, are already offering a more personalized service by popping up and offering advice and help. Also, as this tech improves, you can expect better odds and bonus offers customized to your betting habits. The key goal is betting entertainment, whereas, before this, most gamblers were simply ‘betting.’


NCFA Jan 2018 resize - Virtual Odds: How Online Betting is Changing with New TechnologiesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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