As people become more comfortable placing a bet online, the online casino industry has experienced rapid growth. Most sites have looked at increasing their offerings to cater to the massive population of players. One of the major contributors to the growth of online betting sites is robotics and AI-powered predictive analytics.
These technologies allow online betting sites to give players the most amazing playing experiences. This technology also means that players can easily step into the leading Canadian online casino and place their bets. Players are also guaranteed a personalized experience as they engage with the online platform more. With robotics and predictive analytics, a player’s information is captured to enhance their experience.
Analyzing Robotics and AI-Powered Predictive Analytics
Robotics have allowed online betting sites to offer additional features and services. In addition, robotics are assisting with automated systems that can place bets on behalf of players. These systems can be programmed to factor in odds or the amount to be wagered for a particular outcome. This means players can wager on different events and outcomes at the same time.
AI-based predictive models allow players to predict future outcomes of games accurately. When the technology is paired with excellent odds, they could possibly improve the chances of players succeeding in sports betting.
Advantages and Disadvantages of Robotics and AI-Powered Analytics for Online Betting
There are several advantages and disadvantages associated with using robotics in the online betting industry. Here are a few:
Advantages
- Robotics assists with speeding up processes when placing bets. This is an important feature as it allows those who want to place multiple bets to do so quickly.
- Decision-making will be improved as AI-based analytics will provide sportsbooks with more data-driven insights for better results.
- Robotics can help increase the accuracy of bets by doing quick, accurate calculations. This could also help players improve their chances of winning.
- Robotics can improve security on online sites. They can monitor transactions and activities, limiting instances of theft and fraud.
- Robotics can reduce costs. This is because robots can perform the tasks of many people, limiting the number of staff. With AI-based analytics, automating processes is much simpler.
- Predictive analytics can also ensure optimized operations, resulting in high returns.
Disadvantages
- Since robots can place bets on their owners’ behalf, some players will likely not gain any knowledge or expertise in the field. This also means that if the robot makes a wrong decision, it will result in losses.
- A hacker could access the robotic software and place bets that could result in a financial loss.
- Robots could possibly have some errors, like misplacing a bet.
Examples of Robots used in Online betting
The Martingale System
This simple robot doubles your bet every time there’s a loss. This can be effective if you eventually win, but it can also lead to large losses if you have a losing streak.
The Kelly Criterion
The Kelly criterion system is more sophisticated. Its betting strategy considers the player’s bankroll and the odds that come with each bet. This is an effective robot in both losing and winning streaks and is likely to lead to smaller losses.
The Fibonacci Sequence
The Fibonacci sequence robot is effective in both losing and winning streaks. This has a major disadvantage, especially if you are going through a long-losing strip.
Enter the Robot Croupier
The Robot Croupier is about a dealer who never gets tired, never makes a mistake, is always pleasant with players, and can easily explain the same thing to new players over and over again. Additionally, this croupier could detect cheating. While this could be hard to achieve for a normal human being, a robot could possibly do it efficiently.
This is still a work in progress, with the first unveiling happening in December 2015. It was a creation of a Hong Kong technology company that made a prototype robot croupier. The dealer was capable of only dealing cards. These prototypes were later seen in Macau and the US.
In 2017, another robotic croupier was revealed at an entrepreneurial event called Slush. The adaptations of the robot were from an open-source InMoov robot by the Spice Program at Futurice. This robot could interact with a digital blackjack table, resulting in a smooth experience. The problem is that this robot could not communicate with players unless through a prerecorded voice.
In 2019, LT Game of Paradise Gaming released an advanced robot croupier. The robot was announced at the Macau gaming show, featuring AI-powered music and a high-definition screen. The croupier was excellent at dealing cards and playing some great tunes, but there were no indications that the robot could possess social skills.
Will Robots Be Stealing Jobs?
With advancements in technology, there’s a lot of fear that the AI workforce could replace humans. This could be impossible as specific skills can only be provided by humans. No matter the advancements, a robotic employee could never show the same smile as a human. Most robots have also displayed a lack of social skills, which is the greatest thing any human croupier can ever provide for a player.