Roadmap to Develop Sport Betting Software with AI Solutions
As betting restrictions are loosened worldwide, the number of digital betting sites is rising. Every day, there seems to be an advertisement for a new sports betting platform on TV, online, or on social media.
According to Statista, the online sports betting market is growing at an annual rate of 17.33% and will reach US$14.4 billion by 2027. To stay competitive, business owners are implementing new approaches. One of them is developing sports betting software using AI solutions.
In the 2011 movie Moneyball, Ivy League analysts worked to create a formula for winning baseball games by applying sabermetrics and statistical data. Today, bookmakers don't need such resources as advances in artificial intelligence have made predictive analytics more accurate and efficient.
Artificial Intelligence-based deep data analysis is an excellent solution to improve the quality of predictions. However, this is not the only application of AI in the iGaming industry.
Popular solutions to employing AI solutions in sports betting. Source.
In the AI integration step, we will detail the above use cases. After reading, you'll have a complete understanding of the software development roadmap and which AI solutions are best utilized on the platform.
AI helps in website development by providing ideas for web design. Instead of exploring different resources and platforms on your own, AI tools visualize ready-made templates, building off your query.
The DALL-E image generator is suitable for this task, as its diffusion model creates realistic illustrations based on your request. The minimum cost of using this solution is $15
To use DALL-E, create a web design request describing what you seek. It should include the type of site and pages, their purpose, color scheme, and web design style.
For example: "Bookmaker's home page. Bright green color palette. The web design style is brutalism."
Midjourney is another platform that allows you to generate images. You must make a Discord account and join the Midjourney server to use it. Use the command "/imagine" and insert your request.
Midjourney active users. Source.
When starting a sports betting software development project using AI solutions, you may not have a clear idea of how to structure it properly. In this case, artificial intelligence tools such as ChatGPT can help you.
ChatGPT features. Source.
Historically, humans have always been interested in predicting sports outcomes, and modern history is no exception. Human bias is one of the most significant drawbacks to effective sports betting. However, this is one area where AI has a significant advantage over us.
Artificial intelligence refers to the ability of a computer to perform tasks that would typically require human intelligence. And while it may seem at first glance that the only option for integrating AI is predictive analytics, the technology can actually give us so much more.
In this section, you'll learn about the most effective ways to integrate AI solutions for sports betting. We'll cover how they impact you and your users, as well as give you practical steps for implementing them.
Bookmakers rely on historical data and intuition. However, as sports evolve, there is more and more information to consider. By utilizing AI solutions, betting shop owners will give punters better predictions about events and increase their engagement with betting.
Predictive analytics model based on AI. Source.
AI-based prediction models handle variables that humans overlook. For example, when predicting the outcome of a Champions League match, AI takes into account:
This dynamic approach increases players' excitement and encourages them to stay engaged throughout the match.
AI also provides valuable insights, such as:
Fantasy Sports Market. Source.
The role of AI solutions for fantasy sports betting:
The chatbot not only provides statistics but also concludes. Let's say a forward on your team has historically lost to a particular defender. Fantasy Bot can notice this and alert you to replace the player.
Besides Fantasy Bot, there are other uses for AI chatbots for betting sites. For example, users need constant feedback. Therefore, it would be more efficient instead of creating a support department.
Chatbots advantages. Source
Off-the-shelf solutions are less flexible and scalable. Therefore, if you want to create an easily adjustable chatbot with multiple features, contact an AI development company.
According to a McKinsey & Company study, 71% of consumers expect personalized interactions from companies, and 76% of them get frustrated when it doesn't happen. What's more, companies that are growing faster generate 40% more revenue from personalization than their slower-growing counterparts.
Betting platforms use AI to analyze players' past bets, preferences, and behavior. This approach creates personalized recommendations and promotions that will improve user engagement.
Aspects of data personalization for a sports betting site:
Gambling Addiction Rates. Source.
AI tools alert operators who intervene and offer solutions for responsible gambling. This proactive approach protects vulnerable players and builds loyalty among regulators and other users.
According to TransUnion, iGaming fraud increased by 50.1% in 2022. This trend negatively affects the revenue and credibility of online gambling sites, which is why they are developing new AI-powered security solutions.
Integrating AI into sports betting as a security tool positively impacts user loyalty. The use of AI not only prevents hacker attacks but also fights unscrupulous platform participants.
Types of fraud that AI fights against:
Multiple account fraud. Source.
Artificial intelligence-based solutions recognize suspicious activity and instantly block any fraudster's actions. Most often, this happens by detecting identical IP addresses, cookies, and payment data.
Traditional and Synthetic Identity Fraud. Source.
Self-exclusion fraud. Government agencies are increasing their scrutiny of gambling companies to combat gambling addiction. Scammers have taken notice of this and have begun to exploit it.
They blackmail betting companies by marking themselves as "problem players" on the gambling establishment's website and then demanding refunds, claiming their self-exclusion was not honored. This is essentially a multi-accounting problem that can be solved with AI.
Video ID deepfakes. Like other technologies, AI isn't just being used for good causes. As AI becomes more accessible, fraudsters are using it to bypass video identity verification systems installed as part of the KYC process.
The challenge for providers in the iGaming industry is creating AI solutions recognizing deepfakes. Take care of this aspect while creating a sports betting website.
Artificial intelligence tools help create the visual style of your sports betting website, including the logo, color palette, and typography. One such solution is Hostinger AI Logo Maker.
There are two AI modes to choose from:
In addition, when choosing colors, you can set the artificial intelligence's creativity level. It will also show you how they will look together on different website layouts.
To choose font designs - use Fontjoy. This tool allows you to choose a font for headings, subheadings, and body text. AI will then suggest other options that go along with the chosen one. This will create a cohesive and visually appealing typography for the site.
Content creation is one of the most common steps in developing sports betting software using AI solutions. Tools like ChatGPT and Jasper create unique content and save web designers time.
AI tools by content type:
Zyro heatmap. Source.
Artificial intelligence has revolutionized the sports betting industry, opening up new opportunities and changing how players interact with the platform. Integrating AI solutions is changing the iGaming landscape by enhancing security measures, promoting responsible betting, and predictive analytics.
To learn how AI is becoming a driving force in the quest for a safe, immersive, and responsible online gaming experience, follow Merehead's blog. We hope this article has helped you create sports betting software using AI solutions and broadened your understanding of this technology.
