Two phenomena have taken the world by storm as of late: AI and online betting. AI has wormed its way into just about every industry and every aspect of our lives, and the gambling sector is no exception. Since a big part of betting involves decision-making and analysis, it’s undoubtedly a ripe area for AI involvement. Just imagine if you could’ve more accurately predicted the outcome of the Adesanya vs. Strickland fight at UFC 293 or could pinpoint the likely winner of the next UFC Fight Night – that could result in much bigger payouts and considerable bonus value in your returns.
The Relationship Between AI and Betting
But how does AI enhance betting exactly? AI and betting feed off each other – they have a mutual relationship where one thrives from what the other provides. The betting side provides all the data that the AI needs to make those informed predictions, while the AI side injects betting with an element of strategy by providing valuable personalized tips and accurate predictions.
If we take AI out of the equation, a wager can either be entirely random, or the bettor would have to do their due diligence on their own. What this means is that they’d have to perform their own research – going through historical data and player statistics to inform their betting decisions. That can be a tedious process, especially if the fighters, for example, have a lengthy history and a wide range of performance metrics. With AI around to process those massive data sets, bettors are at the mercy of human limitations.
How AI Collects and Analyzes Data
AI is so useful in sports betting because it can gather and analyze a vast amount of data in a very short amount of time. And when it goes through all that data, it processes it with no human biases – which means more rational betting choices. AI can also pinpoint useful correlations through pattern recognition, which is particularly useful in sports betting.
The algorithm could absorb all the data imaginable on fighter statistics and training regimens or even go through fighters’ social media platforms to determine whether it’s worth betting on them. It could even look at more granular features like submission attempts, strikes landed, and their general fight history and compare and contrast those statistics with their opponent.
Predictive Modeling in Betting
With that level and amount of data at the AI’s disposal, it can form models that can readily predict future outcomes. This is called “predictive modeling” – a process that involves complex happenings behind the scenes, including the ones mentioned above. But after the collection and analysis part, the process doesn’t stop there. AI models come with another main benefit: they can be continually trained on new datasets. When more and more MMA events play out, the AI won’t be entirely out of the loop – it’ll keep refining its predictions based on both historical and modern data.
MMA fans know that the sport naturally evolves and changes over time, and so do their fighters. Fighters might pick up new techniques and change their original fighting style, which, again, can be tedious for bettors to keep track of. AI can instantly adapt and make adjustments without a hitch. It can also learn from its past mistakes and refine itself to make better predictions in the future.
How AI Can Help Manage Risk
With any bet comes risk – even losses from little penny bets can add up over time, and the next thing you know, you’re losing $10 left, right, and center. AI doesn’t just help you make sound bets but also helps you manage risk. This isn’t to say that it can entirely protect you, as this is still a matter of gambling, but it can certainly improve your chances of success. On the side of the sportsbook, AI can also improve operations in the same way.
When sportsbooks are well-equipped to understand betting patterns and the nature of each match, game, or fight, they can set better odds and lessen their financial exposure. AI models can take that a step further and look at probability – essentially, what are the odds of the underdog winning, and how could they factor in that risk? Since AI is so dynamic, the real-time aspect of sports betting can be easily managed by AI in that it can process data as the action unfolds. Ever see those fluctuating odds as you’re watching a match and hoping the odds shift in favor of the fighter you bet on? Or maybe a fighter has gotten injured but isn’t out of the fight just yet? AI will take that sort of information into consideration and make sure those odds reflect those circumstances.
AI and Personalization
People love personalization – they like seeing movies and TV shows tailored to their watch history, products they’re likely to buy, and location-based recommendations they can easily get to. The betting world has picked up on that fact and, with AI, can offer personalized betting tips that match a user’s risk tolerance, interests, and overall betting style. If you’re more likely to bet on big-name fights, for instance, AI can recommend those on your homepage so that you never miss an opportunity. So, whether it’s suggesting top-notch personalized bets or offering informative tips, AI-driven betting is set to become a staple in the gambling world.