As the development of artificial intelligence grows increasingly more sophisticated and begins to become embedded in a number of solutions, the potential for its use in the gambling sector is becoming more apparent. There are a number of ways in which AI can be harnessed, with it being employed to bet professional poker and Go players making headlines recently. In this article, five ways that AI could potentially be of use to the gambling sector will be reviewed, with some examples of companies that are working in these areas.
1. KYC and AML Compliance
Compliance to regulations is a vital part of any business, both to protect the company and its customers. Rigorous standards to identify illegal or at-risk consumers need to be pursued to avoid damage to a company through fraudulent activity, breaking the law or even simply bad publicity. In order to comply with Know Your Customer and Anti-Money Laundering regulations, accurate and reliable methods of identifying customers and monitoring behaviour need to be employed. This is often a time consuming and costly task which is only needed to catch the small percentage of people who are engaged with illicit activity or are putting their livelihoods at risk due to an addiction. AI can offer a solution here to identify and monitor customers, with the ability to flag up potential dangers.
A couple of examples of companies working to achieve this are Onfido and Trulioo. London-based Onfido enables remote background checks on customers and utilises a number of different verification means. The AI and machine learning enables Onfido to strengthen its fraud detection further as more data is added. Trulioo gives the capability for automatic identity verification on a global scale. One goal of Truiloo is to bring identification services to areas of the world where people have no other record of existence or struggle to prove identity. GlobalGateway, the company’s instant electronic identity verification service is designed explicitly to enable businesses to comply with cross-border Anti-Money Laundering and Know Your Customer regulation.
One of the key factors in a business that is going to successfully keep up with developments in technology and consumer trends is the ability to monitor consumer behaviour for trends in activity and suggestions of future behaviour. By doing this, companies can design effective new products, tailor existing offerings and plan the next steps to take in development. AI can enable this through its capacity to analyse and learn from large amounts of data to provide accurate and up-to-date reports to a degree that a human equivalent would not be able to achieve.
An example of AI being put to use in this manner is in Seldon. Another London-based company, the Seldon platform has the ability to Predict media and e-commerce customer future actions on web, tablet and mobile devices. Seldon analyses behaviour, social information, data from first and third party sources and any contextual information in order to enhance product and content recommendations. Another example, Opera Solutions uses AI to enable companies to draw predictive intelligence and conclusions from big data. It identifies patterns to assist researchers in understanding developments on an industrial or global scale to allow these developments to be taken advantage of at the earliest opportunity.
AI could also be used to provide new experiences in gaming, perhaps opening up a new area for the gambling industry target as a wider audience is drawn in.
Improbable is a company that aims to enable the building of ‘simulated worlds’ by combining different servers and games engines to combine into one massive multiplayer experience. It has been described as trying to create ‘The Matrix’. Besides creating virtual worlds, the platform would also allow for numerous simulations to be run, potentially assisting many different types of company that want accurate prediction models. The British start-up is valued at over $1 billion.
Naturally, security is an area that companies require to be as strong as possible in order to protect their own funds and data, but also to ensure that customers feel secure in using their services – leaving their privacy and finances in safe hands. If customers feel their funds or information are at risk, they will choose other options for their gambling needs. The theft of money and documentation, as well as bad publicity, are threats that every company faces on a daily basis.
Based in Cambridge in the UK, Darktrace uses AI and machine learning to identify patterns with the ability to detect and stop a cyber-attack before it occurs. This early-warning solution is an effective method that is already being employed by companies such as BT and Virgin Trains. By preventing the attack before it even happens, the risk of failure is decreased.
Not being a living system, AI can avoid many of the downsides that human operators have. AI does not get tired or hungry, doesn’t make mistakes and has no need of sleep. Implementing AI can improve the efficiency, speed and accuracy of previously manual tasks, freeing up manpower to be used in more important areas. AI can particularly excel at this in areas where large amounts of repetitive tasks are being carried out.
One example of a company putting AI to this use is Tractable, which is building deep-learning tools to perform tasks previously performed by experts relying on visual methods. The Tractable platform uses AI to process and understand thousands of images in seconds with pin-point accuracy – outperforming human counterparts.
These are just some applications of AI that could apply to the gambling industry and more uses and more companies developing AI solutions exist. In the future, the potential of AI will expand even further so investigating and investing in AI capabilities will enable companies to prepare for future challenges and opportunities.
Five Applications of AI that Could Impact the Gambling Sector