Can AI-powered betting systems help you win more money?

Technology doesn’t stop evolving, so new trends and features always appear. The year is 2023, and AI has been nearly everywhere for the last few years. The sports betting industry didn’t avoid these changes either.
But what exactly happened, and how can AI directly or indirectly affect the life of an average player? That’s what the article below aims to find out. We will examine how the technology appeared and grew, what it can offer, and how it works in betting.
The article won’t provide exact guides or tutorials on the betting process. The Internet is full of resources covering such a matter. For example, one can check out this article that describes the the 1xBet Nigeria wagering platform.

What’s AI?

AI stands for artificial intelligence. It is the technology that can emulate the functions that only human intelligence used to do. The abilities include image and speech recognition and generation, playing the games (the so-called “Game AI”), and analyzing large chunks of data.

There are various algorithms, approaches, and technologies involved. Neural networks are among them. It’s a set of algorithms for learning that mimic how the human brain works and adapts. Neural networks are currently among the most popular solutions used widely for image generation, designing chatbots, complex calculations, and many scientific applications.

A Brief History of AI

Many philosophers, writers, thinkers, and other theorists have discussed artificial intelligence for ages. Things started to get in shape by the 1950s. During that time, computers became a reality, even if only for certain crowds. It was in the 1950s when Alan Turing published his paper “Computing Machinery and Intelligence,” which laid the groundwork for the concept known as the Turing test. This task involves testing a machine to pass as a human in a conversation. The 1950s also saw the rise of game AI: a checkers program designed by Arthur Samuel managed to become powerful enough to challenge amateurs. 

The technology has since gone through several rises and downfalls, including the infamous AI winter of the 1970s and the massive boom of the early 1980s, followed by another setback. The technology has continued to develop steadily since the 1990s. For example, speaking of the game AI, during that decade, the machine managed to defeat a reigning world champion in chess: see Deep Blue vs. Garry Kasparov.

The 2010s saw a significant rise in usage: big data and deep learning technologies started becoming everyday things. Large language models and the latest generations of neural networks have begun to affect various aspects of life. By the beginning of the 2020s, active usage of AI had become a thing in the lives of regular people. Anyone with an Internet connection could now use image and text generation, have natural-looking conversations, and use spellcheckers provided by modern neural networks.

The Usage of AI in Betting

And this refers to how one can use AI in betting. Modern neural networks are more than capable of analyzing existing data and making predictions based on historical information. On the one hand, they don’t differ much from existing options; they use mainly the same data. On the other hand, there are much more superior algorithms that can analyze data in a more precise manner.

Another thing worth mentioning is that some solutions are intuitive and easy to use. For example, one can simply ask a chatbot to make the predictions. This method comes with impressive simplicity, allowing the punters to merely ask a question and receive a natural-looking and sounding answer.

The alternative involves using AI-powered programs and more complex solutions, some of which may require a more profound knowledge of computer science and algorithmic thinking. The upside is that such an approach will still provide much better calculations with a higher chance of a correct prediction.

Advantages and Disadvantages of Using AI in Betting

As is the case with any technology, there are pros and cons. Of course, the number of drawbacks isn’t that significant since otherwise, the solutions offered by AI wouldn’t gain their level of popularity. But the negatives are worth mentioning as well. The table below shows both advantages and disadvantages of using it.
 

Conclusion

Trying to avoid the improvements of modern technologies wouldn’t do anyone any good. People use AI for various things, and betting isn’t an exception. There are various ways for a player to use AI and the solutions powered by it to get the results they need. And our article covered some of them. We also provided enough information on how AI works and its history. This technology affects many fields and aspects of life, and we can only expect it to become more commonplace. For betting, using the technology can make predictions more intuitive and accurate, depending on the method.