The global iGaming industry has, in a surprisingly short amount of time, become one of the biggest power players in digital consumer entertainment.
Easily one of the most lucrative markets in the gaming industry as a whole, iGaming – which encompasses digital casino, poker and betting activities – is well on the way to being worth over $120 million in five years.
In addition to being a major gaming vertical in Europe and Asia, iGaming has also undergone significant recent expansion in the USA. Having been blocked from accessing digital sites and gaming rooms for several years, playing at a digital casino in the US is now a reality for adult gamers in a growing number of states.
iGaming has long positioned itself at the forefront of technological innovation, making it a prime segment for the widespread integration of Artificial Intelligence. In this article, we’ll be taking a look at the impact that AI will have on the industry, both at present and in future years to come.
Transforming How iGaming Companies Operate
AI has numerous applications in industry and is particularly relevant to the iGaming sector for its potential to help companies operating in the space to stay ahead of the curve.
iGaming is hugely consumer-driven; as a saturated marketplace, operators need to do everything in their power to provide value for customers and increase their ROI. Artificial Intelligence, then, offers a convenient solution.
At present, AI is one of only a handful of technologies that, when properly integrated, can offer truly personalised end-user experiences.
By collecting real-time customer data using the tech, iGaming operators can offer even deeper levels of personalisation in customer offerings such as content, customer service, and bonuses and promotions. This will ensure significantly higher levels of in-platform satisfaction for players, fostering a sense of brand loyalty in the process.
Additionally, AI can play a vital role in helping operators reap the benefits of promoting responsible gaming measures to consumers.
Research has shown that online casino players who set and stick to wagering budgets (by way of voluntary spending limits) are more loyal to a brand than those who don’t. They also play for longer periods of time, spending more time on a casino website than their big-spending counterparts.
Transforming the iGaming Experience
Gaming here in the 21st century is highly experiential and the iGaming sector is no exception. Modern players are seeking to be engaged on numerous levels when they’re playing games, with immersion and user experience being the top priorities.
Artificial Intelligence provides operators with a unique opportunity to deliver the most relevant gaming experiences to customers. Personalised customer interaction doesn’t just benefit the brand, it also transforms the gaming experience for the consumer.
Delivering relevant content in real-time during crucial points of a slots or poker game, for example, can serve to engage the user on a much higher level. Cross-promotions of related activities meanwhile, such as suggesting personalised wagers on a relevant activity immediately after an in-game event, will drive up engagement and increase the likelihood of click-throughs.
AI can also enable new iGaming activities such as: creating crypto betting markets, in which punters place wagers on the trends of cryptocurrencies; and fantasy leadership gaming, following the model of fantasy football but using teams of high-profile CXOs instead of sportspeople.
Today’s gamers are also seeking exceptional customer service alongside high-quality gaming experiences in the iGaming market. After all, iGaming is a real-money activity, so consumers expect some bang for their buck when it comes to the level of support they receive from a gaming brand.
Revving up the functions of a standard chatbot using technologies like deep learning and Natural Language Processing (NLP) can elevate automated customer support. A run-of-the-mill chatbot, which only responds to queries based on pre-defined processes, can be tiresome to deal with. However, a more intelligent chatbot that responds with empathy makes a customer feel valued and listened to.
Creating Industry-Wide Changes
As well as supporting gamers and brands operating in the iGaming space, the correct deployment of AI can have a positive impact on the industry as a whole, especially when it comes to things like detecting and preventing fraud. Cyber attacks and fraudulent transactions are an unfortunate part of life in the tech industry. In response, all iGaming businesses, not just gaming operators, need to shore up their digital protections to prevent the devastating effects of things like security breaches, consumer data theft and player fraud.
AI offers substantially more sophisticated levels of fraud detection and cyber-crime prevention and, when combined with stringent anti-money laundering procedures, enhances the efficacy of already existing protections.
When it comes to keeping customers and digital companies safe, prevention is always better than cure, particularly since attacks and breaches can happen in a matter of seconds. Artificial Intelligence can help iGaming businesses identify potential breaches, minimising the impact and damage that they would otherwise have had.