The gambling industry has another tool at their use to help it continue to rake in the dough.
In 2018, the U.S. Supreme Court made a ruling that allowed states to legalize sports betting. There are 38 states and Washington, D.C. where sports betting is live and legal. The industry continues to do well year after year.
According to the American Gaming Association, Americans bet a record $120 billion in 2023. Now, with the rise of artificial intelligence in America, the gambling world is about to become even more advanced and either help betters tremendously or put them in the hole even more.
Casinos and sportsbooks look for every way they can to get as much money out of the consumer as possible. Whether it's with regular promotions or nonstop content being fed to their timeline, gamblers are baited in to make bets more often and more expensive.
General Partner at Blitzcalling Ventures Jeremiah Owyang says the use of artificial intelligence can certainly up the engagement and lead to more bets being made and more money being moved.
"I think the online casinos can use these tools to really ramp up engagement," Owyang explained.
One trend used by both online casinos and humans is a new technology called 'artificial intelligence agents.' These agents act like humans and interact with real people in the gambling world. So, it feels like real people are playing with other real people when they're actually AI agents.
In a more generic use for AI, gambling companies can create better odds at a quicker pace and analyze betting strategies from gamblers in a more efficient way.
It all comes back to how much money can be made from the gamblers. Artificial intelligence could be a moneymaker for these gambling companies, but the companies also say that AI is a remedy for problem gambling.
"We're seeing this behavior in numerous cultures around the world where people who are lonely are using AI to solve loneliness but also for therapy," said Owyang. "If the gambling world wants to use it to increase engagement and help with addiction, they certainly have that ability."
The use of AI in gambling doesn't all have to be bad. Maybe the best thing AI can do to improve the gambling industry is to help out the gamblers by analyzing their betting history. After all, it's up to the consumer on how they gamble and how they use AI in their everyday lives.
"AI, like any other technology, can be used for good or bad, it's just on the human and how they're wielding it," Owyang said.