AI can entrench itself in the betting industry

Artificial intelligence is changing the way in which we live our lives. It simplifies tasks down to the nth degree on the small scale of allowing us to set timers and alarms on our phones and devices using Siri and Google to the larger scale of self-driving cars. Whether you agree or disagree with the premise, artificial intelligence is here to stay and will be an essential cog of the business plans of major companies around the world for years to come.

Few industries have benefited more from the advance in artificial intelligence than betting companies. Before the days of artificial intelligence and technology, traders would have to calculate the odds for major sporting events by themselves based on their own knowledge of the market.

“Phone with social media apps on the scre” (CC BY 2.0) by Ivan Radic

However, now the process has been streamlined to allow traders to make these calculations instantaneously, providing customers with a diverse range of betting markets that were not possible before. Live betting has become a key element of the industry, allowing bettors to wager during football matches and horse races on a selection of markets.

Due to the success of this technology, companies are now aiming to support bettors in their quest to beat the bookies. In regards to horse racing betting, punters will study the UK horse racing results aiming to find the top competitors in the field for future bets. Analysing the form guide has been the pathway to success for bettors for a great number of years. However, the developments in technology may now change that perspective.

Artificial intelligence programmes, as utilised on the platform above, are now available to calculate the horses with the best chances of winning specific races based on certain criteria. An average bettor will base their opinion on one or two factors heading into the race, and that view could be skewed by a bias towards a particular horse, jockey, trainer, or even an owner. Using an artificial intelligence tool provides impartiality, as they remove all emotion from the equation and base their verdict purely on the data at hand.

The factors can include race form, but also the weather conditions, the racecourse, the jockey, and desirable arbitrage situations. These criteria are entered into a formula, then used to calculate the competitors with the best chance of winning the contest. There is always an element of the unknown to horse racing, but in this scenario at least you are not taking a shot in the dark when placing a bet.

“Wall Street HDR” (CC BY 2.0) by patrickhashley

It is not too dissimilar for tools that have been used on the stock market. The implementation of artificial intelligence is used on horse racing statistics rather than those based on share price and currency. Given those tools are still in place on the stock market, it will be no surprise to see them become entrenched in the betting industry.

Innovation has been welcomed by wagering companies and bettors in the past, and AI could be the next frontier for customers to utilise and succeed in challenging the bookies to earn a profit on their horse racing bets.