Casinos have evolved from their inception. They started as simple rooms with simple games before changing their architecture and game selections. And per predictive analytics, playing games online is just the tip of the iceberg regarding innovations. Most casinos now use AI as they gear up for the metaverse. So, how has AI changed casinos, and what can you expect from casinos using such technology?
AI in Casinos
AI (artificial intelligence) has become the talk of the town as people find ways to exploit its abilities. Some of the happiest people in this equation are casino operators, who now have a reliable way to scale their operations. Soon enough, they were accessible at the touch of a button, as with the best casino online UK, allowing players to enjoy games on the go. Consider the uses of AI discussed below:
The casino industry is one of the most cutthroat fields in the world in this decade. First, there are no barriers to accessing casinos, allowing players to use just about any site they like. Secondly, the barriers to opening casinos have also been reduced. Moreover, operators can access different licensors and start operations from almost any region. This open market has increased the number of operators, which has created a buyers’ market, forcing operators to think outside the box. How does AI help them survive in such a market?
- Customer acquisition marketing: The lead and sales funnels require more thought-out practices. Operators can no longer use the same marketing strategies for each potential client. AI allows them to segment possible clients and create different ads for each, enabling them to get more leads and sales.
- Customer retention marketing: Any operator will tell you that attracting clients costs more than retaining clients. But how can operators hold on to players in this competitive market? AI helps out in the following ways:
- It learns a player’s game preferences and suggests similar games to players to encourage them to keep playing. These suggestions also enable a player to find what works for them.
- It gauges a player’s spending preferences and suggests games aligned with their budget.
Additionally, AI tracks customers and uses their data to determine their lifetime value and preferences. Thus, it can help you select the best ads for each customer so you spend less and get a better ROI. It also allows operators to identify the high rollers they can target with loyalty offers to help them reduce player churn.
Casinos are all about risk. Players face the risk of losing their money when they play games of chance or skill. But the house also stands to lose if it does not invest in suitable mitigation measures. And while traditional risk management techniques have sufficed in the past, they barely measure up to what AI can do. Consider the following:
- Fraud detection: Cybercriminals keep getting innovative and casino operators must work to be steps ahead of them. AI helps weed out potential scammers by tracking customer and staff operations. If anything seems like an anomaly, it raises a flag. Some AI systems are so advanced that they can stop fraud, enabling operators to run their businesses in the background.
- Security enhancement: Secure passwords and servers enable operators to run their businesses at a high-security level. But even these can be prone to hackers. Casino operators can rely on AI, which enhances the security of the sites even more by assessing user activities and flagging any suspicious activities.
Moreover, AI can help operators determine actions related to money laundering as part of the KYC protocols. And this can help operators stop such activities before they escalate to levels that can sour their operations.
Improved Business Operations
Running a successful casino takes a lot of work. And operators must remain on top of several things to ensure nothing is amiss. Of course, juggling many moving parts often negatively impacts the business as some aspects may lag. AI helps operators get a hold of everything in the following ways:
- Predictive business analytics: Where do you see yourself in a decade? Many people have a good answer to this question. But knowing what you want and working toward it are different things. Predictive analytics enable operators to forecast their business health years down the road based on past and present data. They can calculate predicted profits and losses. And if they do not like what they see, they can adjust some aspects and project the data to determine what changes they should make now for a better future.
- Optimized staffing: While online casinos barely need premises or staff to man the halls, they hire people to run the show, such as customer care teams, IT support staff, etc. Labor costs often bite into the casino’s earnings. AI helps operators determine the most crucial services and when to procure them. For example, if most players require customer support between 5 pm and 12 pm, the operator can reduce the number of people working outside those hours.
- Demand forecasting: Casinos invest a lot of money in games to ensure their players have the best experiences. But not all games have favorable ROIs, and some are bad investments. Can AI help operators determine the games to keep? Of course! AI understands player preferences and patterns and can gauge the likeability of a game before an operator provides it. That way, the operator can focus on the games that will bring the most returns.
AI also helps operators determine the best practices to retain their staff in a competitive market.
Players love having a reliable and knowledgeable person to refer to for questions. But staffing customer support to respond to all queries can be costly for an operator. AI helps in the following ways:
- Intuitive chatbots: AI can respond to customer queries as a chatbot by responding to general questions. It can offer solutions from a database, such as articles, to help the player figure out what they need. Any questions it cannot answer go to a human being to allow the player to get the best answer. This intermediary setting often solves most issues, reducing the need to hire more customer support representatives.
- General help: AI is a great non-invasive way to communicate with customers about their needs and wants. Operators can use it to suggest games, offer bonuses, and relay news about the site. Doing this makes it easier for the player to navigate the site and find what they need without asking for customer support.
Preliminary reports have shown that AI can be as effective as human support in issues that do not require follow-ups. And in many cases, people don’t even know they’re conversing with a machine!