The Role of AI in Shaping the Future of Crypto Gambling

It has been over two decades since online gambling has been in being and entertaining its customers fully, but the recent rise of crypto casinos and decentralized applications is poised to bring the industry into a new era.

Many experts predict that after twenty years from now, most people will start gambling with cryptocurrencies like Bitcoin and Ethereum even more. This is because cryptos are decentralized currencies that can be used without any central agency for verification or oversight, unlike traditional currency.

AI's Potential Impact on the Future of Crypto Gambling

Below, let us look at various potential aspects of AI in shaping the future of crypto gambling:

1. Identifying gambling addicts:

It is estimated that more than 600 million people worldwide are gambling addicts. Many of them are unaware of their addiction as they keep chasing their losses, thinking they can recoup these losses. AI can be used to identify such people who are likely to harm themselves by gambling beyond their capacity.

Standard casinos are already using it to identify gamblers who tend to lose too much money and end up bankrupting themselves in the process. Such gamblers are usually barred from entering the casino premises until they improve their behavior. If there is a recurrence of such behavior, their names are added to a blacklist, preventing them from entering all the best cryptocurrency gambling sites anywhere in the world.

2. Improved customer service:

Casinos, especially online ones, have to deal with countless customer queries and requests daily. They are required to provide timely responses to these queries and resolve the issues raised by their patrons. Many of these requests are often answered mechanically by casino employees who have not been sufficiently trained to address such issues. This can be handled better if AI is used to handle customer queries.

For instance, since AI can analyze large amounts of information within a short time, it can give fast replies to all kinds of customer questions and requests. It can also process customer profiles and suggest the best way to respond to them.

3. Maintaining transparency of transactions:

Casinos must provide a transparent environment where gamblers can place their bets hassle-free. Unfortunately, most online casinos have hidden charges that are often difficult to understand. You cannot expect this from blockchain casinos and other best crypto gambling sites, where all the transaction records are made public on the ledger with no hidden charges attached. They can also offer transparency in terms of winnings paid out since there is clarity on each transaction recorded on the blockchain ledger.

4. Preventing frauds:

Most cryptos are used by gamblers on crypto gambling sites to make payments, either in person or online. The problem is that they can be easily defrauded by fraudsters who may demand a ransom in exchange for not leaking the data to the outside world. Blockchain provides a decentralized environment where transactions cannot be tampered with, thereby providing transparency and security in terms of its transactions.

5. Prediction markets:

A prediction market is an online market that allows users to bet on variables and outcomes that are yet to occur based on various conditions attached to each outcome. For instance, you may have a prediction market on the political elections that will let you bet on the outcome of the presidential elections in 2020. This is not possible with traditional casinos and sports betting platforms since they cannot handle such bets based on factors yet to be determined.

6. Better odds:

Prediction markets can provide better odds to gamblers by analyzing and interpreting data available online. AI can also be used to predict the proper outcome of events and other variables, providing gamblers with the best bets at any given time. Such predictions will often require buying into various prediction platforms, which can help gamblers take advantage of their money by betting ethically and winning good prizes in the process.

7. Reaching young players:

Most online casinos do not cater to young people yet to reach the age of majority. This is because they may require parental permission or supervision before entering an agreement. This will change in the coming years as blockchain casinos can easily get around this issue by allowing people of any age and nationality to bet on games based on blockchain technology with no restrictions whatsoever.

8. Increased player loyalty:

Casinos often lose players simply because they cannot offer them a variety of games and chances to win prizes in the form of Bitcoin and other cryptocurrencies. Most cryptocurrency casinos will offer various games based on both multiplayer and single-player formats. They will also be catering to all kinds of gamers with different preferences. This will help them retain their players longer and maintain a loyal user base.

9. No commissions:

It will also be possible for players to play games without paying fees. After all, this is not a requirement in most online casinos because blockchain technology does not use such practices. This is how Ethereum-based platforms allow anyone to play multiplayer games for free and win decent prizes.

Conclusion:

These are some reasons why blockchain casinos and other cryptocurrency-based platforms will be better than traditional websites in the future. However, it’s difficult to predict the future of AI because it’s still in its infant stage, yet you can expect to see a lot more development in the coming years.

Simply put, online cryptocurrency gambling will become so personalized in the future that gamblers can bet on cryptocurrencies considering their fluctuation level. This phenomenon will only increase as more cryptocurrency gambling sites open their virtual doors in the coming years. It might be appropriate to add that artificial intelligence, or AI, a significant component of technology, might be the primary factor in developing the best online casinos.