Reflecting on the ways in which artificial intelligence (AI) has transformed businesses across industries, Dr Ian Gauci, Managing Partner at GTG Advocates, believes it is very likely for gambling companies, among others, to continue to be transformed in the near future, as AI use becomes more exponential.
Noting that the use of AI in different industries “helps to learn habits, patterns, behaviour (sometimes even emotions), interactions and thus maximise the potential reach of services and products offered”, when it comes to online gambling, the possibilities are even broader.
“AI can also introduce new forms of gambling or social betting, where AI could automate and create odds, set the pay-outs as well as target the atypical segment users for this form of betting/gambling,” the Managing Partner, who specialises in Legal Futures, AI, Fintech, Gaming, TMT, Blockchain, Data Protection writes in a recent article.
Extolling the virtues of AI technology in other areas, Dr Gauci also emphasises its potential as “a formidable ally to optimise customer service, prevent fraud, automate some regulatory compliance including AML and CFT checks” as well as a helpful tool when it comes to on boarding, age controls and geolocation among others.
Given these opportunities, the Managing Partner says that he anticipates wider industry use of AI in the gambling sector in the years to come. While other uses may include the monitoring of problematic gambler behaviour, a self-exclusion process powered by AI and crafting more personalised experiences for players, “its full potential is still untapped” he continues, and hence, can also come with challenges and grey areas.
To this end, Dr Gauci goes on to highlight a new draft EU regulation which he advises gambling operators to be aware of, so as to determine whether the AI systems they deploy – or intend to deploy – could be classified within a pre-determined ‘high risk’ category or else could be banned a priori and thus should therefore be avoided.
Ganado Advocates announce three Senior Associate appointments
The appointments enhance the firm's capabilities in capital markets, investment services, and corporate law.
Restrictive spending policies could be stifling business growth, say finance leaders
The research, which surveyed both employees and finance leaders, highlights the negative impact that restricted budget access can have on ...
Helga Ellul appointed Independent NED at Central Business Centres
Over the years, she has held numerous directorships and leadership positions across local businesses, governmental organisations, and non-profit entities.
Is generative AI a business asset or a data security liability?
Each time a user enters data into a GenAI platform, the information becomes part of the system's learning model.
