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How AI and Blockchain Technology Are Impacting The Online Casino Industry

Casino gaming is an exciting market that is continuously moving with the times. Take, for example, the early 90s when casinos started shifting from the typical brick-and-mortar setup to the now dominant online platforms.

Different payment methods, security, gaming experience, and much more have changed with online casino sites. The latest tech entrants into the online casino scene are none other than Artificial Intelligence (AI) and blockchain technology.

AI has significantly changed the casino industry, from detecting fraudulent activities to offering personalised recommendations. Most online casinos, such as Griffon Casino, are gradually using AI to provide an immense game selection, generous bonuses and promos, and timely and accurate customer support. So, how does AI work in an online casino site?

For starters, AI has extensively personalised the gaming experience for players. The AI algorithms study individual player behaviour to determine their preferences and gaming patterns. With this data, the casino websites offer personalised recommendations regarding games, bonuses and promos. In the long run, it improves the gaming experience and allows casinos to retain customers.

Tech advancements have yet to spare online casinos from fraudsters aiming to cheat the system. However, AI can detect fraudulent activity in real-time by studying large volumes of data to note fraudulent behaviour patterns. Whether it’s irregular betting patterns or multiple accounts, the AI algorithms will notice any anomaly and take the necessary steps to improve security.

Apart from security, AI plays an essential role in ensuring casino games are fair. By analysing data, AI can identify discrepancies that may indicate biased gameplay. It allows casino gamers a good experience while maintaining the excellent reputation of a casino.

Regarding gaming strategy, AI uses its predictive analytic tools to predict individual player behaviour. From previous gaming behaviour, AI can project how much players are likely to bet, what games will likely be played or when one is expected to take a break. With such information, casinos can tailor their offerings to each gamer, improving their gaming adventure.

AI-powered chatbots nowadays handle queries on any casino topic. The chatbots offer real-time help in addition to game assistance. During gameplay, if a player is unsure of the rules, they can use a chatbot to provide vital information.

As AI shakes up the online casino industry, a slightly earlier entrant in blockchain technology has been making exciting waves. Blockchain presents itself in two main ways—cryptocurrencies and NFTs.

Cryptocurrencies act as digital currencies where transactions are verified through a decentralised system. It means that crypto’s decentralised system operates across a distributed ledger where individual transactions are time-stamped and cross-checked against others ensuring no anomalies and maintaining transparency.

Cryptos facilitate faster transactions as no central authority validates cash transfers into or out of your account. With speedy transfers, processing fees are almost negligible, making it a very cost-effective method.

Privacy and anonymity are other benefits when working with cryptocurrencies. Many online casinos require players’ personal information when operating on their platforms. In the fast-paced internet era, casinos can scale down on the need for detailed personal data since crypto transfers are confirmed promptly through a public blockchain.

Non-fungible tokens are newcomers to the casino scene and are digital tokens within a blockchain. NFTs differ from cryptos because they are tied to an asset—rare digital art or virtual collectables—making them unique and cannot be used interchangeably.

A prime example of NFT in the casino arena is its use in the Megaways Slot courtesy of Evolution Gaming. The NFT Megaways Slot has four NFTs as winning symbols purchased from Cryptopunks. Appearing on the six-reel, seven-row slot as wild symbols, the Cryptopunk NFTs can substitute all winning symbols.

The four Cryptopunk NFTs can collect winning symbols and start a multiplier of wins up to 30 times. When a player purchases the NFTs, the rights are transferred to the owners and are verified by the relevant blockchain technology.

An advantage of using NFTs in online casinos is that you get unique rewards in an NFT that is entirely yours. Since NFTs operate on blockchain technology, security and privacy are assured, similar to cryptocurrencies.

With the emergence of AI and blockchain, there are fears of their pros and cons in the casino sector. Some gamers feel casino operators may use AI to mine their personal information raising ethical concerns. Cryptos like Bitcoin, Litecoin or Ethereum are susceptible to price volatility, meaning the crypto’s value at deposit may differ significantly from its value during withdrawal.

NFTs, like any form of art, have a nebulous value and are only worth what an individual is willing to pay for it. Regardless of the unclear and volatile nature of AI and blockchain, online casinos can counter the hurdles that may arise with the gradual progress of technology.