Title: Artificial Intelligence in Sports Betting: A Double-Edged Sword During March Madness
College basketball fans from across the country spent the past couple of weeks keeping a close eye on the NCAA Division I men’s and women’s basketball tournaments. Millions of sports enthusiasts filled out and submitted brackets with hopes their particular games’ predictions would become true.
The annual basketball tournament seemingly always sparks a noticeable amount of excitement across the sports world, but it also attracts the casual fan and those who might not normally participate in sports gambling. Several teams will typically compete simultaneously at different arenas across the U.S. and upsets are often plentiful, which adds to the tournament’s allure.
But more and more sports bettors appear to be turning to artificial intelligence to help counter the notoriously unpredictable tournament, which is often referred to as March Madness.
While AI is certainly a tool that fans can utilize, it is not a perfect science. Aside from the fact that AI cannot guarantee results when it comes to sports wagers, another potential downside that should be taken into consideration involves the potential exploitation of the technology.
Cybercriminals are becoming more and more sophisticated. The possibility of manipulating the betting markets and taking advantage of vulnerabilities likely creates a considerable amount of intrigue for hackers.
“With employees streaming games or participating in online betting pools using company devices and networks, organizations are vulnerable to a range of cyberthreats, from phishing attacks to malware infections,” Advizex’s VP of Strategy Matt Gaudio said in a press release sent to Fox News Digital.
Furthermore, artificial intelligence can sometimes be used to exploit weaknesses in AI-powered sports betting systems. Certain AI-backed algorithms can even be programmed to attack weaknesses in online gambling systems. If hackers are successful, the distorted odds could result in a sizable amount of bets being placed under false guises in a matter of seconds.
Cybersecurity experts estimate AI hacking during the NCAA tournaments alone could cost American companies more than 18 billion in losses.
However, the upside to leaning into AI remains significant, especially for those who cannot afford to or simply don’t want to travel to games. Access to television bundles, streaming, and 4K television technology has allowed the average fan to watch their favorite team or player from the comfort of their home, even if they do not live in a given team’s home market.
Machine learning algorithms can also be leveraged to allow various sportsbooks to analyze a given bettor’s patterns and interests to show them personalized recommendations. As a result, users are given a variety of new tools that they otherwise would not have without the technology.
“When enjoyed in moderation and when spending limits are put in place, sports wagering gambling can be a fun and exciting way to enjoy a game. However, it is important that players are aware of the importance of responsible gambling,” said Bill Miller, president and CEO of the American Gaming Association.
As the use of AI in sports betting continues to grow, it is crucial for both fans and industry professionals to be vigilant against potential cyber threats and to prioritize responsible gambling practices. March Madness may be a thrilling time for basketball fans, but it’s essential to approach sports betting with caution and awareness of the risks involved.
