Decoding the Impact of AI on the Lottery & Gaming Landscape
The lottery & gaming world is embracing the next revolution: 'Artificial Intelligence'. Its impact is already felt in almost every nook & corner of the world. Our industry has also begun to feel the 'tremors' and technology providers are already exploring the immense possibilities and potential of this 'world-changing' disruption. We are looking at systems/solutions that can perform certain functions automatically such as automated decisions, detecting patterns, solving problems, and analyzing huge amounts of data. All this can be done in a faster and better manner.
The lottery & igaming industry is familiar with such disruptive advancements. It was among the pioneers in adopting digital technology and also openly welcomed many such changes in the past such as cashless solutions, omnichannel gameplay, etc.
AI opens up many opportunities in the field of analysing player behaviour, operational management, revenue growth, responsible gaming, etc. Our industry's only choice is to thrive through this advanced tech rather than be deterred by its complications. In this blog, we will look at the real-world practical applications of this emerging technology and how it can improve the efficiency and profitability of lottery and igaming businesses.
A Transformational Shift In Understanding & Predicting Player Behaviour
We are now at the point where competitive advantage will derive from the ability to capture, analyze, and utilize personalized customer data at scale and from the use of AI to understand, shape, customize, and optimize the player journey.
Lottery operators are already trying hard to understand how to retain players, which features to prioritize, what games to promote, and much more. The list is long and often troubles businesses as they struggle to understand their players and win their loyalty. Don't forget that all this is to be achieved without interfering with the 'gaming experience' at all.
"AI can ensure deep, enriching relationships at every step of the player journey."
It should be noted that we already have plenty of tools to collect data regarding player behaviour. These solutions are used to study information and come up with the best business strategies. But times are changing and we are moving towards the next step.
AI can comprehensively manage end-to-end personalization-for example, finding a game, managing the duration, sending break reminders, providing suggestions, and guiding players through any necessary follow-up-that proactively encourages players toward having the best possible experience.
Automation Of Processes/Streamlining Operations
We live in a world where players demand a faster, more efficient experience. Moreover, a lottery business is also dependent on building deep, enriching relationships at every step of the player's journey. Operators are realizing that "the way things have always been done" will no longer suffice to create long-term value. With the integration of AI, many business-related tasks can be automated such as:
- Games recommendations and reminders
- Finding spending patterns and playing habits
- Onboarding and compliance process
- Finding the best-performing segments
- Analyzing data metrics
- Sending promotional offers/personalized and targeted marketing
- Fraud detection
"Lottery operators need new approaches for the future."
All in all, AI gives breakthrough opportunities to drive revenue and build deeper customer bonds. The entire system holds the potential to avoid any form of inefficiencies. This is especially true for omnichannel experience as the latest & cutting-edge solutions can maintain the experience across channels, connecting touchpoints to engage players wherever they may be.
Power your Responsible Gaming Initiatives with AI
Apart from ensuring a strong brand image, responsible gaming practices are also part of a successful business strategy. There are many automated tools that can identify high-risk and medium-risk player behaviours and alert them before they indulge in any dangerous activity. Some examples are:
- Identify and Segment 'Players at Risk'
- Find out underage players and take necessary action
- Identify ethical business models
- Accelerate Personalization and
- Reduce the likelihood of problem gambling
Unlock A New Era Of Growth
Any business depends on attracting and retaining customers (players in our case). As discussed above, AI can monitor playing patterns, and, combined with responsible gaming models, identify appropriate offers to send to individual players. It can further identify the top performers and how their habits are changing.
"Lottery operators can enhance customer loyalty, accelerate enterprise-wide innovation and unlock a new era of growth."
In simple words, it can help in offering 'personalized' content that entices players and engages them for a long duration. This could catalyze a new age of 'marketing & sales' and revolutionize how they interact with players. This is more crucial as across generations players have moved online more rapidly than anticipated and they're calling for different experiences, from and expectations of, operators.
AI is exciting and futuristic, but who knows what tomorrow will bring? As with any emerging technology, industry stakeholders should adopt a considerate & responsible approach. While the potential benefits are significant, it is essential for businesses to carefully consider the potential risks and implications of AI. As a responsible technology provider, we understand that all solutions are developed considering the right security measures and deployed ethically and responsibly.
Skilrock is your partner of choice to envision, strategize and implement industry-leading solutions whether it's AI, omnichannel platforms, games, customized products, etc. Connect with our team of industry experts who will help you stay ahead of the competition.