College basketball enthusiasts nationwide have been closely following the NCAA Division I men’s and women’s basketball tournaments in recent weeks. Fans eagerly filled out brackets, hoping their game predictions would prove accurate.
The annual basketball extravaganza never fails to ignite excitement in the sports realm, attracting not only hardcore fans but also casual viewers and those less inclined towards sports betting. Multiple teams compete simultaneously in various arenas across the United States, with upsets adding to the tournament’s allure.
Increasingly, sports bettors are turning to artificial intelligence to navigate the notoriously unpredictable tournament known as March Madness.
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A general view of March Madness signage at the Second Round of the NCAA Women’s Basketball Championship Seattle Regional 3 on March 20, 2023, at Gampel Pavilion in Storrs, Connecticut. (M. Anthony Nesmith/Icon Sportswire via Getty Images)
While AI serves as a valuable tool for fans, it is not foolproof.
Apart from the inability of AI to ensure sports wagering success, there is a potential downside related to the technology’s susceptibility to exploitation.
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Cybercriminals are growing more sophisticated, with the potential to manipulate betting markets and exploit vulnerabilities, creating intrigue for hackers.
The hacking of sports betting platforms not only impacts consumer confidence but also poses significant financial risks for companies. Cyberattacks could put billions of dollars at stake.
Individuals gamble at Graton Resort and Casino in Rohnert Park, California, on Oct. 29, 2013. (AP Photo/Eric Risberg/File)
“Employees streaming games or engaging in online betting pools using company devices and networks expose organizations to various cyberthreats, from phishing attacks to malware infections,” stated Advizex’s VP of Strategy Matt Gaudio in a press release to Fox News Digital.
Moreover, AI can be used to exploit weaknesses in AI-powered sports betting systems. Certain AI algorithms can target vulnerabilities in online gambling systems, potentially leading to distorted odds and fraudulent bets being placed rapidly.
Cybersecurity experts project that AI hacking during the NCAA tournaments alone could result in over $18 billion in losses for American companies.
Experts highlight the distinction between AI investment in China and the U.S., emphasizing the private sector-driven approach in America versus the government-led strategy in China. (JOSEP LAGO/AFP via Getty Images)
Despite the risks, embracing AI offers significant benefits, especially for those unable to attend games in person. Access to television packages, streaming services, and advanced TV technology enables fans to watch their favorite teams or players from the comfort of their homes, regardless of location.
Machine learning algorithms can assist sportsbooks in analyzing bettors’ behaviors and preferences to provide personalized recommendations. This technology equips users with tools that enhance their betting experience.
“AI enhances personalized experiences for sports bettors, tailoring quests based on their preferences and betting patterns,” noted Dan Taren, founder of sports betting platform Scrimmage, in an interview with Boardroom.
When approached responsibly and with set spending limits, sports betting can offer an entertaining way to engage with the game. It is crucial for players to prioritize responsible gambling practices.
Bill Miller, president and CEO of the American Gaming Association, emphasized that responsible gamblers do not rely on gambling for income.
“As people gear up for events like the Super Bowl or March Madness, they should view betting as a fun activity, not a source of income,” Miller advised in an interview with Fox News Digital.
He also stressed the importance of setting and adhering to a specific budget.
“Establish a budget and stick to it,” he recommended.
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Chantz Martin, a sports writer for Fox News Digital, contributed to this report.
