AI and blockchain combo hits sports betting predictor market

Getting your Trinity Audio player ready...

Artificial intelligence (AI) is changing every single industry that is powered by data, including sports betting, an industry I’ve been involved with for nearly 20 years. Long gone are the days of old-school bookmaking where the spread was created by hand, manually adjusting the lines based on statisticians’ educated guesses. Today, both books and bettors have so much data at their fingertips and AI tools enable to crunch and automate this data, allowing for more betting opportunities, accurate decisions, and predictions.

“All of this data has made the options extremely broad for offerings, literally changing the landscape of a traditional Sportsbook,” shared sports betting expert Paris Smith of Life Winning and Defy the Odds, also former CEO of Pinnacle for 18 years.

“On the side of predictions, clients have more data and are able to challenge the book more effectively,” she said.

Jay Kornegay, who has served as VP of Race and Sportsbook Operations of the SuperBook at The Westgate Las Vegas for over 20 years, echoed Smith’s sentiments: 

“The abundance of data has driven the betting menu to levels we haven’t seen before. The menu went from three pages to 15 pages and continues to grow. The general public has a hunger for more options, and the operators are now able to provide it,” he shared.

To illustrate how things have changed in sports betting, Pete of Lil Bit, another sports betting industry vet, used the example of how when he was a kid, for hours, he’d study stats on the back of baseball and hockey cards that he collected. These days are also long gone. 

“With the dawn of the internet, the amount of sports data exploded. Being able to look up and compare lines or stats or trends really empowered bettors and sports books alike. With the use of AI, there will be a re-emergence of betting in a different form,” he said.

AI-powered sports betting predictors have recently taken off, superpowering the handicapper and picking the seller landscape with more accurate predictions and, in turn, attracting more people into the sports betting space. This opportunity caught the attention of SmartLedger, a BSV blockchain technology solutions provider, igniting their recent launch of Winscope, a sports prediction platform designed to bring transparency, empowerment, and innovation to the sports prediction industry.

“Our mission is to provide cutting-edge tools for sports betting predictions powered by AI and blockchain technology,” said Shawn Ryan, Co-Founder and CEO of SmartLedger.

“The sports betting industry is dynamic, data-driven, and ripe for technological innovation. Our inspiration stemmed from the growing demand for transparency, accuracy, and user-centric tools in the betting space. The combination of AI and blockchain provides an unparalleled opportunity to address long-standing challenges in the industry,” he added.

This combination of AI and blockchain is something new for the sports betting prediction market. According to Ryan, AI processes vast datasets in real time and offers predictive analytics and insights that give users a competitive edge. Blockchain ensures verifiable results, immutable records, and transparent handling of bets and payouts, cultivating trust, a critical element in the betting industry.

“By combining the two, Winscope delivers a platform where cutting-edge analytics meet unparalleled accountability, making it a game-changer,” Ryan said.

Ryan is not alone in identifying the role of blockchain in keeping AI-powered tools in check within the sports betting space.

“Blockchain is the perfect tool for AI,” said Pete.

“For example, an AI service which sells picks by boasting their betting record could easily be shown to be frauds IF the past bets themselves do not have a corresponding timestamped Bitcoin transaction that can prove a bet was made and actually confirm their winning record,” he pointed out.

What Winscope has achieved is a first in the sports betting prediction market. The immutable tracking of records is cutting-edge. Bettors who engage with Winscope can be assured of the long-standing track record of the picks and have no reason to suspect fraud or manipulation of data history. 

In the words of CoinGeek’s Founder Calvin Ayre, “Very few firsts are also the last, which is why firsts are important…they usually signal trends.” The trend we are discussing here is the use of blockchain tech to keep AI in check, but choosing a scalable blockchain like BSV is essential for this trend to survive mass adoption.

In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI. 

Watch: Artificial intelligence needs blockchain