Tech Startups Seek to Revolutionize Betting with AI Agents
Expansion of US Betting Markets After PASPA Repeal
Following the repeal of PASPA, numerous US states have established their own betting markets to meet the surging interest in wagering products. As an increasing number of Americans participate in betting, many are exploring innovative methods to improve their chances of success.
The Rise of AI in Betting Advice
While some sports enthusiasts enjoy relying on their knowledge for placing bets, others are driven by the desire to maximize winning potential at any cost. Advances in technology have led to the emergence of artificial intelligence tools that provide betting recommendations. This concept has also evolved into a commercial enterprise.
Limitations of AI Gambling Agents in Gaining an Edge
Technology news sources have noted the inevitable blending of online gambling with AI technology. One notable figure in this space is Carson Szeder, founder of MonsterBet, a company offering AI-driven tools designed to enhance wagering outcomes.
With a background in computer science, Szeder developed complex betting algorithms that have turned modest bets into significant payouts. MonsterBet charges users a monthly fee of $77 and claims to improve winning odds to between 56% and 60%, compared to the industry average of 52%.
This approach suggests that technology could transform players’ interactions with sportsbooks. Other startups like Rithmm and JuiceReel also provide AI-based gambling tools, with subscription costs ranging from free to $30 per month. Major betting platforms such as FanDuel have introduced AI chatbots to assist with selections but maintain that final betting decisions belong to the users.
Exploring Fully Automated Betting Solutions
Some innovative companies are experimenting with automating the entire betting process, including placing bets on behalf of users. For example, blockchain platform Zilliqa developed Ava, which aimed to make horserace picks and execute bets automatically. However, the complexity of automated wagering led to discontinuation of the betting function.
Other AI-powered systems like WagerGPT offer automated betting but have faced criticism over their effectiveness, especially given their high subscription fee of $199 per month.
Automating bets is challenging partly because AI solutions cannot directly interact with traditional bank accounts, limiting their use to platforms supporting cryptocurrency. Coinbase’s AgentKit is among the projects addressing automated payments in this space.
Solutions like Sire by Score go further by automatically converting funds into stablecoins to place bets, with a planned launch out of beta testing soon. Memetica initially pursued automatic currency conversion and betting but shifted focus toward AI advisory tools, leaving betting decisions to users.
Future Implications and Cautions
Though still emerging, AI agents have the potential to reshape the betting industry. However, experts warn gamers to stay alert for scams exploiting AI’s popularity, as fraudulent actors seek to deceive players leveraging this trending technology.
