Anyone who already sees the dollar notes in front of their eyes when betting thanks to ChatGPT should stay sober. Of course, AI also has its limits, especially in sports betting. So better understand the ups and downs before your next adventure at 22Bet.
It is legitimate to ask what added value artificial intelligence can provide an individual for sports betting, which is available to everyone. After all, sports betting is all about having a knowledge advantage over the bookmaker and the competition.
This may become even more complicated in the future as ChatGPT experts make it even easier for bookmakers to set odds with ChatGPT and other AI-based programmes. However, as bookmakers ultimately set odds based on the betting behaviour of their customers, a bettor must stand out from other sports bettors. This would be made more difficult if all sports bettors were to realise the wealth of possibilities offered by ChatGPT.
THE DOWNSIDES
However, ChatGPT also has problems with regard to sports betting that cannot be completely dismissed:
1.) Incorrect data read out
Every now and then ChatGPT records incorrect data, as in the example mentioned above, where Schalke would have played Dortmund in the UEFA Cup final. However, it can be assumed that such misjudgements will become increasingly rare.
In short: in the future, AI errors will probably be smaller than if a human were to prepare statistical data for potential sports bets without ChatGPT.
2) Incorrect interpretation of statistics
Statistics can always be misinterpreted. Especially if ChatGPT is not used professionally for sports betting, too simple factors could be included in the statistics.
Professionals in the betting industry know that the defensive strength of a team’s last five matches, for example, should be included in the analysis at a much higher level than the performance of the defence in the first five matches of the season six months ago. Pure season averages do not provide an accurate picture.
The statistics spit out by ChatGPT must be of really high quality to be of added value for sports betting.
3) Human intuition / gut feeling excluded
The quality of ChatGPT has already reached enormous heights. In the future, it will probably be possible for ChatGPT to even incorporate the frustration of players who only conceded an equaliser in the final minute of the previous match.
However, soft facts such as emotions, frustration or motivation in derbies (regardless of the position in the table) are still difficult or impossible for ChatGPT to analyse. Accordingly, the analyses contain a core based heavily on statistics.
For example, the fact that in darts Michael van Gerwen would lose by a higher percentage against a player ranked 20-30 in the Order of Merit (world ranking list) in a smaller tournament than in the World Championship is something that ChatGPT does not yet know how to depict in full for betting purposes.
4) Lack of technical understanding of ChatGPT
It is not insignificant that working with ChatGPT requires a technical understanding. It is easy to look at the historical data between two clubs, but creating really deep analysis patterns with ChatGPT requires background knowledge.
It is quite helpful to watch numerous Youtube videos that basically introduce the possibilities of ChatGPT to transfer that information to sports betting analysis.
5) Data misinterpretation by ChatGPT
ChatGPT is a master in the interpretation of data. However, when using artificial intelligence, it can happen that correlations are established that are not related – i.e. that only occurred by chance in the past.
Such sources of error must be recognised by humans before misinterpretations of the AI are connected by bets placed.
Conclusion: Does ChatGPT help with betting?
Many advantages and disadvantages of ChatGPT for sports betting have been discussed in this article. Yet the question of the extent to which ChatGPT will help with betting in the long term is difficult to answer in the medium term.
On the one hand, ChatGPT supports betting analysis. On the other hand, the tool is also available to other sports bettors and, of course, betting providers. Processing and analysing data is much less time-consuming. But it is likely to become more difficult to stand out from the competition in the future.