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Ron Mendelson

Ron Mendelson is the Director of Costa-Rica based business and financial consultancy firm, Fast Offshore.

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Implementing Artificial Intelligence into your gambling business ethically

29 Mar 2021

By Ron Mendelson
The number of AI voice assistants is projected to surpass 8 billion by 2023.

The number of AI voice assistants is projected to surpass 8 billion by 2023. (photo by Wikimedia Commons)

Artificial Intelligence is on the rise and is being adopted by many businesses, in every industry, every single day. Almost half of those that use AI, have reported significant savings due to its integration. Furthermore, the number of AI voice assistants is projected to surpass 8 billion by 2023- more than there are people on earth. But what about the ethics behind it? And can AI be used ethically for your business?

What are some of the ethical implications of AI?

There are several concerns over AI and how to implement it now, and in the future. Firstly, there is the issue of whether it will take jobs from workers in a wide range of sectors. This theory has been widely debunked as it’s become clear that AI will just shift workers into different categories. For example, AI will replace categories of work in transport, commerce, government, and manufacturing, but it will create different kinds of jobs. The automation of AI will free up employees to focus on other areas that have a higher value.

Others have raised concerns over the information that AI gathers on us and what it does with it. AI learns from humans and can predict, mimic, and customize human behaviour, which is concerning for some people. Every time we speak with a chatbot, they absorb the information we provide. Furthermore, most of us don’t realize we are interacting with AI at the time.

The truth is that while some of these fears are valid, the benefits that these processes can bring are vast. However, regulation and supervision of the power and scope of AI are needed to make sure that they don’t use their power for bad.

There is also the issue of whether humans can stay in control of a complex intelligence system. The reason humans dominate is due to our intelligence and the way our minds work. If we create a machine or program that can outsmart us, does that mean we stop being at the top of the evolutionary web? Again, this is a somewhat valid fear as once AI has evolved beyond us, we may not be able to pull the plug.

Lastly, some worry that AI could be used for trading and online gambling to gain an unfair advantage over the system. AI is logical, fast, emotionless, and can execute multiple actions in a split second. It also learns from its mistakes and can incorporate significant amounts of data into its decision-making process. AI can also make forecasts and predictions, free from bias, and based on statistics and information.

How are governments countering these issues?

The Maltese government was one of the first to create an Ethical AI Framework and a national strategy on technology. It focuses on three pillars: boosting investment, innovation, and adoption while ensuring ethics are maintained.

The Malta strategy provides measures to re-skill the workforce to tackle job displacement. It also sets up an ethics committee, and a legal committee responsible for ensuring laws are up to date. Additionally, the framework lays out various ethical principles that must be applied to both the development and use of AI.

Lastly, the Malta model sets out a national AI certification program based on the EU framework. It will certify whether applicants are developing AI in an ethical, transparent, or socially responsible way. This is particularly useful for those iGaming clients based in Malta looking to incorporate AI into their products and services.

The United Kingdom has also taken steps to oversee the AI sector. In its Digital Economy Strategy 2015-2018, it provided guidance on ethical AI. This strategy was supported by the Alan Turing Institute, the National Cyber Security Centre, and various Ministries.

In the US, the government has released several guidance documents and reports that tackle AI and how to regulate it. To date, nothing has been formalized with regards to the use of AI applications or the ethical use of the technology.

One of the most popular and easiest integrations of AI is chatbots and AI assistants.

One of the most popular and easiest integrations of AI is chatbots and AI assistants.

How can I use AI in my business?

One of the most popular and easiest integrations of AI is that of chatbots and AI assistants. In sectors like eCommerce, gambling, and trading, quick response time to customer complaints and questions is crucial.

Failure to respond in real-time can result in customer dissatisfaction and requests for refunds. These refunds lead to higher chargeback rates, which will affect your merchant account. Being on hand round the clock, 365 days a year, can be expensive in terms of manpower. But implementing AI can significantly reduce these costs.

You can also use AI in the client onboarding process. A customer can open an account, submit documents, go through due diligence and KYC checks, and ask for FAQs, all with the help of AI. This simplifies the process, reduces man-hours, and makes it quicker and more efficient for the customer.

Fast Offshore can’t design an AI system for you, however, we can take care of all company incorporation, licensing, tax optimization, settlement and gaming merchant accounts, compliance and ongoing services.
 
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