When it comes to risk exposure, the betting industry has quite an appetite. With constant advancements in technology, various sportsbooks have sought to put themselves first and come up with strategies to counter these risks.
But how do they do it? Read on to know how your favorite providers manage risks using advanced software. Let’s jump straight into it.
Automated Alerts & Fraud Detection
While you may have the purest intentions when logging on a platform like Betway, assuming that everyone is like you would be quite far fetched. Fraudsters and guys who try to launder money are also eyeing this market as a quick fix. These platforms use powerful algorithms that are constantly looking to flag suspicious activity. You are probably wondering, suspicious activity like what?
Well, here’s one, and for the record, don’t get any ideas. There are punters who create several accounts to enjoy bonus features. Using fraud detection software, these accounts are immediately flagged and could even face bans.
Machine Learning
Aha! What you thought we’d fail to mention is what we could regard as the backbone of modern gambling. In managing risk, this invention serves an array of functions like identifying patterns that may be dangerous and automation.
That isn’t even the crux of it. Through machine learning, we now enjoy live betting. Yes, it is responsible for feeding data and continuously dishing out odds. That means each sports bet you place is presided over by this technology.
Layoff Betting & Hedging
Take out your notebooks and pay attention here, you could also apply this in another sector. When the Lakers are playing the Grizzlies and more people bet on the Lakers to win, your favorite go to site stands a chance to lose money if the bet takes that route.
So to curb this, that site could also place a similar bet on another site. It’s quite a smart tactic employed mostly by these upcoming sportsbooks. Hedging is a more risky approach since in this instance, the sportsbook places a bet on the opposite outcome. If it goes well, then we laugh it off as high risk, high reward.
Bet Limits
This might not sit well with some punters, but regardless of how good you think you are, there are pros. Now, various sportsbooks are aware of these so called pros, you may know them as sharp or professional bettors.
Since they take advantage of any cracks in the casinos, like taking advantage of weak odds before adjustments, casinos set limits. From the amount you can bet on a single game trickling down to the payout, the casino just tries to shield themselves from unnecessary exposure.
Final Thoughts
In anything you do, especially if it involves finances, you are definitely going to run into risk management and casinos are no exception. But how do they manage to curb this? Well, folks, they have several tools from machine learning to bet limits that help casinos like Betway with this.
