The retail betting industry has been particularly hit hard during the pandemic. With the capital facing lockdowns that have impacted retail betting on the high street, the sector has faced an overnight change in people’s habits.
However, prior to the start of the pandemic, the inefficiencies and time-consuming processes within the retail gaming industry have led to high operating costs. This is all about to change as new technology has become available that could eliminate a myriad of problems.
Orchadia Systems’ new innovative gaming platform is combining state of the art artificial intelligence, video analysis and ID detection technology, to bring betting shops a cost effective, scalable, and flexible solution that tackles head on the concerns of rising expenses and the socio-economic effects of gambling. And all this in a far more COVID secure and compliant environment.
With more customers having chosen to gamble online due to the pandemic, high street betting shops have been battling with new customer expectations such as instant payouts while at the same time working to promote enjoyable and controlled gambling to reduce the challenge of addiction. This is all against the backdrop of rising costs for staff, media rights fees (to show the events customers are betting on), and regulatory compliance.
Betting shops’ inefficiencies also extend to betting slips, underage gambling attempts and anti-money laundering measures. Orchadia’s digital platform is avoiding those issues such as the illegible handwriting and inaccurate betting slips with its new platform for retail betting providers, meaning that time and money spent on verifying winners in the traditional pre-AI era will be a thing of the past. Similarly, the machine-orientated approach sees KYC (Know Your Customer) problems are removed as cameras in each machine can catch potential money launderers and underage gamblers before they use the betting shop to commit a crime.
Ochadia Systems’ automated solution has the potential of reducing the running costs of a betting shop by more than 50% according to the company. In one case, exemplified in a trial in a BetXS shop in the Republic of Ireland, operating costs were reduced by over €11,000 a month from €19,000 to between €7,500 and €8,000 per month.
“The betting shop is home to a business model that has not changed throughout the rise of the internet and digital connectivity” said Orchadia Systems CEO Colm Finlay. “In many ways, that’s an admirable testament to the betting shop’s place in British and Irish culture. However, this business model is at breaking point, with potential new customers preferring to place bets online and costs of attracting and training employees, broadcasting events for people to bet on, and paying for papers, stationery and utilities, now becoming prohibitive.
“Orchadia Systems’ secure, scalable and flexible platform has the potential to save shop owners thousands in operating costs and breathe new life into the betting shop.”
“The gambling industry in the UK and Ireland has taken some seismic hits by the COVID pandemic and the decline of the high street” said Orchadia Systems Len Bartlett. “With online gambling on the rise, expectations of the customer have changed to the point where it’s becoming harder and more expensive for bookies to satisfy their customers. Orchadia Systems has the technology and the determination to halt the slide.”
“We are absolutely confident that Artificial intelligence and automation is the answer to most of the challenges the modern bookmaker faces. By adopting a solution that can supply all the information a customer may need, make the placing of a bet safe and easy, pay out any winnings, while detecting criminality at the same time, betting shop owners can drastically reduce their costs and spark a revival in their fortunes and the retail gaming sector as a whole.,” concluded Bartlett.
As the UK economy unlocks and Londoners get back to a degree of normality, the retail betting industry is set to stage a recovery, and with the benefits of new advanced terminals and ever more efficient technological solutions, one of Britain’s favourite pastimes could be about to make a strong comeback.
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Source: London Issue