What is ChatGPT and how might it affect the Casino Industry?
By Monica Amadio, Teaching Specialist Business Studies, Management, Stockton University School of Business
ChatGPT is the highlight of many news stories lately and for good reason. With more than 13 million visitors per day in January 2023, and more than 100 million monthly users, this is the fastest growing app of all time, easily surpassing growth of major social media platforms.[1] Comparatively, social media giants Instagram and TikTok took two and a half years and nine months, respectively, to acquire the same number of users.[2]
Monica Amadio
Teaching Specialist Business Studies, Management, Stockton University School of Business
Tech behemoth Microsoft has invested heavily into the new technology and is working on a funding deal for $10 billion this year.[3] This is a mutually beneficial relationship for both Microsoft and OpenAI, the company behind ChatGPT. The interactive AI tools require a lot of processing power that Microsoft can supply and charge for.[4] In turn, OpenAI founders will see a financial windfall and can continue to deliver the hot products in high demand. This influx of use has caused outages and error messages due to limited server capacity. The relationship between Microsoft and OpenAI should remedy the issues and enable more simultaneous access.
What is ChatGPT? Technically, ChatGPT3 is a language model artificial intelligence platform from OpenAI. For end users, it is a website where visitors can type in a sentence, question, or set of instructions, and the computer produces an impressive response in a short period of time as you will see in the example below.
So why is ChatGPT so interesting and what can it do for businesses? Some analysts suggest that ChatGPT can be used like a consultant’s report, where data is produced and submitted to working groups, but a critical eye must be applied to evaluate the accuracy and usefulness of the content. As a result, training and education must shift to include these new technologies, and the skills to put them to use and evaluate the output.
As demonstration of the power of the deep learning language model and an example of the possible output, I asked the platform to “write 500 words about implications for ChatGPT3 and AI use in the casino industry in Atlantic City.” The website produced the following result in less than one minute which is pasted below without edits:
The use of Artificial Intelligence (AI) and language models like ChatGPT is rapidly growing in the casino industry, especially in places like Atlantic City. AI has the potential to revolutionize the way casinos interact with their customers and enhance the overall gaming experience. In this article, we will explore the various ways in which AI and ChatGPT can impact the casino business in Atlantic City.
Customer Service: AI-powered chatbots can provide 24/7 customer service, quickly answering questions and resolving issues. Customers can interact with the chatbots through various channels, including website, mobile app, and voice assistants. Chatbots can provide instant answers to frequently asked questions, such as information on promotions, hotel amenities, and dining options. They can also help customers make reservations, buy tickets, and receive support for technical issues. The use of chatbots reduces the need for human customer service representatives, making the process more efficient and cost-effective for the casino.
Customer Analytics: AI can be used for customer analytics, enabling casinos to better understand their customers and personalize promotions and offers. By analyzing customer data, casinos can gain insights into their behavior, preferences, and spending patterns. This information can be used to create targeted marketing campaigns and offer personalized bonuses and rewards. For example, casinos can analyze a customer's preferred games and offer them special promotions for those games. This can help to increase customer loyalty and engagement, leading to higher profits for the casino.
Voice Assistants: AI-powered voice assistants can enhance the gaming experience, making it easier for customers to find and play their favorite games. Customers can use voice commands to navigate the casino floor, find specific games, and make reservations. Voice assistants can also provide information on promotions and events, helping customers to plan their visit. This can increase the convenience and accessibility of the gaming experience, attracting more customers to the casino.
Ethical Considerations: As AI becomes more prevalent in the casino industry, it's important for the industry to carefully consider the ethical implications of using AI. For example, casinos must ensure that customer data is collected, stored, and used in an ethical and responsible manner. Additionally, the use of AI-powered chatbots and voice assistants must be transparent, with customers fully informed about how their data is being used. Casinos must also ensure that the technology is fair and unbiased, avoiding any potential for discrimination or exploitation of customers.
In conclusion, AI and ChatGPT have the potential to significantly impact the casino business in Atlantic City. By providing better customer service, more personalized promotions, and a more convenient gaming experience, casinos can increase customer loyalty and engagement, leading to higher profits. However, the industry must be mindful of the ethical considerations and ensure that the technology is used in a responsible and transparent manner. As AI continues to evolve, the casino industry must be prepared to embrace these new technologies and find ways to use them to enhance the overall gaming experience for their customers.
While these tools are imperfect, they will improve with time, becoming more useful in new ways. In fact, a warning appears on the home page cautioning users about content with bias or inaccuracies. Despite current shortcomings, many marketing and technology professionals feel excited about the public availability of this language model previously only available for select high-tech, back-office technical roles.
1] Reuters. ChatGPT sets record for fastest-growing user base - analyst note. https://www.reuters.com/technology/chatgpt-sets-record-fastest-growing-user-base-analyst-note-2023-02-01/
[2] Mashable. ChatGPT is the fastest growing app of all time. https://mashable.com/article/chatgpt-fastest-growing
[3] Seeking Alpha. Microsoft announces 'multibillion' dollar investment into ChatGPT maker OpenAI.https://seekingalpha.com/news/3926726-microsoft-announces-multibillion-dollar-investment-into-chatgpt-maker-openai
[4] Reuters. Microsoft to invest more in OpenAI as tech race heats up.https://www.reuters.com/technology/microsoft-invest-more-openai-tech-race-heats-up-2023-01-23/
Dr. Monica Amadio is a Teaching Specialist in Management in Stockton’s School of Business. She earned her bachelor's degree in Business Administration with concentrations in International Business Management and Economics from Elon University, her Master’s Degree in School Administration from Rowan University, and her Doctoral Degree in Organizational Leadership. Dr. Amadio is a National Board Certified Teacher (NBCT) with more than 23 years of experience in technology, business, and finance education. Dr. Amadio teaches Entrepreneurship, Management, and Technology & Innovation Management Courses at Stockton.
