In Las Vegas, casinos use artificial intelligence (AI) systems to track gamblers looking to cheat.
And according to a news report, regulatory authority Securities and Exchange Board of India (SEBI) is in talks with companies that build these AI systems to create a similar bespoke product to track insider trading in India.
According to the Economic Times, the AI systems’ high rate of accuracy in targetting potential cheats in casinos has appealed to SEBI.
“The casino AIs come with superior risk management systems compared to the traditional data analytics that regulators use, because the margin of error for these AIs is very thin. Failure to detect even one rogue gambler could cost a casino in seven figures,” a source told ET.
In particular, SEBI and other public market regulators worldwide are reportedly interested in the AI systems’ ability to automatically track and analyse bets being placed, modes of payments and player profiles to flag suspicious activity.
“The company has given a live demonstration to SEBI a few weeks ago as to how the software will work and about the customisations possible on the platform,” confirmed the source to ET.
