Sports betting is one of the main drivers of sports. Watching a match as a spectator and as a bettor offers a completely different experience. Betting makes sports more exciting to watch and, what’s more, you can win money.
However, winning a bet is not as simple as it seems. This requires a thorough analysis of all data so that you can increase your chances of making an accurate bet. On top of that, in sports anything is possible, so even with all the data in the world, things could go the other way.
That said, data can significantly increase your chances of winning in the long run. However, acquiring all the data and trying to find possible patterns is very difficult. Fortunately, we have technology that can help us analyze large amounts of data with incredible precision.
That’s why in today’s article we decided to delve into the world of technology that can impact the world of sports betting.
Before you start rubbing your hands thinking about all the benefits you can get from using technology to analyze sports matches, we have to say that even technology can sometimes make bad betting decisions.
Here are the top technology trends that will change the entire betting industry.
Artificial intelligence
Artificial intelligence is not something new. We saw its first use case for everyday people a few years ago, and since then the world has never been the same. AI is now used on almost all technological devices, even major smartphone brands like iPhone or Samsung are integrating AI into their devices.
AI is also used in the betting industry. The power of AI comes from its ability to instantly analyze large amounts of historical data, so it can identify patterns and predict future outcomes. If we apply this technology to sports betting, we can find that it is not strictly limited to win/loss predictions, but extends to various bets such as player performance and in-play betting options .
But is AI capable of offering 100% accurate betting predictions? Unfortunately no. AI is great for determining probability. So, in terms of sports betting, the AI can come up with a prediction that team 1 has a 70% probability of winning and team 2 has a 26% probability of winning, and the probability of a tie is 4%.
But where does AI get all this data from? Well, depending on the software you use, AI can collect data from various sources, including the Internet. For example, AI can analyze sports analysis websites from human journalists, like Author of ClutchBet Ryan Womeldorf. It then collects this data from various sources and makes a prediction.
AI Use Cases in Sports Betting
Predictive Analysis: AI can predict the outcome of games to some extent. In fact, AI software has been able to outperform some expert sports analyzers in the past.
- Customization: AI can also make the process more personalized, with platforms offering you certain suggestions and promotions based on your behavior, making the betting process even more exciting.
- Bets in play: The AI is so powerful that it can analyze a live match and enable dynamic odds where it can change the probability of an outcome based on the current outcome of a match.
Machine learning
Machine learning is essentially a subcategory of artificial intelligence. There is no AI without machine learning. Machine learning is essentially a technology that adapts and learns from data and becomes smarter over time.
It’s like a dog trained every day and it gets smarter with time.
Machine learning algorithms analyze historical data to detect patterns and trends that might not be visible to the naked eye. In sports terms, this can range from team performance during the season, player transfers, injuries, home crowd on match results, and much more.
But what is the purpose of this technology?
Well, the goal of machine learning is to find bets where bookmaker odds do not accurately reflect the true probability of an event. Even bookmakers use complex software based on machine learning and AI just to be able to offer a subsequent probability. converted to odds.
But technology can make mistakes. Therefore, using machine learning software, you may be able to find a bet where the odds are quite good and the probability of a certain outcome is high.
Popular ML-based betting tools:
- Z code: Uses statistical analysis and ML to predict sporting events in various sports.
- OddsJam: Finds the best odds on sports betting, leveraging ML to spot value bets.
- Rebel Paris: Specializes in arbitrage betting, using ML to find guaranteed profit opportunities.
The importance of Big Data
AI and ML are nothing without Big Data. Big Data is the lifeblood of sports betting analytics, and the amount of data generated by a single sporting event is staggering.
It is very difficult for normal human beings to collect and analyze data from a single event, and impossible for the entire season. We have player biometrics, game stats, injuries, news, reports, home field advantage and many more data points.
Therefore, for sports analytics to be accurate, you need a Big Data system where you collect all this information ready for analysis by AI and ML.
Sportsbooks are still using Big Data to refine their models and make them even smarter. Giving the software a lot of information can make it even more accurate.
