From Data to Dollars: Exploring the Tech Behind Sports Betting Analytics

Sports betting is one of the main driving factors for sports. Watching a game as a spectator and as a bettor offers a totally different experience. Betting makes the sport more exciting to watch, and on top of that, you get to win some money. 

However, winning a bet isn’t as straightforward as it seems. It requires in-depth analysis of all the data just so 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 might go the other way around. 

With that said, data can significantly boost your winning chances 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 piles of data with incredible accuracy. 

Therefore, in today’s article, we’ve decided to dive into the world of technology that can impact the world of sports betting. 

Before you start rubbing your hands, thinking of all the profit you can get from using technology to analyze sports matches, we have to say that even technology can sometimes make wrong betting decisions. 

Here are the main technological trends that will change the entire betting industry. 

Artificial Intelligence 

Artificial intelligence isn’t something new. We saw its first use case for regular people a few years ago, and since then the world has never been the same again. AI is now used on almost any tech device, even leading smartphone brands like iPhone or Samsung incorporate AI in their devices. 

AI is also used in the betting industry. The power of AI comes from its ability to analyze large piles of historical data instantly, just so it can identify patterns and predict future outcomes. If we put this technology to sports betting, we can find out that it isn’t strictly limited to win/loss predictions, but it extends to various bets like player performance, and in-play betting options.  

But is AI capable of coming up with 100% accurate betting predictions? Unfortunately, no. AI is great for coming up with a probability. So, in terms of sports betting, AI can come up with a prediction where Team 1 has a probability of winning 70% and Team 2 has a probability of winning 26%, 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 scan sports analysis websites from human journalists, like ClutchBet author Ryan Womeldorf. It then collects this data from various sources and makes a prediction.  

AI Use Cases in Sports Betting 

Predictive Analytics: AI can predict the outcome of games to a certain degree. In fact, AI software has been able to outperform some expert sports analyzers in the past. 

• Personalization: AI can also make the process more personalized, where platforms will give you certain suggestions and promotions based on your behavior, making the betting process even more exciting.  
• In-Play Betting: AI is so powerful that it can analyze a match live and enable dynamic odds where it can change the probability of an outcome based on the current result in a match.  

Machine Learning 

Machine learning is basically a subcategory of Artificial Intelligence. There is no AI without machine learning. Machine learning is basically a technology that adapts and learns from data and gets smarter over time. 

It’s just like a dog that is trained every day, and it gets smarter over time. 

Machine learning algorithms analyze historical data to find patterns and trends that might not be visible to the naked human eye. In terms of sports, this can be anything from the team performance over the season to player transfers, injuries, the home crowd on game outcomes, and much more.  

But what’s the goal of this technology? 

Well, the goal of machine learning is to find bets where the bookmakers’ odds don’t accurately reflect the true probability of an event. Even bookmakers use complex software based on machine learning and AI just so they can come up with a probability that is later converted into odds. 

But technology can make a mistake, therefore by using machine learning software, you might be able to find a bet where the odds are quite good and the probability of a certain outcome is great. 

Popular ML-Based Betting Tools: 

• ZCode: Uses statistical analysis and ML to predict sports events across various sports. 
• OddsJam: Finds the best odds across sportsbooks, leveraging ML to spot value bets. 
• RebelBetting: Specializes in arbitrage betting, using ML to find guaranteed profit opportunities. 

The Importance of Big Data 

Both AI and ML are nothing without big data. Big data is the lifeblood of sports betting analytics, and the amount of data that is generated with a single sports event is staggering.

It is very difficult for normal human beings to collect and analyze the data from a single event, and impossible for the entire season. We have player biometrics, in-game statistics, injuries, news, reports, home-court advantage, and many more data points. 

Therefore, in order for sports analysis to be accurate, you need a big data system where you collect all this information ready to be analyzed by AI and ML. 

Sportsbooks always use big data to refine their models and make them even smarter. Giving software a lot of information can make it even more accurate.