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RacingBetter News |
| Tuesday 25th February 2020 | |
How Big Data Is Changing Betting
Liverpool might be the most dominant football club in the EPL this season. But their journey to greatness began back when Jurgen Klopp joined as the head coach in 2015. What’s more, it got a boost from embracing science, big data to be precise.
What’s big data, you ask. Put simply, big data describes the enormous volume of information businesses, schools or sports organizations like Liverpool collect each day. Analyzing it properly has been changing thousands of businesses for the better each month.
Liverpool has been using big data to analyze their players’ performances. They use it to determine their weaknesses and how to execute games to win consistently. And guess what? The strategy has been a success.
Big Data in Betting
As mentioned, big data has been changing nearly industry, including sports betting. On the one hand, it’s helping bookmakers provide better odds and improve customer service. On the other, it’s making bettors smarter and more accurate in their predictions.
Providing Competitive Odds
Bookmakers conventionally use computer systems to help create odds. In many cases, these algorithms give the house an edge. Sometimes bookies provide odds that favour punters but on very few occasions.
With data science, however, bookies provide odds that are reflective of each game's projected outcome. What's more, these odds favour both players and operators.
Essentially, bookies analyze large volumes of information to find scoring patterns and create competitive odds out of them. And in doing so, they stand higher chances of attracting customers who want to receive value when they bet.
Of course, bookies can now offer realistic odds for both pre-match and in-play bets. So, no matter how much you like to wager, you can find games that offer attractive odds.
Personalizing Bonuses and Free Bets
More and more betting sites are restructuring their marketing campaigns to tilt toward personalization. Precisely, bookies no longer perform a singular advertising campaign to reach out to their global customers.
Big data has a lot toward the new approach to marketing. By analyzing customers’ likes and dislikes, bookmakers have realized their customers are different. Some want free bets, others prefer loyalty rewards.
Against that backdrop, bookies are better equipped in handling customers motivated by different types of bonuses. They can give out VIP packages to higher rollers and in-play free bets to players who specialize in live betting.
Improving Business Management
Besides personalizing their rewards and improving odds, bookies also have financial goals to meet. And these targets can’t be achieved unless a company understands its competitors, and the scope of gambling in Britain and beyond.
A quick glance at the UK gambling statistics of the last two decades shows the industry has ballooned by 107.5%. The online sector has mushroomed outstandingly, growing by 741.7% while sports betting has soared by 15.7%.
These statistics might not seem significant to a betting fan. But they are vital to bookies, who rely on such information to create financial goals and make smart business decisions.
Helping Bettors Win Consistently
Every gambler dreams of winning consistently is a reality to a few experts who’ve been making profits with each game they bet. A Cardiff University professor and his students are an excellent example in this situation.
A few years ago, the team embarked on collecting thousands of gigabytes of sports-related data. They would gather everything punters use to wager, from goals scored to injury reports, bookings to the number of draws.
After analyzing data collected, the team developed an algorithm to use the information to make predictions about upcoming games. To their surprise, the bot helped them make small albeit consistent profits.
So, how can you access big data and use it to improve your betting skills? It’s simple:
- Understand what information you need
- Collect huge volumes of it
- Analyze it meticulously
- Make the right bets
In other words, you don’t need millions of gigabytes worth of data to bet on sports. However, strive to make betting decisions based on more data than you traditionally did. That way, you are more likely to make correct predictions.
Helps Improve Betting Strategies
Let’s face it. Creating a strategy is essential if you want to succeed as a bettor. But how do you know your strategy will work? Conventionally, most people rely on trials and error. Some punters use strategies experts claim work.
But in this age of data science, the best way to validate a betting strategy is to ensure it conquers with available betting information. Precisely, your Moneyline betting strategy should be a product of analyzing huge volumes of information and identifying winning patterns.
If you decide to combine another strategy, let’s say betting two direct wins and a draw, it needs to be backed by data as well. That way, you every bet you make needs to have a fair chance of being correct.
Enhances Betting Skills
Think about it. Wouldn’t you become a better punter if you had a way to identify a team that always wins by a single goal margin? How much more money would you make if you knew how to spot the fastest horse before a game began?
Big data is here to help you get smarter in betting. And in doing so, you won’t have to rely on your instincts to wager anymore. Essentially, big data has a realistic chance of turning you from an amateur into a skilled betting expert.
It might take time before the average betting fan gets enough tools to analyze enormous volumes of information. But when that time comes, beating the bookmaker consistently will be something event the least talented bettors can do.
To Conclude
Big data is impacting betting in tremendous ways. First off, it’s helping bookies set more realistic odds. That way, they can attract more customers without sacrificing their profits. It’s also helping them analyze the industry and improve their marketing strategies.
Speaking of strategies, you can bet smarter now thanks to data science. And with the help of programming, you could also build an algorithm to help you win consistently.
