Online sports betting are distinguished as a vibrant sector of the gambling industry. It is also recognized as the fast-developing gaming activity, one that is on an upward trajectory for the last few years. It is expected to reach close to a $ 200 B valuation in the next three years. Much of the growth of online sports betting Philippines and in other jurisdictions around the world is fueled by the high adoption rate of mobile devices, big data, and artificial intelligence (AI) among other emerging technologies such as Blockchain.
Punters have come to appreciate how the latest development in the digital world can influence online sports betting strategy. Sometimes back, they depended on placing their bids and listening to the advice. Now they are depending on the big data where they rely on a huge amount of information, coming from a variety of sources and across all levels of the match. Evelyn Balyton explores how big data can be used in online sports betting to increase the chances of winning.
What is big data?
Big Data is a concept that deals with machine learning and other aspects of gathering information that can be analyzed and used to make decisions. Big data has replaced the traditional aspects of gathering information. Its algorithms use powerful analytics to make predictions on future events with near accuracy. In online sports betting, this is a huge incentive as the game is all about making predictions.
Big data is supporting online sports betting in the Philippines and other jurisdictions in several ways, they include:
Providing useful information about the competitors
Big data studies how consumers behave on different websites, how they play, which games they prefer, and the regions where they come from. This information is very helpful to the online betting sites in the Philippines as they can plan in line with the customers’ needs. With such planning, bookmakers can outperform the competition.
Using online sports betting data analytics to create winning strategies
Big data analytics is the closer the betting industry has come to be able to predict the outcomes of the games. While they are not foolproof, the use of big data, math’s probability, and algorithms has enabled a great leap in predictive modeling.
A large amount of data that is available through the historical and statistical records as well as AI capabilities helps in the creations of maths probability which enhances winning strategies. These tools are not just available to bookmakers but also to the bettors. Punters can use big data analytics to harness their online betting winning formula, giving them competitive advantages over other bettors. Technological creativity has allowed the designing of programs that learn from past results and efficiently provide information that can influence future winnings.
Computing power and artificial intelligence allow the systems to identify trends and factors in the variables within a relatively short time. For those who may not access the systems for one reason or another more time may be required to arrive at a decision, and also there are higher risks of errors in the process.
You may be wondering how sports data analytics work, while the explanation may be complicated especially for those who have limited computer knowledge, it involves the use of a huge volume of data on players, teams, weather, trends, location, history among other parameters.
As a punter, you could look for all this information and analyze it to get a winning formula, but that would be a herculean task. Combing through such voluminous data would take days to complete. For Big data analytics, advanced computer systems and algorithms are used making the process easier even to an extent where the punter beat the bookies in coming up with the best sports betting strategy.
How it works
For online sports betting Philippines and bettors from other countries looking to use big data to come up with the best sports betting strategy it is important to note that math formula used to create analytical data and algorithms focus on these categories:
Payer and team statistics
Let’s delve deeper and see how the three categories work
Player and team statistics
Any experienced wager cannot underestimate the value of statistics in coming up with a winning sports betting strategy.AI and machine learning use statistics to come up with game predictions. The model relies on the metrics which include points for and against, the ball possession, and the efficiency of the team.
For instance, a look at the team’s performance in major tournaments including the Olympics can give an indication of how its games will turn out in the short run. Combining these heaps of data allows the system to make accurate predictions.
Trying to comb through voluminous data would take a punter lots of time such that it would be impossible to even have the predictions ready when the game starts. With the help of advanced computing, this would not be necessary.
Instead, predictive systems would do all the hard work including combing through historical results and identifying trends. The program would within a short period provide the information about the team’s performance and make a prediction which you can rely on to make a bet.
The information that bookmakers use in the creation and adjustment of the content lines, betting trends, as well as incoming reports, are fed into computer modeling to create data analytical tools. AI and deep learning systems use the information to decide and accurate predictions.
The use of big data in sports betting will continue to gain prominence.
Systems will continue to improve as programs get sophisticated. As a result, online sports betting Philippines as well as in other countries will continue to grow and extra information will be available not just to the bookmakers but also to the punters.