Bruce Dias 
As we all know by now, “data is king,” and companies that use data analytics effectively can gain a competitive edge. This holds true across nearly all modern industries, and it’s becoming prevalent in sports betting.
The U.S. sports betting sector has been on a steady upward trajectory ever since 2018. The industry’s growth has created a competitive market, driving sportsbooks to develop innovative ways to retain customers and bring in new ones.
Online sportsbooks use data to generate more accurate odds, give customers access to detailed team and player stats, and more.
The Essentials of Data in Sports Betting
Generally speaking, reading statistics could make you a sharper bettor. Knowing the team’s form, checking their head-to-head against the next opponent, and looking into trends are all valuable tools for laying down an informed wager with a decent chance of hitting.
For instance, LeBron James scoring over 30 points in four of his last five encounters against the Sacramento Kings is a piece of information you’ll want to know if you plan on exploring the over/under market for LeBron’s points.
DraftKings and its Stats Hub are staples for this type of activity. Once you join, you can access the integrated Stats Hub, which contains a full scope of statistics and trends that will help you get useful tips for upcoming events.
One of the hub’s distinguishing features is the line moves tab, which allows you to check how the lines and odds have moved over the last several hours. Thus, you’ll get information on what the general public is betting on, which will help you identify value bets.
Transforming Betting Odds With Data
Sportsbooks need to set accurate and balanced odds to minimize financial risk. The initial pricing is formulated by highly experienced senior traders and later adjusted by using complex formulae. From there, sports betting sites must check their competition and betting exchange platforms and reprice their markets if necessary to prevent easy arbitrage.
The next step is continuous monitoring of other sportsbooks’ price movements and bettors’ wagers. If a lot of money flows on one side of a given market, the sportsbook must adjust its pricing accordingly to avoid exposure.
All of this requires a lot of work, and data analytics can help ease the process. For instance, live betting, which allows you to place wagers as the game unfolds, has been almost entirely automated, requiring little to no manual intervention. Many sportsbooks are beginning to incorporate AI predictive models to help them adjust odds more accurately in real-time.
Using data to calculate sports betting odds doesn’t only help sportsbooks. Bettors themselves can use those same technologies to gain the upper hand. For instance, arbitrage tools like OddsAssist offers continually monitor the odds movement in dozens of U.S. sportsbooks, enabling bettors to locate arbitrage opportunities and lay down bets for a guaranteed profit.
The Impact and Challenges
The age of data has benefited the sports betting industry as a whole. On one side, sportsbooks can use analytical technologies to create more accurate odds and mitigate any potential financial risks. At the same time, sports betting sites can gain a competitive edge by giving customers a more diverse betting experience through stats-based features.
Meanwhile, those willing to invest time in their betting methods will find plenty of data-driven tools and create greater profit-making opportunities.
However, there is a downside to all of this. With data becoming such a big part of the sports betting industry, it can lead to many ethical issues, such as the invasion of athletes’ privacy rights and the security of sports data and its unauthorized use.
A Glimpse Into the Future
They say that data is the oil of the digital economy. However, unlike oil, which is nonrenewable, data can be generated in an almost unlimited amount.
From the sports betting industry perspective, it can only bring bigger and better results and potentially usher in new betting products. Real-time tracking of odds and competition, a massive amount of useful statistics, and tools that help bettors create more refined strategies are all readily available.
We are already witnessing a data revolution in sports betting, which, when coupled with blockchain technology, VR and AR integration, and AI-driven personalization, points to an exciting future.
