With the number of users in the sports betting market expected to reach 181.9 million by 2028, it’s fair to say that technology has helped the industry grow. Not only has it made wagering more accessible, but it’s also made placing a sports bet a more sophisticated process.
The development of data science has positively impacted many industries, including sports betting. Thanks to its concepts and methods, we now have sports betting analytics.
Leveraging data has many advantages in terms of attracting customers, setting accurate odds and making smart business decisions. Let’s take a look at what data analytics involves, how it affects sports betting and how you can make that part of your business plan.
How Is Data Analytics Used in Sports Betting?
Sports betting analytics involves the gathering and analysis of data about a sporting event and its possible outcomes. Bookmakers use this information in the odds-setting process. It provides an objective picture, often based on historical data, which informs the book’s margins and the odds displayed to punters.
What Is Data Analytics?
When we talk about data analytics, we’re describing the practice of collecting, analysing and interpreting large data sets. In other words, it’s looking at vast amounts of information and seeing how it fits together. The analysis and interpretation reveal patterns and insights, which help make informed predictions and decisions.
The ability to quickly gather and rearrange statistics, variables, historical data and other factors allows patterns to emerge, giving analysts new insights. These insights can then be used to predict outcomes and adapt processes.
How Does That Work With Sports Betting?
The basis of sports betting is knowing about the competitors, the conditions and previous forms and turning that information into the ability to make an informed prediction.Sports betting analytics is the same kind of process. However, it has much more data and analytical power behind it.
Without data, some sporting occurrences have just been chalked up to being inexplicable. However, when we’re able to gather large amounts of historical information, analyse and interpret them, patterns emerge. It’s those patterns that allow us to determine with reasonable accuracy why things happened the way they did.
Making sense of past performances based on that data is just the first step. After that, it can be used to make accurate predictions about future events. Data analytics allows us to identify factors that affected an outcome in the past and then use that historical data to inform predictions for future outcomes with the same factors.
The kinds of factors included in sports betting analytics could include player injuries, weather conditions, previous form at that venue, defensive strategies, the referee’s decisions and more. It’s not just about the sporting event, though. Previous odds, how they changed before and during the game and how customers engaged with them are also useful data points to analyse when optimising.
Data Analytics and AI
There’s a significant difference between guessing and making reasonably accurate predictions with data analytics. That difference is technology. It’s artificial intelligence (AI) and machine learning (ML) that change the approach. They allow us to gather, analyse and interpret information on a scale that changes the results.
Predictive analytics involve several forms of AI and technology. When we feed historical data to artificial intelligence, it uses statistical algorithms and machine learning models to sort and analyse it. There are patterns in data that aren’t obvious to the human eye. AI processes vast amounts of information. It also has the ability to quickly rearrange it into different patterns. It’s only then that the insights can be extracted.
How Does TXODDS Data Analytics Offering Work?
TXODDS’ offering is designed to meet several requirements. Crucially, it’s about smart business solutions. You can reverse engineer prices, use them for benchmarking against competitors, test your existing models or perform quantitative price analyses.
You can use sports betting data analysis to enhance your business when you partner with TXODDS. Through TX Labs, you gain the three essential pillars of data analytics, which will improve your competitiveness. The three crucial elements are: access to data, analysis to make sense of the information and insights that you can leverage.
Let’s take a closer look at how each of the three elements works and what you’ll get out of it.
Access to Information
It all begins with the historical odds database. It’s the world’s largest of its kind. As we know from exploring what data analytics means, more data means more patterns are spotted, and more insights are extracted. A large database means more accurate predictions and getting the full picture.
The information you’ll gain access to is archived sports betting data from over two decades. It’s categorised by sports, competitions, leagues, countries and other factors, making it useful for the different markets you offer.
The database includes visual data sets, making it easier to view and understand. Through TX Labs Market Intelligence, you gain access to information for over 25 sports. The database includes information from more than 880,000 pre-game and 620,000 in-play matches, including the final result.
Actionable Analytics
The data alone isn’t enough. It’s organised in a way that makes it useful. You can use a mass data set or choose a bespoke range to get the specific patterns and insights you need. Most importantly, it’s possible to connect it to future fixtures to align event factors for predictive analytics.
The analytics tools mean you can work with TXODDS to understand market evolutions. Plus, you can investigate the fixtures and competitions that other bookmakers are offering. You’ll get an overview of market trends as well as customer staking patterns and behaviour.
Through the TX Labs Big Data API, you obtain the odds and fixtures data that you need to explore patterns. You can customise your API requests to meet changing needs. The analytics are presented in an actionable way. That makes it easy to use them to manage risks through market limits, adjust sports tiering and determine lay to lose limits.
Compare Actual Performance To Expected Performance
With TXODDS as your sports betting data provider, you’re getting more than access to lots of information. It’s categorised, sorted and accessible through tools that can customise what’s being analysed. Plus, it’s not just analysed data that’s available. You also benefit from industry experience about how the data can work for you.
What kinds of moves can you make with your data? There are plenty of recommendations and suggestions available. There are tools to help you direct the data toward risk management processes. Other elements focus on pricing strategy optimisation.
You can see specific data points relating to odds movements before and during the game and how customers reacted. These insights allow you to test and refine different methods to get maximum engagement.
You can also compare actual performance to expected performance. In this case, access to historical data enables you to evaluate your pricing strategy. If you work in different regions or countries, you can break down the information. Your business plan can leverage that by tailoring your offering. You can adjust your approach based on the competition in that market and the region’s sports preferences.
Benefits of Using the TXODDS Data Analytics Service
You now know what data analytics is, how it connects to sports betting and what its capabilities are when working with TXODDS. The next step is understanding what that can do for your business.
Maximise Profitability
One of the main advantages of gaining insights is that you have the data to back up the decisions you make to increase profits. That specifically connects to setting accurate prices for your pre-game odds feed.
You can also enhance the profitability of your in-play odds feed. TXODDS enables you to check historical data on odds movements during the game and the resulting customer behaviour. With that information, you can create a pricing strategy that leads to maximum engagement.
TX Labs is customisable. It means you can evaluate, strategise and refine to improve your business as and when required.
Reduce Risks
Being a bookie means setting odds and paying out when customers make correct predictions. These two aspects are integral to an effective business model. Striking the right balance between payouts and profit is key to running a successful sports betting company. However, that’s easier said than done, and the market changes all the time.
Access to historical odds allows you to find that balance more easily. You can use data to spot patterns, test existing models, predict risks and manage them. By having an overview of market performance, you’re better able to determine market limits.
Plus, the scalability of the service means you can tailor the solution to the size of your business as you grow.
Stay Competitive
Your odds API feed sets you apart from your competitors. With TXODDS, you’ll have accurate, real-time feeds that allow you and your punters to capitalise on betting opportunities. One advantage over the competition isn’t enough.
It’s also useful to have concrete data about your position in the market. With TXODDs, you can benchmark your competitiveness and use the insights to enhance your offering in detailed ways.
You’ll have access to data pools from well-known names in the industry. Even if you’re a newcomer, you can gain invaluable insights from bookies that have been operating for decades.
