The sports betting industry is changing thanks to AI and tech. Today, we are going to take a closer look at how predictive analytics for sports betting is changing.
Here is a closer look at how these ground-breaking technologies are changing sports betting on
iGaming sites in more ways than one.
How is predictive modeling/analytics used in the betting industry?
ML (machine learning) algorithms use huge amounts of historical datasets to build models capable of
predicting future events with a higher degree of accuracy than ever.
They are trained on various inputs of relevant information, such as the following:
- historical results/statistics between two teams or athletes
- starting line-ups
- recent form
- playstyles
Even understanding the weather conditions can help produce the most accurate and highly
competitive real-time odds for sports bettors.
All of this data combined helps people make more strategic and informed choices. This modern form
of intuitive wagering has ushered in an exciting new era and has helped millions of online gamblers
turn losing bets into winning bets.
However, using the latest statistical data and betting on the favorites still doesn’t always guarantee
a return on your initial stake. In other words, don’t forget that you are still subject to losses and that
anything can happen in a sporting event to upset the odds.
It’s also important to understand that the odds and implied probability rates associated with those
odds are subject to change at any time without prior warning to reflect what’s happening in those
events.
Technology today can identify subtle correlations and trends that human analysts may miss, which
allows the industry’s most trusted operators to provide more competitive odds, which is excellent
for punters because it gives them greater power to mitigate risk.
AI-powered tools are completely transforming the iGaming industry. They have helped beginners
optimize their betting strategies like never before, especially in-play betting (live betting), which
allows people to wager on live sporting events as the action unfolds.
How else is artificial intelligence shaping the iGaming industry?
Besides improving accuracy in predictions and helping people optimize their wagering strategies,
artificial intelligence and its many applications are also being used in many other areas to help
create a safer and more secure online betting environment. They are helping to reduce fraudulent activity and eliminate underage gambling, personalizing/tailoring the experience on a personal level,
and improving customer service.
For example, AI-powered chatbots can reduce response times and give far more accurate/relevant
responses, massively improving customer service levels.
AI is also used to upgrade existing systems, which allows operators to run more streamlined and
efficient businesses. The technology can also monitor individual accounts to understand better how
they interact with the websites so they can provide better services and a more tailored/personalized
experience.
Final thoughts
Placing sports bets isn’t an exact science by a long shot. However, thanks to these emerging
technological innovations, placing bets that are more likely to return a profit (but still never
guaranteed) is much easier these days.
According to recent statistics, the current rate of success in predictions where AI applications are
used is around 85%. Experts project that this number will only increase as the technology continues
to improve.
AI-powered tools and applications will continue to play a significant role in shaping the future face of
the sports betting industry, and it will be interesting to see how much of an impact it will have over
the coming years as the technology evolves.
