The increased importance of data in sports betting, by Sportingtech

Which data sets are sportsbooks leaning heavily into in 2024? 

Comprehensive end user data sets are imperative in identifying patterns and trends, including when analysing in-play data. Once these are established and understood, providers can tailor algorithms to offer more betting opportunities or adapt their models to maximise revenues. 

From a liability perspective, utilising real-time liability data allows sportsbooks to automatically trade events without manual adjustments from traders, results in a more seamless and efficient process. This measures potential loss automatically and reduces revenue erosion. 

Analysing these vast data sets drive the continued evolution of machine learning and AI, which can generate predictive models for player performance and match outcomes. This again enhances the overall experience, providing bettors with ready-made selections, doing a lot of the heavy lifting in terms of research.

Are there any sports in particular where the use of data elevates the bettor’s experience? 

Data has always been pivotal for any sportsbook to lean into, and American Football, Basketball, and Baseball are very data heavy, with extensive stats available. American Football in particular is a prime example of how data enhances the betting proposition. It is a very tactical game where markets such as passing and running yards, quarterback rating and more play a significant role in formulating the betting offer. 

Sports where spreads tend to see a large amount of action rely a great deal on these data sets. We are now seeing such data becoming more influential across Europe, following a previous emphasis on core American sports. xG, or expected goals, is now becoming one of the prime data points for bettors to analyse when placing their bets. 

Ultra-fast latency is important in ensuring data is delivered in a timely way for in-play betting. What improvements can be made here? 

The key data providers in the industry have been trumping one another year-on-year to obtain rights to the biggest sports leagues and competitions in the world, allowing them to deliver data where wagering activity will be high. 

With this responsibility comes expectation from bettors to offer the fastest, most reliable data in the market. Operators still have work to do to deliver the most reliant data sets. Gains can be made by having more scouts at the venues and less reliance on broadcast. There should also be a more sensible approach when commercialising data and ensuring partners support the purpose of data.

Data scouting is vital in retrieving data, what role can tech play in delivering enhanced numbers and stats? 

I do believe technology will increasingly be used to furnish betting offers. Automated data collection, real-time data processing, data visualisation tools, computer vision, and sensor technology will see a rapid shift away from manual operations and provide richer, more reliable data at speed.

Traditionally, odds compilers relied on historical data and gut instinct to set prices. In real-time, AI and ML can process an enormous amount of data from various sources, including player statistics, team performance, weather conditions, and more. 

This allows for more accurate odds-making and predictions, a win for the bookmaker in the long run. AI-powered prediction models can factor in many variables that humans might overlook. For example, when predicting the outcome of an NFL game, AI can consider player injuries, recent team performance, and even the time of day the game is played. These insights lead to more precise odds, providing bookmakers and bettors with a competitive edge.