Data analytics has revolutionized how sports betting fans place their bets. In the past, bettors would mainly depend on their gut feeling to predict the outcome of a sports event. However, analytics has ushered in an era of insight and strategy. This new phenomenon is still in its initial stages, but its impact is far-reaching. This article looks at how analytics are reshaping sports betting. Keep reading for more details.
What is a Data-Driven Bet?
A data-driven bet is a sports betting approach that relies on statistical analysis to make informed decisions when predicting the outcome of sporting events. In this sense, sports betting online fans collect and analyze data from past events to predict the future. This can encompass anything from historical performance numbers for teams and individuals to injury reports or weather conditions affecting a game.
This approach allows the bettors to gain a more comprehensive understanding of a sports event’s dynamics. Consequently, they make predictions based on evidence rather than pure speculation.
Impact of Analytics on Sports Betting
As mentioned earlier, data-driven wagering involves making informed decisions based on historical data and analytical probabilities. Before betting on an event, you analyze player performance, team dynamics, historical matchups, and other factors. This analysis gives sports betting fans on Betway a better understanding of a game’s dynamics.
For instance, if you were betting on a match between Manchester United and their bitter rivals Liverpool to be played at Anfield, here is how you make data-driven insights:
- Analyze player performance: You would analyze the performance of individual players on both teams, looking at factors such as passing accuracy, goals scored, and assists. For example, Mo Salah has scored 11 goals across his last six games against United. Therefore, you would bet on Salah scoring in the next match.
- Study team dynamics: You can also look at team dynamics such as suspensions, injuries, and team form. For example, if United were missing a key player like Casemiro, you would bet on Liverpool dominating the game.
- Consider the venue: The last time United won at Anfield was on January 17, 2016, thanks to a Wayne Rooney goal. In this sense, it is highly likely that Liverpool would comfortably win a match against United at Anfield.
Advanced Betting Strategies
Data analytics has also enabled bettors to develop and improve strategies for several types of bets. Bettors can use analytics to understand the available data better and identify patterns and trends that can help them make informed decisions.
Understanding the data enables bettors to develop strategies that give them an edge over bookmakers in predicting an event’s outcome. For instance, you can use analytics to see how the team that scores first between United and Liverpool performs in the encounter. Does the team that scores first go ahead to win the match?
You can also use data analytics to unveil value bets. What are value bets? These wagers pay out more than what would be regarded as reasonable, given the probability of a specific event happening.
Take the match between Manchester United and Liverpool as an illustration. A bookmaker like Betway has set the odds of The Red Devils winning at 2.5. However, upon analyzing player performance, team dynamics, and other factors, you believe United has a higher probability of winning than the bookmaker’s odds imply. In your calculation, the true probability of Manchester United winning is 40%. In such a case, there is value in betting on Manchester United to win.