The science of sports betting: How data is shaping the industry

With the rise of big data, the sports betting scene is more about analysing trends and number patterns than ever before.

Here we look at how data is changing the game for bettors and bookmakers.

Understanding odds and data analytics

Simply put odds decide how much a bettor can win on a stake. But have you ever wondered how these odds are put together? 

Let's start with the bookmakers who employ teams of analysts and traders who number crunch vast amounts of information including team performance, weather conditions, injuries, historical records and even the morale of the players.

They use this data to predict outcomes and define odds as accurately as possible. But it's not just the bookmakers who are digging into the numbers.

Tipsters and bettors themselves now have access to a wealth of online stats that help them make informed decisions. This approach has made 'going with your gut feeling' not as important as it once was. Although some will still swear blind that this method is still the best.

Additionally, tipsters and bettors now use apps and websites where data is turned into visual graphs and trends. This visual aid helps them spot patterns or anomalies that could influence their betting strategies.

The role of technology in modern betting

For more than a decade betting has been moving beyond physical bookmakers to online sports betting sites.

This shift has made betting accessible to a broader audience, where anyone with a PC or mobile device can place a bet with a wide range of bookies.

Technology doesn't stop there; it also offers sophisticated tools for analysis. Software can now simulate games thousands of times to determine the most probable outcomes, providing bettors and bookmakers with more precise data to base their odds and bets on.

In-play betting has added a new dimension to sports betting. Allowing punters to make decisions based on the current state of the game with the use of real-time data.

One example of using tech in sports betting is the unibet bet builder, which offers a special bet building feature allowing users to create custom bets on various outcomes in a single game, providing a tailored betting experience informed by real-time data and analytics.

Examples of data-driven betting

In football, a bettor might analyse a striker's goals scored previously against his next opponent to place his odds properly. Or, in basketball, a fan might look at how a team performs against the spread when playing back-to-back games. While in tennis, savvy bettors might examine a player’s performance on different surfaces, such as clay or grass, and consider their win rate.

Horse racing has always been a big puzzle to solve, so analysing the history of a horse’s performance under various track conditions and jockeys can guide bettors to make more informed choices.

These statistics help bettors predict outcomes more accurately and find value bets where the bookmakers' odds may not fully reflect the chances of an outcome.

This nuanced approach allows for a deeper understanding beyond general statistics, and most importantly lead you to some big wins.