The Role Of Big Data In Sports Betting
There is hardly an industry that can still get by without big data. Sports betting is no exception. The largest players now rely exclusively on the processing of extensive data about the sports world, the market environment and their customers. This enables them to optimize their offerings, streamline processes and improve the security of their products.
You can only be successful on the Internet if you know your customers. The best bookmaker nowadays is the one who knows exactly about the preferences of his customers. It is no longer enough to offer the right sports and types of bets. Successful bookmakers know if their users prefer free bets or cashback bonuses. You receive this information, for example, by evaluating data on your website and purchasing third-party data. This enables them to address their target group at exactly the right moment. You can find the right action for every major event and to use their energy in a targeted manner.
The calculation of betting odds is one of the most complex recurring processes for bookmakers. Some companies employ hundreds of sports experts and mathematicians who have to calculate not only the probabilities for different game outcomes, but also for a variety of smaller events during the game. In order to offer live betting, the odds must also be adjusted every minute during the game. It is a task that would hardly be possible without big data.
To do this, the providers buy datasets from specialized companies that collect everything from the starting line-up to the weather to the pass rate of each player and much more. This reduces the effort involved in calculating odds and makes it possible to make precise predictions about the probability of events in seconds. This practice is also the basis of popular live betting.
Big data also plays a major role in the IT security of online bookmakers. In this regard, the operators are faced with several major challenges. They not only have to protect their customers’ data and ensure the security of payments. In addition, they must protect against money laundering and manipulation proceeding from games. Here, too, the use of big data technologies has become indispensable. Transactions are analyzed for their origin, and suspicious betting patterns are identified.
It can be assumed that the importance of big data for online sports betting will continue to grow in the future. In the future, innovations will make it possible to tailor the customer experience even better to the individual customer. And great progress can also be expected in quota calculation and IT security.