How to Use Analytics When Betting on Sports?
Watching sports is one of the favorite pastimes all over the world. There are many die-hard fans, but also those who casual watch games while making a barbecue with their friends. There are some globally popular sports such as soccer and tennis, as well as some that are mostly watched only in certain parts of the world, for example, football and cricket.
But what is certain is that there is no part of the world where at least some sports are not very popular. Sports betting has become a virtually indispensable part of watching sports. This is also shown by the data on how more and more bets are placed every year.
For many people, betting on a sporting event is just another way to make the event more interesting, but certainly the possibility of winning money is not unimportant. There are sports that are designed for betting, for example, horse racing and dog racing.
Also, there are many who take sports betting much more seriously, they bet every day and some even try to make a living that way. Whichever group you belong to, you need to increase your chances of winning money, and the best way to do that is to use analytics.
Analytics can seem very complicated and time-consuming, but once you better understand how they work, your chances will increase dramatically. This article will answer your questions about how to use analytics when betting on sports, as well as many other questions related to this topic.
What is sports betting analytics?
Generally speaking, sports analytics does not differ significantly from other types of analytics. Collecting relevant statistics over the years provides a lot of useful information for both those who lead a sports team or coach an individual player, as well as those who bet.
Different mathematical and statistical principles need to be applied in order to obtain relevant results. It used to be much more complicated than it is today when there are many tools that significantly speed up the process, and the results obtained are far more accurate.
Today, the most important thing is to determine the parameters for measurement, and then it is not complicated to obtain results. It is important that you know what you want to find out this way. When you are sure of what you want to know, then you are one step away from doing it successfully and potentially winning money.
Also, there are differences between on-field and off-field analytics. While on-field analytics focuses exclusively on events on the field, for example who has scored a touchdown, off-field analytics deals with all other things that affect sports and there are many. On-field analytics is certainly more important for betting, but as the sports industry has become huge, off-field events cannot be excluded from on-field events, so it is important to implement both.
How to use it?
There is no single unique answer to this question. How you use sports analytics to bet depends on many factors. Your knowledge of a particular sport, as well as statistics and mathematics, will certainly play a role in how you will use analytics and how relevant the data will be. The more you know about a particular sport, the better you will know how to obtain a lot of important information that will significantly increase your chances of winning money.
To get the most out of sports analysts, our advice is to focus on one sport or even better on a couple of teams. Then you will be familiar with what is happening in that team. For example, you know who is in what form, whether someone is injured, what are the relationships between players, coaches and staff and many other very important things. All this has a huge impact on the outcome of the match and thus on the outcome of your bet. Be careful and always double check to make sure that you have not made a mistake somewhere in the calculations which can lead to loss of money.
Influence of analytics on betting
“The house always wins” is a famous saying that refers to the casino always making a significant amount of money compared to players. But that applies to casino games, while sports betting is different. Here the house has a much more difficult task, because things are complicated to predict since there are so many factors you should take in consideration, while the situation is always identical in casino games.
Advances in sports analytics have further affected betting, as advanced analytics have become available to players as well and not just to huge casinos with thousands of employees. We spoke with bookmakers from lsm99 and they told us that they often notice bets that are based on analytics, which was not the case until 10 or 20 years ago.
Of course, analytics also significantly help bookmakers, because advances in analytics have helped them to create odds much more accurately and to correct odds when even the slightest change that may affect the outcome occurs.
Analytics and fantasy
In recent years, fantasy games have become very popular. The NFL is one of the pioneers of fantasy, and now you have fantasy for virtually every sport. People take fantasy very seriously, and even many athletes play fantasy and talk about it. Also, during the broadcast you will hear commentators analyzing the importance of a particular play from fantasy perspective.
Well, since you certainly play at least one fantasy, we know you’re wondering if analytics can help you with fantasy, not just betting. In short, the answer is yes. You can also apply analytics to fantasy, and whether it is worth depends on whether there is a reward, such as a signed memorabilia and the like, which is increasingly the case.
Sports analytics is very useful if you know how to apply it. Today you no longer need to be an expert in mathematics and statistics, but you can use various tools instead. Famous movie “Moneyball” starring Brad Pitt is about general manager Billy Beane who, with the help of analytics, managed with a much smaller budget compared to rivals to make the Oakland Athletics MLB team competitive. Watching this movie can give you some very interesting answers, and above all it can motivate you to implement analytics when you bet.