Chances are that you’ve noticed the recent advancement in the field of artificial intelligence. Artificial intelligence can now play chess better than anyone on the planet. Furthermore, it’s already threatening a lot of jobs. You probably know that it can make our lives way easier and that many USA online sportsbook bettors are making a profit from it.
Stock market traders, for example, try to come up with artificial intelligence that can trade on its own and perform better than human traders.
The results are not 100% at this stage but they are improving. But there’s a good chance that there will be huge trading algorithms at some point in the future. So what about algorithms and sports betting? How do sports betting algorithms work and how are they changing the sports betting field?
What Are Sports Betting Algorithms?
In essence, sports betting algorithms are algorithms that can crunch lots of data. Moreover, they come up with relevant results that live bettors can apply to new matches and situations.
When we say lots of data. We mean an unlimited number of data points during matches. Let’s take American football, for example, as the NFL is a huge market at the best online sportsbooks.
There are now many trackers and statistics available for each NFL match. Sharps analyze NFL matches for new data. For example, how the different players moved, what they did, what was the outcome, etc.
Smart sportsbook bettors check NFL coaches. However, they also consider sports betting algorithm as it helps them to predict the line-ups, for example. This can lead to all sorts of predictions that you can then compare with odds for an upcoming match and voila – you have a good +EV sports bet in the making!
Of course, there have been basic sports betting algorithms for ages now. It’s machine learning and neural networks that makes them way better nowadays, however. Thanks to machine learning and neural networks, sports betting algorithms can improve over time on their own.
Not only because you feed them more data (old sports betting algorithms were fed new data all the time as well, after all). They can become better and more efficient on their own as that data and new results come in.
This means that their results improve much quicker than the results of standard sports betting algorithms without machine learning – exciting times, eh?
What Are Sports Betting Algorithms Good For?
Sports betting algorithms help to estimate the chances of various outcomes and results. That means that you can use them not only to set the odds for a match but also in the opposite way.
Therefore, you can use them to see if the odds set by a sportsbook are off in one way or another. That means live bettors can use sports betting algorithms on sports and sportsbooks.
If they take off big time. Sports betting will become a fight between various sports betting algorithms. If that happens, it will be all about who has the better sports betting algorithm and who can feed it the better data. It’s not only about having a lot of data either.
It’s also about having quality data sets structures in the right way and that don’t contain any errors. If you feed your sports betting algorithm data in wrong. The results will then be off and you’ll make the wrong predictions!
Where Sports Betting Algorithms Fail
Sports betting algorithms can do a lot of good for both sports bettors and sportsbooks. They are still far from perfect. However, in many situations, bettors can do a better job predicting what will happen.
Crucially, sports betting algorithms fail big time when they are dealing with situations in which certain factors are hard to quantify. This includes rare events that don’t show up in a lot of matches, psychological factors that are hard to reflect in the data.
An experienced sports bettor can see that the momentum in a match has changed. In other words, when one of the key players isn’t performing well. Or, if a team has gone off the boil for some reason.
It’s incredibly hard for a sports betting algorithm to catch these instances. They don’t occur as often as basic things like passes and regular play. Chances are that things will stay this way for a while. It’s safe to say that computer experts will eventually find a way to account for hard-to-quantify occurrences at some point.
Also, since sports betting, algorithms need a lot of data. Since data collection can be expensive, sports betting algorithms won’t be as successful in minor sports as they will be in major sports. Without data; you won’t get far with any algorithm!
With that in mind, you’ll get the best possible results by combining sports betting algorithms with human touches. Experienced sports bettors that have access to sports betting algorithms and that also know their weak points will be money-making machines, that’s for sure!
How Can You Profit from Sports Betting Algorithms?
If you’re a recreational bettor, you may as well forget about sports betting algorithms. You can also use them to your advantage. They will come a time when sports betting algorithms will be available for sale and when you’ll be able to play with them on your own.
Those sports betting algorithms won’t be the best. Yet, they will still be able to give you an edge here and there. If you will want to do so, you’ll also be able to edit them and make various changes, though you’ll need to be knowledgeable in order to do that correctly.
Alternatively, you can use the fact that you know that many sharp sport bettors are already using sports betting algorithms. If you can track where their money is going, you can then place the same bets and profit as much as they do.
Artificial intelligence and machine learning will change sports betting in one way or another. Both sharp sports bettors and the best US online sportsbooks use them. If you use an algo, you’ll be able to better estimate the chances of something happening, which will lead to much sharper odds and decisions.
Even then, however, experienced sports bettors that know what they’re doing won’t have much to worry about, at least in the short terms. The current sports betting algorithms have major flaws and can’t understand matches in the same complexity as humans can.
What’s more, the current sports betting algorithms focus only on the most popular sports like American football and soccer. That means that – for now – you don’t have to care about them at all if you’re into some of the less popular sports.