Sports Bookmakers Must Embrace The Future via AI and Data Analytics, says Leading Sports Betting Data Provider TXODDS

The sports betting market has bright prospects, with more states in the USA legalizing it after the federal law banning it was overturned in 2018. Online sports betting is now legal in a majority of states, contributing to the rise of the global bettor population, which is expected to reach181.9 million by 2028.

While sports betting has always existed in brick-and-mortar establishments, technology is responsible for growing the industry to the juggernaut it is today. Technology has made sports betting more accessible, but it has also made the betting process more sophisticated. Advances in technology have allowed deeper analysis of sports betting data, and leveraging this data has many advantages in terms of attracting customers, setting accurate odds, and making smart business decisions.

Competition within the sports betting industry is intensifying, with each bookmaker branding themselves differently, promising advantages such as larger payouts, more entertaining experiences, and a wider pool of sports and events to bet on.

This need for a bookmaker to differentiate themselves makes it advantageous for them to partner with a data provider that allows them to build on top of an existing and robust data solution, resulting in a better experience for bettors, says Einar Knobel, CEO of TXODDS, a pioneering provider of ultra-low latency odds for sports betting.

Data analytics is extremely important to provide the best odds, which balance winnability for the bettor and profitability for the bookmaker. By collecting, analyzing, and interpreting large data sets of past sports events, bookmakers will be able to see how the data all fits together. The analysis and interpretation reveal patterns and insights, which help make informed predictions and decisions in setting the odds. With the growing popularity of in-running betting, where bets are made as the game is going on, it’s important to be able to rapidly gather and rearrange statistics, variables, historical data and other factors. This allows analysts to quickly identify patterns, gain new insights, and reasonably predict outcomes.

Another important technological development that can help sports bookmakers is artificial intelligence. AI allows users to gather and interpret information on a game-changing scale. Predictive analytics involve several forms of AI and technology. When feeding historical data to artificial intelligence, it uses statistical algorithms and machine learning models to sort and analyze it, revealing patterns in the data that aren’t obvious to the human eye. AI is able to process vast amounts of information, and it also has the ability to quickly rearrange it into different patterns. Furthermore, AI coding assistants can greatly help developers and software engineers by automating simple and repetitive tasks, freeing up their time to concentrate on more complex problems.

However, according to Knobel, AI has its limitations, and, while users can utilize a liquid market price to inform its AI applications, users cannot trust AI to solely come up with a market price of its own.

Since its foundation in 2000, TXODDS has been building a highly capable, scalable, and customizable platform that provides bookies with all the nuts and bolts they need to run a competitive and profitable business. Its Fusion platform delivers data updates in real time through a high-performance live sports odds feed that eliminates end-to-end latency issues. Using its top-notch infrastructure and multiple redundant hosting, Fusion ensures instant odds updates in a unified format that is accessible regardless of where in the world the sportsbook is based. By giving access to data pools from well-known names in the industry, TXODDs allows even newcomers to gain invaluable insights from bookies that have been operating for decades.

“As a leading provider of real-time sports betting odds data, TXODDS’ goal is to be a trusted third party in the sphere,” Knobel says. “Our mission is to disseminate data as rapidly as possible without bias, democratizing it and making it easier to access for legal sportsbook operations. The landscape of the industry is rapidly changing, and having accurate, real-time feeds allows bookmakers and bettors to capitalize on the best opportunities. TXODDS also allows bookmakers to have concrete data about their position in the market, which can be used to benchmark their competitiveness and enhance their offering.”