Everything happening today across various industries is fueled by data, just as coal fueled the industrial revolution of the 19th century. Gambling is, and will always remain, a numbers game, with bookmakers living and dying by their odds. However, the concept of big data has transformed the sports betting landscape in Maryland and other parts of the world. The demand for more statistics by clients keeps growing quickly.
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Big data and online sports betting
Online sports betting has boomed in recent years thanks to technological advancement and not-so-recent world events. According to Statista, the global online gambling market – including sports betting, poker, casino games, etc. – is estimated to reach over $92.9 billion by 2023. As you may or may not know, Statista is one of the leading consumer and market data providers.
Moreover, the legalization of sports betting by the United States Supreme Court in 2018, accelerated digitalization, and considerably improved mobile access and use are some of the reasons for the significant growth of the sports betting industry.
How big data has impacted sports betting
Big data is revolutionizing the sports betting industry in many ways, and clearly, this is just the beginning. That said, here are some of the overall effects of big data on sports betting:
Deliver outstanding gambling experiences
Sports betting companies, big-time media conglomerates, and professional sports teams utilize big data to significantly boost several vital aspects to deliver exceptional gambling experiences for their customers or users. These organizations work hand-in-hand to create a unique self-perpetuating cycle that becomes more effective and improves with time.
Punters’ requirements and demands will always drive the development of these gaming operators’ services and products. For example, in addition to great betting odds, tech-savvy bettors want accurate and fast data to help them make good, money-making decisions.
Betting operators use big data to efficiently analyze bettor preferences and habits to enhance their betting experience. Data also make it easier for operators to create and offer customized services and products based on punter habits.
Boosts security against hackers
Big data also contribute to the protection or security of betting companies and their users.
One of the primary concerns linked with sports betting data is that hackers may manipulate or steal it.
But regulators pull out all the stops to ensure accountability and preserve integrity in this ever-growing field. This makes the sports betting industry a booming marketplace rapidly expanding worldwide.
In addition, the United Kingdom Gambling Commission is required to share information between sporting agencies and legal betting organizations. Thanks to big data, sharing information helps keep watchful eyes on suspected fraudulent activities and prevents them from wreaking havoc.
It also ensures that all betting activities are carried out within the legal framework of the sports event. The rest of Europe is assuming this legal structure. At the same time, the
United States is expected to imitate this as soon as possible.
Engendering partnerships between media corporations and sports betting companies
One of the greatest glaring effects of big data on sports betting is the partnerships between media corporations and sports betting organizations.
In December 2020, NBC Sports reportedly purchased a 4.9 percent ownership – valued at $500 million – of one of America’s quickest-growing online bookmakers. Fox also followed through with a similar equity stake in an online gambling and gaming company.
This similar trend is also observed in the partnership between the sports betting industry and professional sports leagues.
In 2023, the NFL announced one of its first deals with bookmakers and reached almost $1 billion in sponsorship agreements. Big data fueled all these deals and partnerships.
Enhances live betting
Big data is a veritable source of live betting and facilitates exponential growth in betting amounts and volume.
As a result, it brings about a considerable increase in fan engagement. This is because studies show that those who bet watch 97 percent more live sports than those who do not gamble.
For decades, crucial decisions in team sports – such as the players to draft, develop, or trade, and the coaching strategies to deploy, etc. – were made through strict adherence to traditions or gut feeling. Unfortunately, no digital tools were available to aid these decisions, and the results or outcomes were often less than satisfactory.
However, the arrival of big data helps athletes potentially sell their data to reputable bookmakers. This promotes the use of wearable devices and optical sensors or trackers that easily track and evaluate or analyze things like:
• Heart rate
• Oxygen saturation levels
• Calories burnt during a particular game, etc.
Coaches can receive real-time data on players’ performances and utilize this data to develop and enhance their strategies for upcoming tournaments or matches. In addition, some teams often consider individualized data points before putting pen to paper and signing contracts with new players.
Ensures responsible gaming
The sports industry exerts lots of pressure on operators to create responsible and safe gaming sites and apps. Bettor behavior data helps operators decide the measures to implement to ensure 100 percent better safety. These measures include spending limits or playing time, self-exclusion options, etc.
Deployment of game-changing tracking solutions
Tech-based sports betting has emerged recently, and punters can efficiently track real-time, advanced athlete performance – i.e., biomechanics and biometrics – in sports tournaments or events.
Sports betting operators capitalize on the value of big data by offering bettors in-game betting. They also provide the necessary tools to generate desirable odds and improve bet volume and frequency.
The effect of big data on sports betting cannot be overemphasized. Big data has had considerable impacts on sports betting, as highlighted above. One can only guess the significant developments and technology that will continue to drive the sports betting industry to greater heights.