Is AI the Next Big Thing in Betting?

Source – Pixabay

Almost any betting tipster worth their salt has at some time referred to their ability to select victors in sport as almost like having a computer in their brain. But thanks to modern technology, a computational method has actually been deployed to aid with betting advice.

Artificial intelligence – or AI – has swept in to help take over some of the analytical aspects of betting to provide potential bettors a logical solution to who they should bet on and when they should place these bets. But is AI betting really the next big thing?

How Does It Work?

AI betting technology works much the same as someone spending hours poring over every scrap of information about an upcoming event. Only it works much quicker, removes the margin of human error, and is backed up by stats and facts. AI algorithms work by amalgamating a huge amount of information of relevance to each sporting event and then determining a probable outcome based on this information.  

The Beth prediction tool, for instance, is a piece of analytics that examines horse racing using mathematical probability laws and algorithms. The tool takes into account horse pedigree, history of the horse and trainer, the track and any conditions that could have an impact, upcoming weather reports, and a wealth of relevant information. This combines to achieve a scientifically endorsed response to which horse is set to fare the best.  

A variety of filters are also applied, including the odds, minimum and maximum bets on a horse in the race, and odds thresholds to provide accurate and customized betting profiles. Each bettor is different, and AI works to ensure each person is catered to depending on their maximum bets and other factors that vary from bettor to bettor.

Source: Pixabay 

AI in Football

For sports like football, other information may be required for the AI to work best. Many game victories come down to qualitative information. For instance, a player’s recent injury, interpersonal issues, or other anecdotal reasons could be the difference between a team winning or losing. If AI were to find a way to take this anecdotal information into account and turn it into a logical response, then an accurate picture would be painted as to who may win.

However, with all sporting events, there is a possibility of chance. Horses that have been shoe-ins have fallen at hurdles they were expected to easily clear. Footballers have made errors that couldn’t have been predicted and outlier teams have done well, such as Leicester City’s 2016 shock win in the Premier League. As AI continues to improve, these outlying issues can be factored in and can result in algorithms that are even more reliable.

AI is set to change a multitude of industries from logistics to healthcare and will show us how things can be done more efficiently. While there is always an opportunity for chance to creep into sports, being as equipped as possible with up to the minute information places bettors in the best position to make the right decisions.