Sports betting is a thriving industry worldwide. It generates revenues for several billions of dollars annually. Some people even speak of trillions! In most cases, sportsbooks are the main winners. Frankly speaking, it is difficult for you to make long-term money by betting. Even if you are an enthusiast of football, for example, your chances of winning bets consistently are low.
But if you have access to a football league’s livescore and statistics of the teams and players, your chances improve. Theoretically, you could analyze all the data to infer the winner of a match with high accuracy. But in practice, the amount of data is so large that the task is nearly impossible for a human. Of course, a computer could do the task in less time. But the problem is to “tell” the computer how to process the data to make sense of it. Artificial Intelligence (AI) may be the solution.
Would It Be Fun to Win Every Time You Place a Bet?
Predicting the winner of a football match is all about numbers. After all, the final score is given by numbers. Hence, the type of statistical analysis that artificial intelligence performs could result in very accurate predictions. If these algorithms are refined to the point of infallibility, would it be the end of the business for sportsbooks? And, would it be fun to be always the winner?
Just like in the lottery, in sports betting the customer must be kept engaged. Customers will not find it interesting anymore if they always win. They need to lose and win sometimes. There is no excitement if there is no challenge. Ups and downs keep customers engaged.
To Use or Not to Use Artificial Intelligence for Sports Betting?
That is the question! Even though artificial intelligence algorithms are powerful, there are factors they cannot account for. For example:
The mood and motivation of a player. It is no secret that the mood of a player has an impact on performance. A player that is having problems at home may not be as good as he or she used to be in previous matches;
The players can be changed during a match. Artificial intelligence comes with a prediction using statistics of previous matches. This prediction is more accurate if the players remain the same in all the matches whose statistics are used;
Environmental factors like temperature can have a detrimental impact on a player.
In conclusion, even if artificial intelligence algorithms can help, the input of human analysts is still needed. Trust your knowledge and intuition instead!