Calculating odds is a complicated process, and the bookmakers that do so generally have years of experience under their belt. After much trial and error, they develop their formula, an algorithm if you will, to help them make this decision.
But, the use of machine learning within the sports betting industry is becoming increasingly popular in today's world. Computers are a lot faster and more efficient than us humans, which is why software is being developed to act as predictive models. This process makes betting convenient for everyone since it's less time consuming and more accurate.
What Is An Algorithm?
An algorithm is essentially a set of guidelines that are to be followed while making calculations or while performing similar tasks. The term is generally applied to computer operations.
How Do Sports Betting Algorithms Work?
When it comes to soccer predictions, several tools leverage the use of big data to compute and calculate possible results. With most of this software, statistics from almost thousands of matches from any league or tournament - live odds, player profiles, team stats, lines ups, injuries, and any other possible information that might be needed, is taken, computed and analyzed. If any relevant patterns exist, they are found and based on these patterns, odds and probabilities are tabulated.
Using algorithms and machine learning to calculate probabilities to help with predictions is an incredibly useful process. Casual bettors tend to only skim through recent, on the surface information, like table positions or current form, to make their decisions. With a good algorithm, however, it is possible to trends that we may have otherwise missed.
What Statistics Do You Need?
For a comprehensive algorithm that gives you accurate results, you'll need to run a thorough big data analysis.
You'll need information about past matches - live scores, possession, pass accuracy, offsides, corners, clean sheets, etc. You'll need player information like goals, assists, fouls, injuries, and so on. Team data such as standings, form, expected goals, ranking, line ups are also integral. Sports news goes a long way too.
What Is The Best Algorithm To Use?
There are some companies and websites, like Cappertech for example, that have already created algorithms that can assist in predict football matches. If you're a punter who wants more accurate predictions, or if you're the owner of a betting website that provides its customers with odds, using their services for your predictions is the way to go.