Analytics have become a vital part of the sporting world since the development of technology. Baseball was the pioneer sport to use statistics for team-building following the success of the Oakland Athletics in the infamous story of Moneyball. As a result, the system has been translated across sports into the NFL and the Premier League with the development of tools such as ‘Prozone’. Teams have used the data to chart injuries and efficiency on the field, with possession and shooting accuracy statistics aiding the decision-making of managers and coaches.
Success in Business
Analytics have already been playing a key part of the business world, including the use of robo-advisors which can detect trends in market and dispense advice to customers. The system has created a cheaper alternative to traditional brokerage in the financial world, offering opportunities for a new generation of investors.
Due to prior setbacks, notably in 2008, trust in wealth managers has declined, leading to younger people placing their faith in robo-advisors. In the days of immediate action, the idea of not waiting to contact a human advisor before making a decision also appeals to the fast-paced nature of ‘Millennials’.
This technology has been successful in the United States and in Europe, and is now making the transition towards the Asian market. Let’s take the example of an individual based in the United Kingdom who has shares in the SSE Composite Index market in China, and who is desperate to make a move. Rather than waiting for business to open in the UK, the robo-advisor would provide accurate assistance on the spot to secure the deal.
As a result of its success in business, the world of sports betting could join the revolution of robo-advisory technology, capitalising on the wealth of markets available across the globe. It would appear to be a perfect match for betting companies, allowing them to expand the size of their business, and giving punters the opportunity to broaden their horizons in new sports and competitions.
Robo-Advisory Technology for Sports Betting
The volume of statistics that are readily available across the sporting world would lend itself to a vast array of betting markets, involving players, coaches and teams.
For instance, José Mourinho’s appointment as Manchester United manager caused a stir following his two spells at Chelsea, although he has always enjoyed success at every club he has managed. Markets on 32Red UK dropped the price of the Red Devils to win the Premier League due to the presence of the Portuguese and his propensity to enjoy immediate triumphs with his new teams.
Elsewhere, advice regarding future transfers given the teams’ needs and available players on the market could be gathered by the bots by tuning on news sites. For instance, Arsenal’s struggles in front of goal in the second half of last season due to Olivier Giroud’s 15-match scoring drought arguably cost them the Premier League title. Consequently, the Gunners have been linked with a number of strikers over the course of the summer, including Lyon’s Alexandre Lacazette who was prolific in Ligue 1 last term. Using statistical data, the bot would advise on the best option for the punter to select based on the likelihood of who Arsène Wenger would add to his squad.
Manager markets could be analysed in the same way, with suggestions based on the situation of a club in the Premier League. For example, a team such as Chelsea, which conceded over 50 goals last season in the defense of the top-flight crown, would be interested in a defensive-minded manager to rectify their problems. Based on those assumptions, the robo-advisors would track which managers would fit the bill and assess their odds of making the move to Stamford Bridge. Using this system, Chelsea’s eventual new manager Antonio Conte would have been selected thanks to his excellent defensive record during his tenure at Juventus.
Impact on Casual Punters
The scope of the technology could also affect long-term betting markets such as the race for the Premier League title or matches on a weekend.
For instance, the transfer of Romelu Lukaku could have an impact on the fortunes of his current club Everton and the side vying for his signature, Chelsea. 32Red, along with other odds makers 888Bet.com and Dafabet, would alter their prices for the Toffees’ success if the Belgian left the club due to his importance, as he scored almost a third of their goals in the Premier League last season. Robo-advisors would dispense their knowledge of the move to the punter, potentially advising against betting on Everton due to the transaction.
This cost-effective system could potentially entice a host of new punters thanks to the assistance available for the casual fan. It would appear to be a perfect fit with the rise of 24-hour betting and the need to cope with the demands of global consumerism.
by Nick Fletcher