How Blockchain is Bringing Science into the Sportsbook Industry
Originally published on: CoinSpeaker
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February 13, 2018
Sports betting is a huge industry, and it’s growing fast. It’s estimated to have a compound annual growth rate of 8.62% between 2018 and 2022 — not bad for an industry that’s already worth $11.9 billion.
There are millions of customers in the industry, many of whom use the services of sportsbooks and betting companies on a regular basis. In return for their money and loyalty, they expect a solid, science-driven approach to betting odds and research.
Unfortunately, however, data-driven insights can be hard to come across in the world of sportsbooks. Often, customers are forced to search far and wide for the best odds and the most accurate analysis.
For those who like to do their research before placing a bet, there’s currently a real lack of resources. And the ones that do exist tend to be spread out across the internet and mixed in with a lot of less-than-reliable information.
The Problems with Sportsbooks
Companies have access to lots of data, but they don’t share it. The result is a lack of consensus, with different companies using their own analytics groups to work towards the same goal instead of co-operating with each another. Betting services aren’t working together, resulting in odds that aren’t as accurate as they could be across the board.
To make matters worse, so-called experts in the betting world aren’t held accountable for their predictions and analysis. Many prominent pundits in the field don’t use any real analysis or data in their approach, instead just going off hunches or gut feelings, or worse, manipulating bettors to suit their own agenda.
Often, the industry of providing betting advice is more a matter of good marketing and gaining a foothold in popular forums than it is about providing real evidence-backed help.
With a lack of emphasis on scientific analysis, it’s often people with the largest platforms and followings that have the most influence. Accurate, date-driven predictions sadly don’t get a whole lot of publicity.
It’s a strange situation — sports betting is an activity that is inherently based around data analysis yet there are very few spaces for discussion based around actual data insights. Users are left to make decisions based on the opinions of high-profile pundits and their own guesswork.
It’s not exactly surprising that good data-driven resources are hard to find. Not many sportsbooks and betting services are keen to discuss the scientific side of things too much. They keep their own analysis methods under wraps and don’t promote much discussion. The result is a heavy focus on intuition and reliance on high-profile voices, instead of real analysis.
It’s obvious that bettors could really benefit from a more scientific approach that would lead to more accurate odds and predictions, and allow people to make more informed decisions about their bets. But how can this issue be addressed?
Using Blockchain to Solve the Problem
Blockchain technology is quickly becoming a possible way to resolve these issues. With blockchain, it’s possible to build decentralized networks, where users can share data without the need for a central party controlling things. This would mark a move away from centralized, isolated betting companies and allow for wider sharing of data and analysis.
A number of platforms are working on this, such as BlitzPredict. Their aim is to build a space where data scientists and betting enthusiasts can come together and combine insights, analysis, and experience all in one place.
Instead of sifting through lots of different sportsbooks and betting providers in order to find the best odds, users will have access to aggregates of all the top sportsbooks. This will allow them to quickly locate the best opportunities and gain a better idea of the overall picture.
It’ll promote a more data-based way of organizing sportsbooks, and encourage people with a real interest in the scientific aspect of things to share their expertise and help people out in the community.
Both sides can benefit from this. Bettors will gain more accurate advice and a clearer picture of the odds, and data analysts will be able to copy and monetize their predictive models.
And the truth is, this kind of scientific approach to betting is looking like the wave of the future. Last year, A.I. managed to predict the results of the Superbowl with stunning accuracy, and it was far from the only example of this.
It’s looking like data analysis and science-based predictions will become more and more popular in the world of sports betting, and it’s inevitable that enthusiasts in both camps will end up coming together. Blockchain could provide a fun and easy way for them to do so, with benefits for both sides.