This article aims to take a look at Descriptive, Predictive and Prescriptive Analytics, and how this can be highly valuable to a sports betting business and the industry as a whole, bringing players closer to the content they love and allowing businesses to mitigate risk and identify patterns and trends in sports events.
Altenar, a sportsbook solutions provider, has actively used data analytics models in its sportsbook process and as a result has produced real-time decision making, increased risk management capabilities and improved the player experience for its partnered operators. You can discover more about Altenar and its technologies by contacting the team today!
With this in mind, let’s take a look at how different applications of Data Analytics can benefit your sports betting business exponentially.
- Identify patterns and trends - in analysing a host of historical data, descriptive analytics can identify patterns and trends in a host of vital-to-betting aspects, like which teams or players perform well or poorly. Additionally, AI can help identify profitable betting opportunities by analysing historical data and identifying patterns that suggest a certain outcome is more likely. This can help sports betting businesses make more accurate predictions and offer more competitive odds, which can attract more customers and increase profits.
- Improving real-time decision making processes - DA provides insights into performance which can help betting businesses increase their decision making processes; analysing data from performance, outcomes, factors, and allows a company to develop increased accuracy models for predicting future outcomes. On the other hand, real-time decision making can help sportsbooks identify and prevent fraudulent activity, such as suspicious betting patterns or insider information. With that in mind, sportsbooks could take action to lessen risks and protect the integrity of their business.
- Increases the effectiveness of risk management - AI-powered risk management tools can benefit betting businesses in identifying potential risks, thereby the business can take steps to mitigate any future or potential risks. DA can also be used to monitor and identify fraudulent activity, such as match-fixing, which is a major risk for sports betting companies.
- Insights on customer behaviour - in understanding your customers and players better, content can be tailored to increase engagement, loyalty and can extend to tailoring marketing campaigns and promotions.
Contact the award-winning team at Altenar today to implement state-of-the-art technologies into your business!
