While sports betting has been around for ages, using machine learning for sports betting is rather new. Artificial intelligence has taken over the mainstream consciousness, with popular AI assistants such as Apple's Siri and Amazon's Alexa providing millions with real-world benefits. Developers are continually harnessing technology to learn, innovate, alter, and evolve.
When it comes to sports betting, AI and machine learning have been a great help in predicting winning results. Sports betting is all set to be the next big thing in sports. With around a quarter of a billion dollars ($248.8 million to be exact) made in revenue in 2017, more and more sports bettors want in on the promised winnings.
So how does machine learning come into play? Let's find out.
What is Machine Learning?
Integrating AI computational learning theory and pattern recognition, machine learning basically uses diverse algorithms to make predictions from years of data. Machine learning algorithms are used by bigwigs such as Google and Facebook to determine user behavior. Similarly, these amazingly accurate machine learning algorithms can be used to predict the outcome of certain sports events. The trick to making winning predictions is using a TON of data to predict accurate results based on that data.
Is Machine Learning for Sports Betting Better?
Using machine learning is a much faster way of processing information than what is humanly possible. Neural networks can compute decade's worth of data in a day, which is simply to do manually. Other than assessing data, machine learning can also play out millions of different simulations and scenarios. Based on those simulations, it can collate the results and even improve upon them to provide a more efficient prediction.
Is It 100% Accurate?
Predicting the correct outcome of a game is quite impossible. You can predict the probability of one outcome being more likely to happen than the other, but predicting a result with 100% guarantee is virtually impossible.
Machine learning can help predict the probability of a game's result. It can give you the odds that can help you make the right wager, but it won't tell you the final result.
Sports betting is a game of both chance and skill. Using the two to your advantage can help you wager wisely. Machine learning can help take you one step ahead.
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