Odds & Betting Data
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The Ultimate Guide to Odds & Betting Data 2020
Learn everything about Odds & Betting Data. Understand data sources, popular use cases, and data quality.
Table of Contents
What is Odds & Betting Data?
Odds & betting data is information about winning probability, odd percentage, historical game results, and possible outcomes of sports games. This data is sourced from different betting websites. Odds are a prediction of how likely it is a team will win. Odds also dictate the amount you receive as your payout if you win the bet. This data also includes historical odds and win-loss records. The common sports that are used in betting are basketball, racing, football, baseball, and tennis. In addition, due to its popularity, esports games are now used for bets.
How is Odds & Betting Data collected?
Odds & betting data is collected through various sources. Different leagues like the NBA, NFL, and NTL offers real-time scoring on their websites. This information can be gathered using web scraping tools. Sports channels can also be a source for this data. For esports games, game creators or organizations publish the results of matches. How the odds are calculated is based on the number of bet participants.
What are the attributes of Odds & Betting Data?
Based on the number of data points in an odds & betting dataset, the common attributes for odds and betting data are as follows:
Winning probability: is a statistical prediction of the chances for a team to win. This is based on the previous performance of the team.
Number of Odds: this is calculated through which team has more bets placed on it. The payout is your principal amount times the number of odds. For example, for 3.00 odds, your $1 will be $3. There are many types of odds, like fractional odds, decimal odds, and American odds.
Win-lose record: this is the archived records of a team. This includes the number of times each team has played together and their win-loss record.
What is Odds & Betting Data used for?
Investors and bettors use this data to gather information about the winning probability of a team. Odds & betting data is based on the statistical prediction of oddsmakers. This data helps new bettors decide which team to choose. A low odd means the chance of winning is likely. Odds & betting data also provide insights from expert analysts of each field.
How can a user assess the quality of Odds & Betting Data?
To access high-quality odds & betting data, data providers must ensure that their data is clean, updated in real-time, and gathered from statisiticians and betting experts to ensure it’s accurate. Make sure that your odds & bettting provider offers good customer service. One way of assessing a proivder’s customer service is by checking the reviews of their datasets, and by requesting a data sample to counter check that their data is accurate.
Popular Odds & Betting Data Use Cases
Find out the most common applications of Odds & Betting Data.