Using AI and Blockchain to Make Sports Betting Predictions
Artificial Intelligences (AI) is changing the landscape of everything. It's a little scary on the surface, but digging a little deeper we find the true benefits.
For the sports bettor, AI offers the potential to improve one's sports betting picks while keeping oddsmakers on their toes.
From CoinGeek:
Long gone are the days of old-school bookmaking where the spread was created by hand, manually adjusting the lines based on statisticians’ educated guesses. Today, both books and bettors have so much data at their fingertips and AI tools enable to crunch and automate this data, allowing for more betting opportunities, accurate decisions, and predictions.
“All of this data has made the options extremely broad for offerings, literally changing the landscape of a traditional Sportsbook,” shared sports betting expert Paris Smith of Life Winning and Defy the Odds, also former CEO of Pinnacle for 18 years.
Smith is actually among the early pioneers in online sports betting, having served as an executives at one of the first offshore gambling firms back in the mid to late 90's prior to taking on her role at Pinnacle.
“On the side of predictions, clients have more data and are able to challenge the book more effectively,” she said.
Jay Kornegay, one of the most influential figures in the sports betting scene, recently announced his retirement as Westgate SuperBook vice president of operations. He echoed Smith's sentiment.
“The abundance of data has driven the betting menu to levels we haven’t seen before. The menu went from three pages to 15 pages and continues to grow. The general public has a hunger for more options, and the operators are now able to provide it,” he shared.
Our friends at Lil Bit, a blockchain focused sports betting site, offered an example of how when he was a kid, for hours, he’d study stats on the back of baseball and hockey cards that he collected. These days are also long gone.
“With the dawn of the internet, the amount of sports data exploded. Being able to look up and compare lines or stats or trends really empowered bettors and sports books alike. With the use of AI, there will be a re-emergence of betting in a different form,” he said.
New Prediction Market questions are up regarding President Trump's controversial Cabinet picks. Will they actually assume their appointed roles or will they withdrawal their nomination?
— Lil Bit (@lilbitgame) November 18, 2024
Put your SATS where your mouth is! #BSVhttps://t.co/4j8oJBPfCM pic.twitter.com/32IQRlna3I
Winscope is the latest firm to get on board the AI prediction market train. It offers a sports prediction platform designed to bring transparency, empowerment, and innovation to the sports prediction industry through use of the BSV Blockchain.
“Our mission is to provide cutting-edge tools for sports betting predictions powered by AI and blockchain technology,” said Shawn Ryan, Co-Founder and CEO of SmartLedger.
“The sports betting industry is dynamic, data-driven, and ripe for technological innovation. Our inspiration stemmed from the growing demand for transparency, accuracy, and user-centric tools in the betting space. The combination of AI and blockchain provides an unparalleled opportunity to address long-standing challenges in the industry,” he added.
CBS Sports also appears to be on the forefront of AI and the sports betting prediction market.
"Self-learning AI makes NFL against the spread, over-under, money-line picks for every Week 13, 2024 game", reads its headline ahead of the Thanksgiving Day games.
Join the Discussion Below
RBI predicts generative AI could add $359-438B to India’s GDP by 2029-30 as AI adoption in production grows from 8% in 2023 to 25% in 2024. @RBIsays @RBI #India #AI https://t.co/Pos65P7XKz
— CoinGeek (@RealCoinGeek) November 27, 2024
Built using cutting-edge artificial intelligence and machine learning techniques by SportsLine's Data Science team, AI Predictions and AI Ratings are generated for each game. The AI predictions are determined by statistically learning from each team's historical data and then quantitatively evaluating the strength of the opponent's defense by assigning a numeric value out of 100 called a matchup score.
Once a prediction is formulated, the AI rating is generated using the prediction, the matchup score, and the odds of the market. For example, you could see an A-rating on an over bet if a team is facing a poor defense, their prediction differs from the line and there are favorable odds.
Artificial Intelligence does not provide the magic answer for a 100 percent win record for sports bettors. It simply analyzes massive amounts of sports data to make predictions and recommendations that you as the human being must try to determine the final outcome.
But it's not as if you're the only person crunching this data. Rest assured, oddsmakers are doing the same. Don't think for a second they won't be a half point ahead of the gambling public, regardless of the implementation of AI.
|
|
