How analytics are used in the gambling industry
Analytics are now at the core of every industry for making projections. So it’s no surprise that data analysis is an important aspect of the gambling industry. In fact, statistics have been used by gamblers to increase winning odds long before the internet and digital technology became omnipresent. Here are ways that having access to a wealth of data helps gambling endeavors.
Numbers Game Secrets
Back in 1962 a math scholar named Edward O. Thorp published a book called “Beat The Dealer.” It was a book that used math equations to predict odds on Las Vegas gambling activities such as blackjack. He introduced a method called “card counting” that earned him stacks of cash. When casinos learned of the scheme, they banned the practice and threw out players they suspected using the system.
Card counting is based on assigning high and low values to cards and keeping a running tally mentally of what cards have been dealt by the dealer during a blackjack game. As the deck of cards depletes, odds become more evident to gamblers as to what types of cards are left in the deck. Thorp’s methods were so successful, he applied them to hedge fund trading and made an even bigger stack of cash.
It’s important for serious gamblers to have a basic understanding of the numbers game aspects of any type of contest involving capitalizing on predictions. Successful gambling is more than just a lucky guessing game, as it involves calculating odds and applying risk management techniques. The more data you can access, the more it increases your winning odds.
Analytics in Modern Online Gambling
The first gambling professionals to utilize analytics were bookmakers. They use big data to establish realistic gambling odds, based on analyzing previous games and scoring patterns. Both bookmakers and gamblers can use data to streamline their analysis of odds. Since each individual has their own unique interests in gambling, data must be personalized through applying filters.
One way gambling sites are able to attract new players is by calibrating odds that favor gamblers. Information is the key to building strategies for online games such as poker. So gaming sites that provide a wealth of data about tournaments have gained a competitive edge over rivals that lack big data.
Google engineers have proven with the search giant’s Cloud DataFlow technology that data analyis can be used to accurately predict the outcome of World Cup tournaments. In 2014 Microsoft engineers outperformed Google by accurately predicting 15 of 16 World Cup matches. Both companies used a wealth of team data to make calculated forecasts.
Online casinos use big data to make adjustments to their platforms, as well as marketing campaigns. They analyze types of online advertising that generate the most clicks. By studying player demographics, they can tailor marketing campaigns to use the right language that appeals to specific market sectors. They can further use the data to promote specific games to players who have shown interest in those games.
For Gamblers Who Seek a Competitive Edge
Various websites give gamblers access to online games that offer large cash jackpots. Visiting Lottoland online lotteries gives you an idea of the wide range of games that are available to the gambling community.
Yes, luck is a big part of the equation, but the more numbers you have to analyze, the more you can determine which games give you the best odds. Simply put, analytics shape gambling strategies. Although the world of fantasy sports isn’t considered gambling, it still involves using player statistics to formulate odds. In fact, analytics have become the foundation of the industry.
Both online players and casinos can use analytics to help their causes. Players can use data to determine winning odds, while casino can utilize analytics to improve the user experience. Remember that the key to winning any kind of numbers game is whoever has the most information usually wins.