There are plenty of sites that can guide you on how to approach sports betting; for example, very useful tools such as Betting Calculator. Many of them are just that, guides. Some are based on probability theory, others on common sense. There are also sports betting algorithms. What exactly is a sports betting algorithm?
What is a Sports Betting Algorithm?
In sports betting, algorithms are also called strategies. How is that, you might ask. Well, sports betting strategies are not as simple as they sound, especially when you are the one who needs to create them. It is a long and tedious process which involves lots of math and probability theory. It is no wonder that many successful bettors are also great at math or actual mathematicians.
So, sports betting algorithms are actually sound strategies, well, not completely. There are things such as bad sports betting algorithms.
Why are There Bad Algorithms?
As said before, there are so many things involved in a sports betting algorithm, from math, spreadsheets to probability theory and lots of work. You need to take a look at lots of matches, preferably for one sport, and then, take the results. Then you need to learn to recognize the value in a bet, and that is the most difficult part. It requires lots of data, which is also shaped by the betting market and sport. Many things need to be taken into account when developing a betting strategy. That is why you shouldn’t really buy every betting strategy out there, but rather study multiple ones before even getting close to making a decision.
Purchasing a wrong betting strategy will not cost you money once, but multiple times.
Develop Your Own Algorithm
If you do not want to put your trust in others, then you can develop your own algorithm. This is a long process which takes a lot of knowledge and time. Having that knowledge also takes time, which is what you need to know if you want to get serious about betting and strategies.
Probability theory is a must, as that can give you quite an idea of what you are up against and how to spot better value bets.
You must study the betting market you are planning to operate in. Studying the sport you are betting on, the teams and players, is the next step. After you choose your market and players, you need to analyze the data of the matches and performance, and start building your strategy.
Getting data and entering it is a tedious and repetitive task, but luckily one that you need do only once. Familiarize yourself with data scraping software and you might have a better time. Save often to avoid huge headaches.
In the world of sports betting, algorithms exist to make things easier for the bettors and worse for the bookies. Bookies do not want successful algorithms and the ones using them do not want to share them, at least until you pay them lots of money. Finding a good betting strategy takes time and patience, and building one even more. Always remember to bet reasonably and have fun.