With an ever-growing number of international operators, the sports betting industry continues to go from strength to strength, and with the spread of regulation, the outlook is positive for both the major players and new entrants to the arena. However, a wider range of opportunities in a larger number of territories also means that businesses of all sizes must prepare themselves to face increased threats to their bottom lines.
Will data redefine online betting?
Betting firms were among the very first companies to understand the potential of big data analytics as a way to manage their businesses and stay ahead the game.
Data services from leading providers are designed to help empower operators, helping them strategize risk more effectively and access information immediately for real-time decision making.
Any technology inevitably trickles down, however. Tools that were once the exclusive preserve of corporations can now be found on any mobile device. And these days, gamblers have access to increasingly sophisticated programs that perform complex data analysis.
This enables them to identify the most generous odds, often on in-play markets, leaving some operators exposed. It would be an exaggeration to call this an arms race, but betting companies know that their risk management strategies have to evolve to keep pace with this trend.
With so much information now being generated and gathered, it’s clear that the full impact of the data revolution is yet to be felt. Businesses are only just starting to understand what big data can do, and once they’re more familiar with the capabilities, its full potential will be unleashed. This is likely to deliver groundbreaking innovations in the areas of predictive modeling, personalization and, of course, in-play betting.
Identifying the Right Tools
An operator should always be on the lookout for the most powerful and flexible infrastructure which will provide the strongest possible foundations for their complete suite of software. The platform should include tools for detailed analytics, geared towards ensuring fast, secure services that will enhance the success of the business in a sustainable fashion.
Operators need to optimise and execute their strategies using real-time analytics based on up-to-the-minute statistics. For that reason, an intuitive reporting system is a core component of any effective platform. This allows traders, sportsbook managers and marketers to create carefully calibrated player segments and view performance dashboards with detailed breakdowns per sport, country, league, customer level and risk level.
In the final analysis, the selected solution should be built used leading-edge technology that will enable the business to scale and to function in various markets under different regulatory regimes. It must also be fully customisable in order to meet the operator’s current needs as well as its future requirements.