Since the introduction of online betting, the market for potential bets has increased rapidly. Back in the days, it was difficult to imagine sports betting on the number of yellow cards between the 20th and 30th minutes in a football game. But today you can make bets on almost everything with a clear output in sports games – such as the number of goals, goals scored by a specific player, cards, corner kicks, etc.
At first, you might wonder how bookmakers can keep these odds updated. But the answer isn’t that complicated: algorithms. Today sports betting is ruled out to a large extent all over the world. As gambling laws are changing over the world, online sports betting is becoming available in more and more countries and states. In the US a Supreme Court decision for instance allowed states to legalize sports betting.
One of the states now offering sports betting is Philadelphia. Now multiple bookmakers have a betting license in Philadelphia. You can have a look at Philadelphia’s best online bookmakers at https://www.betphilly.com/ where you can find reviews and ratings of the recommended betting sites of Philadelphia.
Algorithms can analyze earlier performances by the teams and see into the likelihood of different outcomes of the games and generate odds based on these expected outcomes. Let’s say two teams who are barely scoring any goals are meeting in a match, then the algorithm can quickly predict that the odds for a low number of goals scored should be below.
Critics might say that this could also be done by a human being. But the advantage is the tempo of the algorithm, which might be difficult to beat by a person. Then the human odds setter would adjust the odds if the algorithm were missing an obvious but important factor, like the injury of important players, weather conditions, or other circumstances.
Normally the odds will be calibrated as bets are being placed. A bookmaker doesn’t normally like when odds aren’t set at a place, where there will be an equal number of bets on both outcomes. Otherwise, it might indicate that the odds for the favorite are too high for instance.
The automated odds conducted by artificial intelligence are especially coming to their right with live odds. Back in the days, this form of betting was almost impossible but got introduced in the 1990s, where players could call in and place their bets during a game. Today the technology has allowed bookmakers to offer live betting on basically every sports event. At any time of the day, you can bet on table tennis matches, eSport, badminton, boxing, football, American football, etc.
This is thanks to the automated odds that are constantly changing as the matches are changing. By every point of a set in table tennis or badminton, the odds of who’s going to win the set is changing. These odds can only be offered with the use of computer-generated odds, supervised by a human odds setter. At https://www.ft.com/the-future-of-AI-takes-shape you can read more about the future of artificial intelligence.