The world of sports betting has been given a significant boost in recent years in Canada. Well, when we say Canada, we largely mean the province of Ontario. Following the history making decision to legalize and regulate online casino play and online sports betting within the borders of Ontario, the activity has established itself as an incredibly popular entertainment avenue for those that can access the platforms.
The ground-breaking decision to go where no other province had previously gone was born out of many reasons and thoughts. The revenue numbers are evidence of the positive effect “iGaming” has had on this province, and it is enough to convince the decision makers in Alberta to consider following Ontario’s example. However, it is the overall impact of the digital world that is having a significant bearing on the introduction and subsequent success of this industry.
Canadian online sportsbooks have benefited from the increased traffic flowing through their platforms due to an increased reliance on and more time spent on digital devices, but it is the influence of digital operations behind the scenes that is propelling the activity to the next level and providing more accurate data that can be used to create interactive and innovative features.
Rapid Data Collection and Analysis
The emergence of Artificial Intelligence has been a game-changer in many aspects of life. Whether it provides automated systems for administrative matters, spots trends in financial figures, or assesses what certain customers are browsing and buying, AI helps businesses streamline everyday processes. The online sports betting world is no different.
The popularity of online sportsbooks in a nation that absolutely adores its sports has been boosted by the influence of AI and the ability to harvest data rapidly, which in turn can be used to create new innovative features for platforms that richly enhance the offerings on a Canadian sportsbook. The ability to explore diverse betting features at LuckyKoala for example owes a lot to the speedy work performed by AI to not just collect but also analyze large sets of data to produce an end result.
What is that end result I hear you ask? For Canadian sportsbooks, it is the odds that are created for each and every individual match or event. The emergence of live betting relies even heavier on this rapid number crunching process to provide dynamic odds that can change in a split-second upon a certain action. Odds are the heart of any online sportsbook and accuracy is paramount to painting the most realistic and probable picture for a punter.
Predictive Analysis leading to more informed odds
The model used by AI and digital data analytics to assess the basis for any odds is predictive analysis. By rapidly assessing data from a large number of parameters including individual or team statistical data, past performance, news throughout the week, media opinion, even weather conditions, online sportsbooks can make more informed decisions on what odds to publish. Effectively, AI looks for patterns and matches certain patterns against others to come to an end result.
Example:
In a Formula One race, some drivers are better driving in the rain than others. Max Verstappen and Lewis Hamilton are two of the best drivers in these conditions. In the event of rain falling during a race, the odds of these drivers to win a race, finish on the podium or just score points will be enhanced. Another factor that could be taken into account is the previous record on a specific track for these drivers, in the dry or in the wet.
AI could also use predictive modelling to analyze the time it would take to overtake any drivers in front, which would naturally have a bearing on the end result of a race. These are only a few factors considered by AI when trying to achieve the most accurate prediction.
The most predictable aspect of sports is the unpredictability
While online sportsbooks are able to diversify their offerings with the aid of AI, punters are also able to use predictive modelling to their advantage. By asking AI to try and predict the result of a sporting event, punters can achieve the most accurate picture based on statistical and predictive analysis. However, the key word here is statistical. One thing that also needs to be considered is that AI is not necessarily accounting for the human element to sports performance. Herein lies the beauty of all live sports, the unpredictability.
Spectacles are created by surprises and shock results. Canadian sportsbooks and punters can do all the predictive analysis they want, but things can also change in an instant due to human decision making. Nevertheless, there is no doubting the impact AI and data analytics has had on the sportsbooks that currently exist in Canada and will continue to have in the future. With more provinces expected to pass legislation to legalize the activity, the work of AI to provide accurate and up-to-date statistical assessments for sports enthusiasts to feed off on Canadian sportsbooks will only continue on a greater scale for a larger audience.