Last updated on November 9th, 2021
With so many valuable tools out there to assist in helping you make well-informed betting selections, using statistical data is definitely an important piece of the puzzle. But with so many factors at play and things to consider when betting on sports, finding the most crucial information to apply is key.
Although undertaking your research takes time and dedication, it’s definitely worthwhile arming yourself as with as much information and knowledge as possible to enhance the quality of your choices.
Trying to be a profitable punter? Check out our guide to becoming a professional sports bettor.
What’s the use of statistical data in sports betting?
Using statistics, the aim is to essentially predict outcomes that have a high probability of happening but still represent good value.
There are many ways and avenues to go about gathering your stats. To start with, you can utilise a large number of websites and blogs to find some brilliantly detailed information on your chosen sport, which can give you plenty of insight. Depending on what you’re looking for, the above is a fantastic resource to usually find both past and present data, which is vital in identifying trends and gaining an edge.
Courtesy of Soccer Science
You can also undertake your own analysis using some more in-depth strategies. One such method is called probability distributions, which seeks to find the likelihood of many different possible outcomes occurring. Within this category, you can apply things like the Bayesian analysis method, that encourages the testing of new information against your original selection to refine how likely it is that it will occur in light of this evidence.
Another approach that can be of benefit is Poisson distribution, that is a mathematical concept for translating mean averages into a probability for variable outcomes across a distribution. This come in handy for low scoring sports like soccer and for things like NFL player prop bets, as it can help you in markets such as individual and the team over/unders.
Courtesy of Anna Bet Blog
Regression analysis is a commonly used tool also, with this working by you determining a set of processes to figure out the correlation between a dependent variable and one or more independent variables. This is applied so you can uncover factors that play a role in teams or players winning that aren’t obvious to sportsbooks or the public, thus giving you a head start finding value.
Courtesy of Soccer Science
Seeing as betting companies use statistics heavily to formulate their odds, doing your own advanced research can definitely help close the gap for you to increase your chances of success.
Despite the obvious advantages of numbers, it is, however, still important to not solely rely on this and discard your other knowledge.
After all, you want to continue to take into account factors such as injuries, weather conditions, styles of the teams playing against each other and recent head to head records.
Courtesy of Intelligent Betting Tips
Even though applying statistical data has its limitations just as with most resources, the use of this is unquestionably a nice weapon to have in your armoury if you’re serious about winning.