Sunday, July 21, 2024
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Why the Sports Betting Sector is Utilising Real-Time Data to Improve Its Mobile Products

Pretty much any business in any industry needs data in order to improve its performance.

It could be customer insights, supply chain (in)efficiencies, future trends reports or even data about competitors – so often the numbers tell a tale that even the most experienced business leaders may not be privy to.

Collecting relevant data is one thing, but using it in a manner that adds value to your business is quite another.

That’s an area in which many industries could learn a thing or two from the sports betting sector…

Driving Success

Some 156 players took to the tee at golf’s Open Championship in 2023, with their tee times spread across the course of nearly ten hours.

To track the movements of each individual is therefore a minefield, which is a particular problem for bookmakers given that their 2023 Open Championship odds could change on the outcome of how one player fared on a single hole. For example, defending champion Cameron Smith started the tournament at 16/1, crept into 12/1 after birdieing his first hole before moving out to 50/1 after bogeying four of the next ten.

To manually update the odds of all 156 players hole by hole would be impossible, so the bookmakers have called upon real-time data providers to instead ensure their prices are automatically updated the second that a player holes a putt – preventing customers from taking advantage of time delays and securing better odds than they might otherwise be offered.

This efficiency can save the bookies a lot of money in an age of ‘courtsiding’, where those present at the tournament or watching via a no-lag TV feed can place their bets before the odds-makers have had time to adjust their prices.

Adding Value

Real-time data can prevent fraud but also enables a betting firm to offer their customers a better user experience via their app, too. A number of operators now have live streaming and visualisations available on their smartphone apps, with integrated data offering punters enhanced insight. The numbers can also act as a trigger point for customers to place bets – real-time data, in this case, drives engagement and becomes a go-to resource for users. This added value is reflected in the greater volume of bets received.

So important is the accuracy of data in sports wagering that many bookmakers use an analytics outfit, OPTA, to provide them with the official numbers from which their betting markets are closed. This can be generic data points like the match result in football, or more granular-level detail regarding player passes, tackles or shots. Given that bets are settled as winners or losers based on this data, its accuracy is vital in maintaining customer relationships too.

A sector that is worth billions of pounds annually, the battle to secure new customers – and retain existing users – is necessarily fierce. Tools to maximise customer engagement, of which slick apps featuring real-time data are just one, are of paramount importance.

If your business is seeking new ways to enhance its mobile offering and engage customers, thinking outside the box like the leading lights of the sports betting industry is a good place to start.

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