Betting Industry: Data and Algorithms on the Rise

In Great Britain, betting shops are so deeply rooted in the urban streetscape that they have become essential companions to pubs and fast-food outlets. The distinctive colors of major providers like the forest green of Paddy Power, the navy blue of William Hill, or the red and blue of Betfred are almost inextricable from British culture. Since the legalization of the betting business in 1961, bookmakers have made significant contributions to the economy and have accepted bets on anything imaginable—from major sporting events to charmingly quirky occurrences. However, while betting shops continue to exist physically, a substantial portion of the business has shifted to digital platforms. The driving forces behind this shift were the relentlessly growing demand and the technological revolution of online platforms. The core activity of setting betting odds has increasingly been outsourced. This was due to the inevitable necessity of offering an overwhelming number of betting options. Football alone required providers to cover all leagues and tiers worldwide—a challenge that could hardly be met without modern data analytics and sophisticated models. These data acquisition and analysis tools allow bookmakers to penetrate even the most remote sports disciplines. Whether it’s Kabaddi or Finnish Pesäpallo, no niche remains unexplored, no bet unplaced. The betting industry is well-prepared for the future, utilizing the latest technological developments to ignite a plethora of betting opportunities and captivate customers in the digital age.