I became an Oakland Raiders fan when I was a boy and it started with a bet. My dad bet me a quarter that the Indianapolis Colts would beat the Raiders. He was a Colts fan and I wanted a quarter. The Raiders won and I not only got to spend three hours bonding with my father learning football, but I had money for candy after the Raiders triumphed. Since that time, I have bled silver and black. I have also won and lost many subsequent bets watching my favorite sports with various friends and family. Today, however, gambling on sports has been transformed by online gambling and fantasy sports betting sites like FanDuel and DraftKings.
My Sports Gambling Evolution
Currently, online betting is a multi-billion dollar industry and appeals to fans who want to make the game more interesting while pitting their knowledge against that of other fans. This seems like a great way to show off how much you, as a fan, pay attention to the minute details of your favorite sports and particularly your favorite teams. And this puts you head to head with other fans and not Vegas wiseguys who have inside knowledge.
Although these formats seem to be less social than watching the game with dad, with a shiny quarter at stake, there are millions of people who play in these formats. As someone who follows sports closely, I have been intrigued by the challenge of matching my wits against a group of anonymous strangers. Could my intense desire to know details about my sport give me an advantage and put me in a commercial with a large novelty check? Probably not.
There is a reality that is not advertised on the persistent commercials that run during every sporting event. It is that you are still an unlikely winner. Unlike house odds in Vegas, the reason you are at a disadvantage in these online gaming situations (that appear to have faceoffs among groups of everyday fans) is the fact that big data and predictive analytics have entered the game.
I recently discovered that big data has evolved past conventional applications and entered online gambling as well as predictive analytics. Predictive analytics was typically used for business applications, but wherever an advantage and profits can be made, innovation will follow. And it has now been shown that most of the betting is won by betters who use sophisticated analytics, big data, and algorithms created by programming that is unmatchable by humans. Does that mean they are always right? No, but it means they have huge advantages in determining probable outcomes.
I suppose I could take on the challenge like a Russian chess champ takes on a supercomputer, but without the social element and with my money on the line, I think I’m just going to root for my teams and hope they prove that the odds don’t always matter. That, coupled with some friendly side bets, brews, and snacks, should make my Sundays interesting enough.
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