The sports betting industry has evolved dramatically over the last decade. In fact, it has grown to the point where bookmakers must leverage data and technology to stay ahead of the competition.
This is where sports data providers come into the picture. In this article, we’ll cover everything involving sports data providers and how to choose the right one for your business.
A sports data provider is an organization that collects and analyzes sports-related data, such as game results, player statistics, and historical data, and sells it to businesses. The data these companies distribute comes in the form of odds related to the probability of a certain outcome, the amount of money that can be won, and the potential payout for any given bet. Think about it this way – while a sportsbook takes directly from customers, a data provider provides the data sportsbooks use to set odds.
For this reason, sports data providers are a crucial part of the sports betting ecosystem. That’s because they provide businesses with the information they need to make informed business decisions.
On a general level, data helps sports betting businesses improve and iterate on the following aspects: Customer retention, management, and acquisition; automating administrative tasks; business scaling; and Risk management, to name just a few.
We will touch on some of these aspects later in the article – until then, here’s the gist:
Choosing the right data provider can mean the difference between a leveraged and a missed opportunity. Accurate, reliable, and fast odds are the bread and butter of the sports betting business.
For one, odds allow bookies to cast as wide a net as possible regarding coverage while minimizing risk. Secondly, more data enables bookies to aim beyond betting hobbyists and attract experienced, stats-driven bettors who are likely to stick to a platform (and spend more money) if said platform offers them the information they need to make smart bets.
Now that we’ve covered the basics, it’s time to delve into the elements every bookie should consider when choosing a sports data provider. While this is by no means an exhaustive list, it’s enough to get you started:
Now that we’ve clarified everything there is to explain about sports data providers in terms of background details, it’s time to delve into a few data solutions that you should keep an eye on if you’re in the market for a sports data platform.
OddsMatrix is the leading sports betting data provider that helps bookies make intelligent, informed business decisions. That’s because OddsMatrix provides bookmakers with essential data and tools to help them manage their operations more efficiently and competitively. OddsMatrix collects and analyzes vast sports data and provides features that significantly improve bookmaking.
Here’s a brief overview of OddsMatrix’s main features:
OddsMatrix stands out amongst other sports betting data providers thanks to its comprehensive features designed to automate and optimize nearly every aspect of the bookmaking process. OddsMatrix is built from the ground up, helping bookmakers automate tedious and/or sensitive tasks in mind. There are multiple areas of the bookmaking process that OddsMatrix facilitates. Below, you’ll find an in-depth breakdown of what our service does.
Marketing, Customer retention & acquisition tools
Well, all know that any brand that wants to have a chance at expanding its reach has to invest heavily in content. OddsMatrix employs several neat tools to help bookmakers optimize customer retention and acquisition initiatives.
For example, brands that want to master content use OddsMatrix’s sports data widgets. Easy to embed and highly customizable, OddsMatrix’s sports data widgets offer responsive data visualization and stats for sports and esports. What’s more, the customizable design allows bookmakers to blend the widget with their websites seamlessly.
Here’s a breakdown of what our sports data widgets involve:
Secondly, there’s the Premium Betting Content. This feature allows sportsbooks to include exclusive content in their offerings, allowing bookmakers to expand their reach.
Risk management tools
OddsMatrix employs several risk management tools that help bookmakers mitigate the inherent risks associated with the gambling industry.
Chief here is a feature called “player profiling .”Essentially, OddsMatrix scans the data generated by user activity and generates player profiles. With player profiles, bookmakers can classify players according to several factors, such as betting behavior and profitability.
OddsMatrix’s algorithms are also trained to adjust betting odds and limits on factors according to market movements. This automated system also mitigates risks related to fraudulent behavior.
Other miscellaneous risk management features that OddsMatrix offers include:
OddsMatrix provides APIs (Application Programming Interfaces) and other integration tools that allow bookmakers to customize the data and features they receive, ensuring they only pay for the things they need. This also makes integrating OddsMatrix data and tools easier with existing betting platforms or software.
Additionally, our real-time settlement feed is also conducive to scaling. Our Outcome Settlement monitors real-time sports-match events to automatically determine every betting outcome result as early as possible. We utilize a variety of sources for score and match event data, which are compared and cross-checked constantly. A 24/7 Trading Team monitors and manually settles the rare events for which automated sources are unavailable.
Other scaling-friendly features offered by OddsMatrix:
Next on our list is Sportradar, another leading global sports data provider. Like other services on our list, Sportradar provides various products and services to betting operators, sports organizations, and media companies. Sportradar collects, analyzes, and provides sports data to companies, allowing them to develop products oriented toward betting leaders.
The SportsScore API provides data on teams, standings, players, coaches, starting lineups, and any intelligence practical to bookmakers. The API also provides real-time data in various forms, including live scores, game incidents, corners, and penalizations. As a whole, developers choosing SportsScore get the following benefits:
Gracenote is another data provider that aggregates, curates, and delivers sports-related data. Their services include schedules, scores, statistics, player information, and even play-by-play details on all major leagues and events worldwide. Data is delivered via an API and hosted solutions.
As a modern bookmaker, technology is your best bet to stay ahead of the game. OddsMatrix, the leading sports betting data provider, offers everything a bookmaker needs to take their betting business to the next level.