If you want to make money with sports betting, you've probably considered using a dedicated betting algorithm. These complex programs are designed to identify profitable betting opportunities — including value bets and arbitrage bets — by analyzing large amounts of data… but do they really work? In this article, we'll discuss the basics of betting algorithms, including what they are, how they work, and whether you can really make money with them.
What Is a Betting Algorithm?
Betting algorithms are computer programs designed to find profitable sports betting opportunities. They use vast amounts of data from past sporting matches so as to identify patterns, which can then be used to calculate the probability of certain sporting outcomes. In most cases, betting algorithms calculate the probability of various outcomes, and compare those probabilities to the odds offered by bookmakers, so as to identify bets that are worth placing.
Types of Betting Algorithm
Generally speaking, betting algorithms can be divided into two types, depending on what they aim to achieve. The two broad types of betting algorithms are value betting and betting arbitrage algorithms.
Betting Arbitrage Algorithm
Betting arbitrage is when you take advantage of changing odds for a certain sporting outcome. It usually happens on betting exchanges, where betters can place a bet at favorable odds, and then place a bet against their original bet (thereby guaranteeing a profit) once the odds have moved. Although they are far and few between, there are algorithms designed to help in betting arbitrage. However, they don't work quite like value betting algorithms, since they place lesser importance on calculating the probability of sporting outcomes. Instead, they look at patterns in odds, especially on betting exchanges.
Value Betting Algorithm
The more common type of betting algorithm is a value betting algorithm. A value bet is any bet where the odds for a certain outcome seem favourable, based on the probability of that outcome occurring. There are plenty of value betting algorithms out there, and they usually work in the same way we described earlier: they collect up data from past sporting matches, estimate the probability of various outcomes, and then identify bookmakers or betting exchanges offering odds that seem favourable.
How Do Value Betting Algorithms Work?
Since value betting algorithms are by far the more popular type of betting algorithm, let's take a second to discuss how they work. Really, there are two parts to a value betting algorithm. First, the algorithm needs to identify value bets, which relates to the idea of expected value. Second, the algorithm needs to suggest an appropriately-sized bet, depending on how confident it is.
Finding value bets is all about finding bets with an expected value greater than the stake of the bet. The expected value of a bet is the profit or loss you can expect to make when placing a bet over and over again. With a value bet, the odds provided by the bookmaker are high enough that you should make a profit based on your estimation of the outcome's probability. In order to calculate the expected value of a bet — and thus identify value bets — betting algorithms rely on past data. By looking at how often a certain outcome occurred in past matches, and analyzing the trends within those matches, algorithms can predict what will happen in an upcoming match. For example, if a football team scores an average of 2.1 goals every game, you can expect them to score more than two goals in an upcoming match.
Many people think that making money with value betting is all about finding good value bets, regardless of whether you use an algorithm. However, there's another big aspect to value betting, and that's bankroll management. Since you can't be sure that any single bet will be correct, you can't risk too much of your betting portfolio on each bet. Bankroll management isn't just about placing small bets (in comparison to your bankroll), but it's also about adapting the size of bets to how confident you are in a certain outcome taking place. If an outcome is very likely, for example, an algorithm may choose to opt for a higher stake for that bet.
Can You Make Money with a Betting Algorithm?
Of course, you can indeed make money with a betting algorithm. So long as the algorithm is able to find profitable value betting or betting arbitrage opportunities, there's no reason why you can't profit. In fact, the most successful betters often use some kind of algorithm. For most, the issue lies in finding an algorithm that works.
How to Find a Betting Algorithm That Works
Unless you're a data scientist, you might struggle to create your own betting algorithm. As a result, most betters are best off looking for a betting algorithm that already works, but how do you find one? There are hundreds — if not thousands — of betting algorithms on the web. While some of these tools can indeed help you to make money with sports betting, many are ineffective or, worse yet, plain old scams.
When looking for a betting algorithm, you shouldn't be afraid to spend some money. The best algorithms aren't going to be free, since there's no reason for the creator to give their secrets away. On the flip side, stay away from one-time purchase algorithms and systems, which might be scams, and opt for services that take a monthly fee. If you're on the hunt for a value betting algorithm, we suggest you give Hinto a go. Our revolutionary sports betting algorithm generates betting tips for football and tennis, based on tens of thousands of past matches. It relies on advanced Big Data techniques, so as to draw effective conclusions and predict the likelihood of certain outcomes.
Betting algorithms are computer programs which identify profitable betting opportunities. Broadly speaking, they can either focus on value betting, or betting arbitrage. In either case, they rely on data to find patterns in sporting outcomes (and sometimes odds movements), showing you exactly how to turn a profit.