Sports betting was, for a long time, in the technological dark ages with a real refusal to use anything other than good old-fashioned intuition and guesswork, both for bookmakers and punters. Many tried to come up with systems but would view stats and figures with a certain disdain and unhappiness that amounted to a sort of reverse snobbery.
We can see it today with football and xG, expected goals, a term that is very common for professional gamblers to used but your regular run of the mill punters view it with subscription. It is easy enough to understand, it basically just calculates how valuable a chance is and if a team is over or underperforming based on the chances it creates. This can, of course, help you to see patterns and how likely teams are to win a match based on previous performances. It can also help to evaluate players.
For a long time, despite there being so many new pieces of technology, be that hardware or software, technology was simply ignored by people who liked to places bets and the companies who let you place them. There was no competition, no need to innovate before the internet people had to go into actual shops so why make it easier for punters if it was paid for them to find a new place to bet.
However, there were some innovative and driven companies which felt there were ways which we could change and alter betting in order to both freshen it up and make it more exciting. One of the key ideas was to introduce betting exchanges, with a number of companies pioneering this idea which would change the way people bet and interact with each other. One of these companies is Matchbook, who run one of the worlds biggest sporting exchanges and there are many different matchbook promotions people can use in order to get introduced to the platform without having to spend any money. They have worked hard to create this new system which makes betting better.
In essence, what it does is seek to set odds in a way that other companies had never even considered. Rather than using an algorithm no-one knows anything about or having a secret sect of employees who bicker and argue before putting the price up, betting exchanges give control back to consumers and allow them to interact with one another.
They have embraced technology which allows people to interact with one another, they have created a betting space which uses the latest technology to quickly and easily interpret what real people are betting on in order to change the prices. You are able to bet on or to bet against something happening, the more people doing one affects the price of the other. If a lot of people are betting on something to happen, say Manchester City to beat Leicester this weekend, then you will get good odds on betting for that not to happen. You can still bet on Man City to beat Leicester at a site like FanDuel, but the odds for that will not be as good.
Like the stock market, prices are affected by real time events and by actual people’s confidence in something happening. This technology then has given power back to the consumers and made betting a more open and democratic process.