The sports betting market has grown to become one of the most profitable in the gambling industry, raking in a whopping $85 billion in just one year. This number is expected to climb significantly in the future, thanks to advances in modern technology, as more bettors choose to place wagers on their favourite sports via online sports betting software.

Customers are taking notice since sports betting is now easier and more convenient than ever. Sports betting, like any other industry, is always evolving. Here are a few major themes that would lead to the upliftment of this unstoppable sector in the coming years.

1. Globalisation

Globalization has become increasingly significant! Audiences from all over the world, fans from all over the world, leagues from all over the world, and the media from all over the world! Nowadays, everyone and everything is linked! Borders are no longer important because the world is at your fingertips. Many people are able to work where they desire. All major sports have gone worldwide, whether it’s the Champions League, Formula One, or golf.

In a nutshell, the consumer, the media, the rights holders, and the advertisers are all going worldwide. A global reach is required to stay on top, and I am confident that this trend will not fade away quickly.

2. Integration of sports betting and casino

Punters may now enjoy both the excitement of betting and the mystique of a casino on the same platform thanks to innovation and inventiveness in merging casino software solutions with betting platforms. In areas where sports betting is permitted, video screens can be utilised to improve gaming tables or make sports betting more convenient for the gamblers all over the world. 

Many software vendors will be able to meet the changing wants of numerous gamblers with this brand new material. Since casino games such as blackjack, baccarat, and poker may be played on the same platform as sports betting.

3. Real time betting

Another game-changing development in sports betting is live betting, which has already established itself as the most popular online betting activity. Players can now gamble on a specific game or match while it is still live and in progress. Players may now enjoy the thrilling sensation of minute-by-minute developments affecting their odds in real-time thanks to this new improvement in sports betting.

In essence, live betting allows bettors to put additional bets in the hopes of winning during a game. This differs from traditional betting, which is typically done before the game or match begins and does not allow for additional bets once the game or contest has started. Players who are watching the game can now increase their wages based on how the game is progressing, increasing their chances of winning. With several leading sportsbooks offering many live betting matches daily, live betting has become one of the most popular ways to wager on sports.

4. Cryptocurrency

To help handle online transactions, blockchain technology eliminates the need to deal with any fiat currency or banking institutions. Payments are not only easier and faster with cryptocurrency, but they are also safer and more private than ever before.

Another big advantage of using cryptocurrencies on sports betting platforms is the lack of transaction fees, which allows bettors to make as many daily transactions as they want for free. This is unquestionably advantageous to sports bettors. Cryptocurrencies will undoubtedly become extensively recognised at online betting sites in the near future, as one of the best improvements in modern gambling.

5. Betting from hand-held devices

Anyone may wager on their favourite event with mobile sports betting at any time of day or night, from anywhere there is light. The mobile betting business has developed at an accelerating rate in recent years, eating into the earnings of both offline and online betting. People can use their mobile phones to deposit and pay for their bets using a variety of deposit and payment methods. With 5G technology on the horizon, mobile sports betting is predicted to take up in the future.

6. Virtual and augmented reality are being adopted.

The acceptance of VR and AR is not to be overlooked. Fans may become their favourite athletes by using VR and AR! They will be able to experience what it is like to be a part of a match and will become more immersed in the game. Simply pointing their iPhones in the direction of a player will supply them with the essential info and metrics. Remember, this is just the stadium experience; there is so much more!

7. The awakening of eSport

eSports betting is a relatively new betting market that has exploded in popularity in recent years. Electronic sports, or eSports, are primarily video game contests played by professional players or teams, as the name suggests. Due to streaming sites like YouTube and Twitch, which allow fans to watch events live, eSports has gotten a lot of attention in the previous five years.

In addition to simply watching, bettors can place wagers on the outcome, with a variety of betting options and sub-categories to pick from. eSports will most certainly continue on its path to becoming one of the most lucrative gambling sectors in the world, based on the prevalence of live streaming.

Final Thought

The sports betting industry is modernizing, and with it, the sports fan, thanks in large part to the convergence of technology and the gambling business. While the article above focuses on a few of the trends, there are many others that have contributed to the changing landscape. And, more crucially, this tendency will only continue, stretching the boundaries of creativity and imagination while bringing in even more change. Simply said, the old ways are no longer valid, and there is no turning back.

Do you want to know how to calculate probability from odds? Do not worry; this post will help you assess the potential value of a particular market.

Probability and odds are two basic statistical terms to explain the likeliness that an occasion will occur.

Probability is the fraction of the needed results within the context of each possible outcome with a price between 0 and 1, where 0 would be an impossible event, and one would represent an inevitable event. Probabilities are usually given as percentages. [i.e., 50% probability that a coin will land on HEADS.] Odds can have many numbers and can start from zero to infinity, and that they represent a ratio of desired outcomes versus the sphere.

Odds are a ratio and might lean in two ways: odds in favor and against the odds. Odds in favor are odds describing if an occasion will occur, while odds against will tell if an incident will not happen. If you are conversant in gambling, odds against are what Vegas gives as odds. More on it later. For the coin flip, odds in favor of a HEADS outcome is 1:1, not 50%.

Below may be a procedure on the way to calculate probability from odds.

Intuitive calculation of probability

Let us examine the world example. Team A faces Team B on Saturday. Let us consider two complementary events, A and B:

Event A: Team A will keep a clean sheet against Team B.

Event B: Team A will not keep a clean sheet against Team B.

These two events are complimentary. It means at least one of two events will occur. You will or will not be, perfect sheet for Team A in this matchup, and there will be no possible win or the event. And so, the sum of probabilities of occurrence A and event B is 100%.

Denote P(A) as the probability of event A and P(B) as the probability of event B. For complimentary events:

P(A) + P(B) = 100%

Decimal bookies odds of Team A keeping a clean sheet are 6.8, and odds that they will not support a clean sheet are 1.06.

Bookies odds of event A: 6.8

Bookies odds of event B: 1.06.

So bookies favor Team B to get there in a match.

With fundamental calculation, we can convert these numbers into implied probabilities. We invert the percentages. We estimated expectations. Supported this approach, Team A will keep a clean sheet with 14.71 most likely and concede with 94.33 in all likelihood.

However, the matter is apparent. After we sum both probabilities, we do not get 100% when both events are complimentary, and we get a sum of 109.05 %.

P(A) + P(B) = 109.05 % ≠ 100%

This is an enormous downside of this approach that causes inaccuracies in probabilities that are calculated in this manner. Why does it happen?

Downsides of intuitive Conversion Odds to Probabilities

A difference within the results is caused by the margin that bookmakers are using to form profit.

It means bookies are below fair odds (actual odds calculated from accurate probabilities). That is why we get higher chances than we must always, once we only invert odds.

In our case, the margin is:

Margin: 109.05 % – one hundred pc = 9.05 %

If we wish to urge more accurate results, we want to induce probabilities P(A) and P(B) that have 100%. To try and do that, I would like to urge you to prevent the margin from our probabilities.

Now, we’ve Team A keeping a clean sheet with the probability of a 13.49 attempt to concede with 86.51 %. And some of both possibilities are 100%.

Additional Method of Calculating Probability

The method is Margin Weights Proportional to the chances.

Let us denote variables Fair odds of event X as FO(X) and Bookies odds of event X as BO(X).

Fair odds FO(X) are odds after eliminating margin from Bookies odds BO(X). So relationship here is:

FO(X) ≈ BO(X) + margin

Using Margin Weights Proportional to the percentages method, we can calculate Fair odds of event X with the formula:

FO(X) = (n * BO(X))/(n – margin * BO(X)),

where is the number of possible outcomes. In our case, we have 2-way odds (Team A will keep a clean sheet, Team A won’t keep a clean sheet), so n = 2.

For a football match with three possible outcomes (win, draw, lose) n = 3.

Let us continue with our leading example. Using this method, we will calculate fair odds and probability of event A: Team A will keep a clean sheet as:

FO(A): (2 * 6.8)/(2 – 0.0905 * 6.8) = 9.8223

P(A): 1 / 9.8223 = 0.1018 = 10.18 %

Fair odds of event A: Team A will keep a clean sheet are 9.8223. After we invert it, we get the probability of this event. So there is only 10.18 in all likelihood that Team A will keep a clean sheet against Team B.

Similarly, we will calculate fair odds and probability of event B:

FO(B): (2 * 1.06)/(2 – 0.0905 * 1.06) = 1.1134

P(B): 1/1.1134 = 0.8982 = 89.82 %.

It implies that Team A will concede against Team B with 89.82, most likely.

Let us check the sum of both probabilities.

P(A) + P(B) = 10.18 % + 89.82 % = 100%

Conclusions

There is a lot of math on how to calculate probability from odds, and I hope this post will help solve your problem. Your only assignment is to read and follow those steps carefully.

 

Bob Arum, Tyson Fury’s Promoter in America, has dismissed the notion of Anthony Joshua winning his rematch with Oleksandr Usyk. He says the Brit boxer is too chinny and will face another defeat. For sports news and tips, predictions, and matches, visit liontips.com. 

With Joshua vying for a rematch, Usyk will suspend unifying against WBC Champion Fury after the Gypsy King defeated Deontay Wilder again in their third trilogy fight.

During the 12-round fight, Joshua(24-2, 22 KOs) relinquished his WBA, WBO, and IBF titles to Usyk (19-0, 13 KOs). 

Arum lashed out at Joshua’s manager Eddie Hearn for not convincing Joshua to step aside. The promoter predicts that Joshua’s strategy for the rematch will be to use his weight to pin Usyk to the ropes and apply pressure.” But the plan to act on Usyk’s size won’t work. Because Usyk will target Joshua’s chin, and AJ’s suspect chin cannot absorb the unload.

Bob says Anthony’s pride is AJ’s worst enemy, and this is why he refuses to accept defeat and walks away. Speaking with FightHub, he said that although the Brit boxer has great talents, he is equally a little chinny. AJ and Eddie’s reason for using their rematch rights is for legal protection. But if he loses his rematch, which is likely, his career will suffer huge setbacks.

Bob Arum suggested that Joshua would have been patient and waited for Tyson Fury and Oleksandr Usyk to battle for the undisputed championship in April. Joshua can then fight whoever emerges as the winner in September.

When inquired if the undisputed heavyweight tournament will be held in the Fall of 2022, the promoter replied, “probably.” He added that Usyk and Joshua’s interval battle on April 4th would determine if the September or October match for unification would hold. Fury is also likely to fight again in March or April.

Arum also spoke on Fury’s ability to absorb the huge hits from Deontay Wilder during their third intense match on October 9th. He admitted that the Irish swift recovery from Deontay’s blows is not something teachable, and if it were another person, they would have a concussion. “He gets up like it doesn’t affect him at all. That’s amazing. I’ve never seen that before.”

The ideal situation for Tyson Fury is for Joshua to beat Usyk in March or April and then fight with him in the Fall of 2022 because a battle between the Gypsy King and Joshua is way bigger than the Usyk-Tyson match.

Bob also reacted to Dillian Whyte’s upcoming fight with Otto Wallin on Saturday, October 30th. “I don’t think Dillian beats Wallin.” Recounting Tyson’s fight experience with Wallin, he said Wallin is a tough Swedish dude, and Whyte’s performance in the coming battle will decide if Fury will fight Whyte.

If a winner emerges from the fight, Fury has three options: Fight, Leave or Send a request to the World Boxing Council to declare him the Franchise Champion so that he doesn’t fight.