Betting has undoubtedly turned into one of the largest and most lucrative businesses in the whole world.
The global sports betting market amounted to 231 billion U.S. dollars in 2022 and is predicted to reach 10 billion U.S. dollars by 2028.
In this article, we are going to illustrate why betting markets need real-time sports data as well as understand the following:
- How do betting markets benefit from real-time sports data?
- The ways sports API get their data
- How sports data security is ensured
- FeedConstruct's Live Scouting Data
Real-time Sports Data Benefits For Betting Markets
Data has become a priceless asset in the sports world. Today, real-time sports data advantages for betting markets are enormous as it serves as fuel for them.
Delivering detailed and fast real-time sports data is in the best interests of the general betting market since the faster they deliver sports data, the quicker and more profitable the betting process will take place. Therefore, betting markets will avoid the risks of betting losses.
Real-time sports data forms the basis of attracting bettors and different sports enthusiasts, and operators must make data more attainable for them to stay competitive.
The significance of real-time sports data has increased drastically, especially over the past years, and it will certainly continue in 2023 and beyond. Data-driven technologies are evolving, thus helping all sports enthusiasts to get more benefits. That is why it’s crucial for APIs to get their data as fast as possible.
Let’s take a betting website that doesn’t deliver the quickest live scores. In a match, for instance, the player scores a goal, but this information is not shown in the feed on the website.
Because of this, sports enthusiasts start placing massive bets on the coming goal by ’’predicting’’ the future goal, as there is no risk left. As a result, the betting company will suffer massive losses.
The betting markets can also get huge benefits due to data transparency. This supposes that the data delivery company must ensure the betting markets get a continuous stream of transparent, accurate, and double-checked real-time sports data to suit all sports enthusiasts' needs, thus guaranteeing stable revenue for those markets.
So, all the betting markets actually strive to get real-time sports data since, with each delayed second, they might lose thousands of dollars.
How Do Sports API Get Their Data?
Live streaming continues to be popular nowadays, even though TV viewership is declining as both Internet and smartphones offer users new types of entertainment.
Sports APIs (Application Programming Interface) are platforms that deliver different types of sports-related data, such as real-time odds or historical data gathered from various odds feed providers. Also, the data provided by APIs is simply required for building further decisions.
So, there might evoke a question on how sports APIs get their data and what methods they use.
There are two ways in which APIs collect sports data - manual and automatic.
The automatic method is much simpler since the whole process is automated, and no additional efforts are put into it. Today’s technologies open up wide opportunities, like extracting data from different programs.
On the other hand, manual data collection needs human intervention to get the necessary information such as goals, fouls, team and player statistics, etc. Consequently, people responsible for manual data collection must watch the whole match and record the data manually.
Types of sports data collected by APIs:
- General match info (venue name, quarter duration, etc.)
- Team and player event data (points, missed, foul, turnover, etc.)
- General match events (score, time, ball possession)
Ensuring Sports Data Privacy And Security
As with any private data, the security and confidentiality of sports data must be maintained in order to rescue not only all the players’ data but also those with the right to use it, like sports data providers and their clients.
First, all the valuable data has to be collected with a huge speed and accuracy, so it is crucial to collaborate with sports leagues and federations to access the venues.
Another important step is protecting all the information from illegal operators and making it impossible to access. As the sports betting process is highly spread all over the world, mutual cooperation between sports and betting spheres is beneficial for both sides in order to ensure sports data security and privacy.
Nowadays, numerous innovative sports technologies, such as Artificial Intelligence and Blockchain, are implemented with the purpose of investigating the collected sports data and protecting it.
Besides, there are many enhanced bet risk management solutions aimed at preventing risks and financial losses and carrying out trading operations with confidence.
Meet FeedConstruct's Live Scouting Data
FeedConstruct’s live scouting sports network provides live data and reports events for the world's most diverse sporting events.
More than 2000 highly trained scouts deliver live sports data using fast and secure cutting-edge technology. The cost-effective solution offers live scouting data of various sports events transmitted with the shortest delay right from the venue.
In order to ensure that the collected data is accurate, it is continuously monitored and validated by Live Match Supervisors against alternative sources - like video streaming or the competition's official websites.
After the match, Data Quality Assurance Team assesses and ranks the performance of scouts as per the information from official sources and the feedback of the Live Monitoring Department.
Live Scouting Data offers a wide list of exclusive content, along with a diverse range of sports. Our global network of scouts is constantly growing, thus enabling the delivery of the most demanded matches across the globe.
Final Words On The Topic
In this article, we covered important sphere-related questions, such as what is real-time sports data. Also, we helped to form a clear understanding of how to get real-time sports data and what role it has in the betting markets.
In the betting industry, real-time sports data is a true game changer. In order to keep up with the competitive environment, betting companies need to ensure they deliver real-time, fast and accurate information, as this will help them hold the key to today's users.
Since users seek the most convenient and fastest data sources with the least technical problems, bookmaker operators must always put the users’ experience as the top priority.
Written by Lusine Manucharyan
Lusine Manucharyan is the content writer of Feedconstruct - the leading data-providing company. As a content writer, Lusine has the chance to combine her passion for sports with her skillfulness to create insightful and engaging content for both sports fans and industry professionals.