People across the globe are trying to adapt to the new normal. Every day lives are changing to prevent the spread of the virus. Thus, the sports betting industry is changing bookie model to keep up with the times.
Sports organizations implement several health and safety protocols to ensure players and staff are safe from the coronavirus. Some experts expect the changes to remain in effect for a long time.
Most sports changed their schedules and formats. As a result, the sports betting industry had to make changes, as well. That way, they can ensure the accuracy of their services. Most changes were due to the cancellation or delay of events. For instance, the Premier League in the UK had to scrap two-legged matches and replays to ensure they can complete the season.
Changing Bookie Model
According to bookie pay per head reports, the sports betting industry is changing at a fast pace. Thus, there’s a need for a fast and flexible approach. Sports betting software needs to work at a quick pace to come up with lines for the new game permutation and tournament formats.
For instance, Aussie Rules football shortened their quarters from 20 minutes to 16 minutes. Thus, software needs to rescale the time for every quarter to come up with the right odds. However, the time change has no historical precedence. As a result, handicappers don’t have a benchmark to base their decisions.
A live sports event comes with uncertainties. It is intensified with format changes. Thus, sportsbooks can’t model how competitors and players react. It will take a specific time to predict results.
Sportsbooks need to collect more data to improve their accuracy. That way, they can develop new models to reduce manual balancing of their lines. That is how to be a bookie in a post-coronavirus environment.
