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Betting models using AI: a review on ANN, SVM, and Markov chain

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  • Kollár, Aladár

Abstract

In today's modern world, sports generate a great deal of data about each athlete, team, event, and season. Many people, from spectators to bettors, find it fascinating to predict the outcomes of sporting events. With the available data, the sports betting industry is turning to Artificial Intelligence. Working with a great deal of data and information is needed in sports betting all over the world. Artificial intelligence and machine learning are assisting in the prediction of sporting trends. The true influence of technology is felt as it offers these observations in real-time, which can have an impact on important factors in betting. An artificial neural network is made up of several small, interconnected processors called neurons, which are similar to the biological neurons in the brain. In ANN framework, MLP, the most applicable NN algorithm, are generally selected as the best model for predicting the outcomes of football matches. This review also discussed another common technique of modern intelligent technique, namely Support Vector Machines (SVM). Lastly, we also discussed the Markov chain to predict the result of a sport. Markov chain is the sequence or chain from which the next sample from this state space is sampled.

Suggested Citation

  • Kollár, Aladár, 2021. "Betting models using AI: a review on ANN, SVM, and Markov chain," MPRA Paper 106821, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:106821
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    File URL: https://mpra.ub.uni-muenchen.de/106821/1/MPRA_paper_106821.pdf
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    References listed on IDEAS

    as
    1. David Frank Percy, 2015. "Strategy selection and outcome prediction in sport using dynamic learning for stochastic processes," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 66(11), pages 1840-1849, November.
    2. Srivastav, Bhanu, 2021. "The novel Artificial Neural Network assisted models: A review," MPRA Paper 106499, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Artificial Intelligence; ANN; Betting; sports; SVM; Markov chain;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • C55 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Large Data Sets: Modeling and Analysis
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling

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