Sports data has become an essential component of sports marketing and the entire industry as a whole. There are many subdomains and even seemingly unrelated domains where sports data is a must-have.
Data itself is a business in the 21st century, especially with the rise of social media. Sports data covers a lot of details. From professional league matches to a person’s heart rate to the speed at which they run, let’s see how this domain works and why it has become so popular and profitable over the years.
Sports Data for Daily Activities
Except you’ve been living under a stone for the earlier decade, you’ve most likely discovered smartwatches, smart sports bracelets, and similar types of gadgets. These gadgets help people track their progress when dieting, jogging, and doing all sorts of physical activities.
Depending on what the data consists of, smart apps can then give the user appropriate fitness advice to get the best results in the shortest possible time. With the help of an internet connection, AI, and machine learning, these apps stay up to date with everything related to sports and health.
Sports Data for Sportsbooks
Sportsbooks are those places where bettors can wager money on matches, teams, and specific outcomes in general in the world of sports. These businesses rely on live sports feeds to showcase live statistics and to bet odds.
The way these feeds work is similar to how an RSS feed works. It takes tons of data from multiple matches and displays it in a single, readable, and comprehensive format. A sports data feed contains every small detail regarding odds, past wins, past events (including injuries, faults, penalties), and much more.
It helps both bookmakers and bettors alike through the simple fact that it “translates” said data into a readable format. In short, it gives both the house and the player a fair advantage. By eliminating the house’s advantage, more people can participate in sports betting without feeling like they’ve been cheated on. If you like to watch college basketball and want to get in on the action, make sure to follow Doc’s Sports basketball videos.
Sports Data for Big Tech Businesses
As with anything data-related from this past decade, sports data represents a major investment and opportunity for the big tech industry. Big tech companies can profit from sports data the same way sportsbooks and bettors do.
First off, the companies who produce smartwatches and other sports-monitoring equipment sell such items to football clubs and other professional sports teams at premium prices. They then collect the data, process it, and basically sell it to the coaches so that they can better train their team.
What’s more, tech companies practice the same thing when it comes to their smartwatches. If you’ve looked around to buy one such device, you might’ve noticed that they’re not exactly cheap most of the time. And they also require you to own a smartphone (sometimes a smartphone from the same brand) to even work properly.
It’s basically a form of upselling stuff to the consumer. This way, they create a cycle from which few consumers who rely on sports data to motivate themselves can get out of. Many people need to have their data monitored to keep their motivation up. It’s a psychological effect that makes them purchase all of these gadgets in the first place. And that’s how big tech can profit from this seemingly simple concept.
The Bottom Line
Sports data is here to stay and it’s in our lives more than ever before. In fact, it’s indirectly responsible for many people’s motivation to work out, but also for a lot of bettors who have surfaced during the last couple of years, and especially during the extreme lockdown period of the recent pandemic.
Furthermore, with the evolution of gadgets and even newer technologies slowly approaching, we’re curious to see what the next evolution will be in this domain. What are your thoughts on the matter? Tell us your opinion in the comment section down below and start a discussion with the community.