Technological advancements are impacting every walk of life, from our personal lives to the boardroom. And it’s particularly noticeable in sports betting nowadays, especially in popular sports like horse racing.
The sport continues to grow year on year, with the promotion of offers across several horse racing betting sites encouraging more people to place wagers on the sport. No matter if you’re watching trackside or following from afar, the process for placing wagers on events such as Cheltenham, the Grand National, and Royal Ascot is remarkably different from past decades.
Developments in technology also extend to how bookmakers conduct day-to-day operations. In many ways, the racing ecosystem now operates much closer to a modern tech enterprise than the trackside industry of yesteryear.
Real-Time IoT: From the Track to the Supply Chain
The growth of the Internet of Things – a network of connected physical devices that collect and exchange data – has become increasingly prevalent in horse racing. Sensors and GPS tracking devices are now commonly used in races and training to monitor key performance indicators, such as a horse’s heart rate, stride length, speed and acceleration.
Consequently, trainers can then make decisions based on real data instead of trusting intuition and the eye test. In turn, that allows them to optimise performance and boost their chances of victory, while also navigating injury management.
The tools provided by the Internet of Things to horse racing echo functions within the business world. Just as sensors flag things like fatigue, the same technology can perform predictive maintenance, or can help to monitor a supply chain.
AI-Powered Analytics: Forecasting the Unpredictable
Artificial intelligence’s growth is transforming every sector of the working world as we know it. While businesses might use it to improve efficiency or to forecast economic outcomes, the technology is making just as big an impact on tracks and in betting markets.
In betting markets, AI can create thousands of simulations of the same race, altering certain variables such as wind velocity or the going. Using the vast amount of data available through form cards and other platforms, it can prove to be a useful tool for identifying undervalued runners in the market, instead of simply relying on intuition.
Owners can also use the technology in auctions, using analytics and variables such as pedigree genetic data to calculate a horse’s true value. Further refinements are expected to be made to AI, which should allow for enhanced capabilities across the field.
Smart Platforms: The Intersection of Pricing and Personalisation
While bookmakers might still use humans to set odds at races, pricing is now typically determined by automated software provided by the likes of Sportradar or OpenBet. Models will maximise the data available to them and account for changing variables, such as weather and track conditions, to establish a ‘true probability’ model instead of simply having someone determine how odds should shift trackside.
Then there are the engines which help analyse customer behavioural patterns, allowing for the provision of personalised promotions. AI is also increasingly being used to identify problematic behaviours, allowing bookmakers to comply with any regulations.
These both emulate other business models, such as dynamic pricing depending on fluctuating demand to maximise profits, as well as how businesses use Customer Relationship Management software to personalise marketing campaigns. Ultimately, whether you are managing consumer demand or balancing a book on the Cheltenham Gold Cup, the core principles of success are now entirely in the data.
