Recent court rulings and declining resistance from the NFL and MLB is leading to the legalization of sports betting across the US. Despite a market size estimated at 100 billion dollars, little is known about the online sports betting industry (at least in the US). Data scientists and analysts will find themselves in demand in this new market. Sports betting relies on probability, predictive modeling, and data wrangling skills.
In the talk, you'll get an overview of the industry from both perspectives, the sportsbook, and the bettor. I'll answer some common questions: how do sportsbooks make money? How are the point spreads set? Is it possible to make money sports betting? If so, how? Some of the topics we'll explore in depth: the mathematics of betting, tools of oddsmakers, simplicity of in-game betting models, using data to determine the value of points in the NFL, low-quality datasets, and ways of dealing with small sample sizes. Along the way, I'll introduce plenty of helpful R packages for sports analytics, ranking algorithms, and data sets.
Cory Waters worked in the sports betting industry for over a decade, spending most of that time in San Jose, Costa Rica. Currently, he works as a data scientist for a political consulting firm operating in Palm Beach County. He was a finalist for the 2019 Reed Award for 'Best use of Data Analytics/Machine Learning in a Field Campaign'.
Event starts at 6:30, talk will begin around 7:00. Complimentary Pizza and beverages courtesy of NextEra Energy.