No matter what predictive model you want to build, you have to go through several steps. You find many different approaches to describe such a development process for statistical models or predictive models in the internet. I have chosen a relative simple one, which is based on papers for a SAS training.
Analytical Architecture: TripleA DWH
As described in How to beat the bookie: Value Betting I want to use Value Betting to beat the bookie. To identify value, I have to be able to calculate the probability of a specific sports event (e.g. Home-Win for Team A) as accurately as possible. Therefor, I have to develop, test, simulate and process different predictive models. As a DWH architect I know, that a good data architecture helps a lot to support such a developing process. That’s why I formed the concept of the TripleA DWH – the Advanced Agile Analytical Data Warehouse – a data architecture aimed to automate data science processes.
How to: convert betting odds
While learning something about sports betting, it is essential to compile betting odds to probabilities and probabilities to betting odds.
How to beat the bookie: Value Betting
There are many ways to beat a bookie. One of the well known methods is arbitrage betting, where you try to find price differences between different bookies. Some years ago this was a really good method, but today, as every single information about sports is available throw the internet, it is hard to find difference between bookies.
I will mainly focus on the so-called Value Betting. But what is Value Betting and how does it work?
Beat the Bookie 