Everyone, who follows my blog, will have noticed, that I did not published any post for a long time. This was because I first could publish my first article for the DOAG Business News and after that had two presentations at the DOAG conference.
I currently started to test machine learning algorithms to predict the results of football matches. I especially tried to use neural networks. But I soon realized, that the possibilities of R regarding neural networks are a little bit limited. So I want to take a look at TensorFlow. TensorFlow is a machine learning library provided by Google, which was already used for many different use-cases and proved its suitability.
As the installation process for TensorFlow was not self-explanatory, I thought, it would be a good idea to provide a small installation guide. I want to explain, how I installed TensorFlow and the Python GUI PyCharm.
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.
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. Therefore, I want to develop, test, simulate and process different predictive models. As a DWH architect I know, that a good system 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.
While learning something about sports betting, it is essential to compile betting odds to probabilities and probabilities to betting odds.
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?