Definition of Data Mining
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What does the term "data mining" mean in the world of sports betting? What is meant by "data mining"?
When it comes to sports betting, "data mining" refers to when a sports bettor will use mountains of data in order to find situations that can be exploited. Many of the world's most successful gamblers now use some sort of automated betting systems in order to find their profits.
With computers and the Internet, gamblers can get access to heaps of data that can help to exploit edges. How do certain teams play in certain types of weather? How does one team play on the road during the last five minutes of a game? How has a player done historically after dropping his/her first set of the match? Automated systems can created billions, if not trillions, points of data which can be used to play bets.
Professional gamblers who use automated systems will usually put on tens of thousands of wagers per year, if not more. There are tiny edges that can be exploited, and professional gamblers know that they need to get as much money down on these edges as possible, without blowing out their bankrolls in case of variance. Casual bettors will usually plunk down money on their favourite teams, while the professional gambler will simply put their money where the edges exist.