The purpose of our project and website is to inform those interested and involved in sports betting and aid them in their choice of deciding which bets to place. The various trends adn arbitrages that update each day give invaluable insight when trying to earn profit.
An emmediate question that arises when getting into sports betting is which book to use. While arbitrage may require more than one book, this visualization depicts which book most frequently gives their users the best odds to make profit. Draft Kings holds the vast majority of those bet. From this dataset, one could conclude that Draft Kings would yield them the most money.
This visualization shows the relationship between a bet being an arbitrage and not over a given number of bets. Arbitrage is when a certain discrepancy in odds occurs between two books that allows the bettor to place opposite bets on the same event and is guaranteed to profit, regardless of their inevitable loss.
This visualization depicts the small amount of bets that have a positive expected value. From this graph, it would be fair to assume that it is nearly impossible to make any profit off of sports betting. However, as shown with other graphs, through the use of arbitrage this is not the case.
In this visualization we look at the expected value per bet and which sports book it corresponded to. From this visualization we can gather that the DraftKings sports book dominated a high percentage of our dataset. It can also be seen that DraftKing’s bets yielded an unusual amount of negative expected value bets. This would lead one to believe that they are not getting the value they deserve per bet on DraftKings compared to other platforms such as Caesars who produced a surprisingly high frequency of positive expected value bets.
In this visualization we observe the aggregate expected value per each sports book. We can identify several unique insights from this visual: DraftKings’ bets amounted to an abnormal negative value with little to no arbitrage opportunities. BetRivers had many arbitrage opportunities which correlated with a positive expected value.
This visual demonstrates the probability of a bet being arbitrage based off of the expected value. It can be noted that there is a direct correlation between positive expected value and an arbitrage bet. At the 0 mark, the arbitrage line shoots up to a higher value due to the impending positive value.