Does Knowing the Stats Really Help in Sports Betting? The Truth Hurts Sometimes

You know that age-old adage, knowledge is power? When it comes to making sports bets, knowledge isn’t just power; it translates into cold-hard cash.

But what happens when knowing the stats isn’t helpful in sports betting?

Let’s look at the types of sports data you should research before placing your bets and the most common ways in which knowing the stats can actually hinder your betting odds.

Data You Should Research Before Betting on Sports

While not all sports data is helpful, it’s still important to make informed decisions before placing your bets. All professional bettors do their research, and you should follow their lead by familiarizing yourself with the following types of sports data.

Player Stats

One of the most important types of data to analyze before placing a bet is player stats. Understanding how a player has performed in previous games can help you make more informed decisions when it comes time to place your bets.

A lot of bettors simply place odds on the favorite, which isn’t always the best betting strategy. Since the favorite is already expected to win, everyone else will be betting on this team or player, too.

Instead, try for prop bets on individual player performance (yards run, shots made, first field goal, etc.) if you want better odds pricing than simply betting on the favorite to win a game.

Weather, Injuries & Terrain

Weather, industry, and terrain can all affect team and player performance.

Some tennis players crush their form on cement courts but don’t perform as well on clay. Race car drivers perform well on different tracks. Home teams usually have the advantage, but some home teams have a significant advantage over visiting teams at certain playing fields.

You’ll also find that there are players who don’t perform well in certain weather conditions.

Of course, you’ll always want to research players’ injuries, too. If a player sustained an injury even weeks before, it could affect their performance.

Historical Data & Trends

One of the most important pieces of information to have on hand before placing a sports bet is historical data.

Research how teams have performed in the previous weeks and how they previously performed against the teams they’re scheduled to play.

Odds Pricing

Sportsbooks do their own research before they publish opening lines, and the odds are not always in your favor. These platforms have teams of oddsmakers that have years of experience researching sports data.

Yet, oddsmakers aren’t perfect. The pricing of odds can differ at every sportsbook, so it’s in your best interest to shop around when the odds are released.

How Knowing the Stats Can Hinder Sports Betting Decisions

Sports data is only helpful if you use it effectively. Sadly, a lot of novice bettors don’t understand how to use sports stats or misuse data altogether.

Here are some of the common ways sports statistics can actually impede your betting decisions.

Not All Data Is Helpful

It’s easy to misinterpret data or find patterns where patterns don’t exist. One of the most common pitfalls of green sports bettors is focusing on sports betting data that isn’t vital to the event.

Overanalyzing data can be the kiss of death to sports bettors. If you get too bogged down in the weeds, you may find it hard to sift through your data, or worse, you could end up suffering from decision fatigue and making really bad bets off the cuff.

Misusing AI

Using ChatGPT to make sports bets has become very popular in the past few years. A lot of novice bettors assume that they can simply ask AI who will win a game or how many yards a player will run.

While AI can be useful in some betting scenarios, it’s not a Magic 8 Ball that can see into the future. We have a long way to go before ChatGPT can accurately predict sports bets. And when that happens? Everyone will be making the same bets using AI, which will affect the lines.

Data Can’t Determine Luck

Sometimes players get injured mid-game. Sometimes an underdog surprises everyone and wins against a favorite. Sometimes it snows in May.

Sports betting is a skill that can be honed over time. But at the end of the day, luck still plays a major factor in the outcomes of sporting events.

Does Knowing the Stats Really Help in Sports Betting? The Verdict

Yes, researching and understanding the stats can help in sports betting, but misunderstanding the data can lead to losses.

One way to use data more effectively is to keep track of your own betting history. Try to analyze your strongest and weakest bets. Figure out where you went wrong and where you excelled. Understanding why bets won or lost can help you refine your research strategy over time.