The Evolution of Football Betting- A Machine Learning Approach to Match Outcome Forecasting and Bookmaker Odds Estimation

arXiv:2403.16282v1 Announce Type: new
Abstract: This paper explores the significant history of professional football and the betting industry, tracing its evolution from clandestine beginnings to a lucrative multi-million-pound enterprise. Initiated by the legalization of gambling in 1960 and complemented by advancements in football data gathering pioneered by Thorold Charles Reep, the symbiotic relationship between these sectors has propelled rapid growth and innovation. Over the past six decades, both industries have undergone radical transformations, with data collection methods evolving from rudimentary …

abstract arxiv cs.lg enterprise evolution football forecasting history industry machine machine learning match paper professional tracing type