Betfair has a team of Data Scientists, both in-house and external contractors, that build prediction models. They use dozens of quantitative variables, specific to each sport, that identify betting opportunities.
For example, the racing prediction model has over 30 variables such as prize money, trainer strike rate, jockey strike rate, last start performance and many more. These variables are automatically scraped each day, weighted and each horse is allocated a winning probability compared to the field. The information is shared daily, ranking the top five chances in order.
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