Can You Use ChatGPT for Sports Betting?
Before the coronavirus pandemic, the worldwide sports betting and lottery market peaked at nearly $261 billion in 2019. In 2021, sports betting revenue in the U.S. generated more than $4 billion.
As of 2023, there might be 23 million online sports bettors in the U.S., up from 19 million in 2022.
Analysts suggest the offshore sports betting market may generate $50 to $200 billion annually.
Sports betting became highly popular and lucrative from worldwide access to offshore betting platforms, faster internet speeds, and mobile phones.
Artificial intelligence (AI) is another hot trend in sports and technology, including software like ChatGPT.
Here’s a look at using ChatGPT for sports betting.
What is ChatGPT?
ChatGPT is a significant language model (LLM) AI chatbot programmed to respond to prompts and queries. Released by OpenAI, the software became available to the public in November 2022.
ChatGPT provides users with text, images, or videos based on generative AI. As a cloud computing platform, the software engine continually evolves into a better consumer product.
With 570 gigabytes of text data, programmers trained ChatGPT on 300 billion words. The GPT 3 model contains 175 billion parameters, while its GPT 4 upgrade offers users over 1 trillion data parameters.
That astounding power of data analysis could be beneficial to sports bettors.
How to Use ChatGPT for Sports Betting
With automation capabilities that are easy to use, sports bettors could implement ChatGPT for a lightning-quick analysis of upcoming matches or games.
You can use the free ChatGPT 3.5 version. (Upgrading to GPT-4 requires a $20 monthly subscription.)
To get started, you can choose from the following:
- Make up a story
- Write a Python script
- Show me a code snippet
- Give me ideas
It would be best to use ChatGPT to help identify patterns and trends for sports betting inquiries. That’s one-way sports bettors make their weekly decisions on spending their bankroll.
Identifying Patterns and Trends in Sports with ChatGPT
Using ChatGPT to check sports trends is valuable for reducing human error. That means more profit for bettors.
Here’s a look at the latest spread for an NFL Week 13 matchup between the Philadelphia Eagles and San Francisco 49ers.
San Francisco (-2.5) -115
Philadelphia (+2.5) -105
The Eagles get home-field advantage. However, an opening line slightly favors the 49ers to cover the spread.
With an opening line of -3, the Eagles won at home against the Buffalo Bills in Week 12. The game ended in overtime, with the Eagles winning outright—but they tied the spread.
In sports betting, tying your bet equals a “push,” or your wager gets returned. To avoid that from happening, identifying patterns and trends could help bettors earn an edge over close games.
ChatGPT recommends that bettors consider previous performances, injury reports, and expert analysis to make a wager.
Bettors could also enter data from previous matchups to ask ChatGPT to look for any patterns or trends.
Winning a Welcome Bonus at Your Favorite Online Sportsbook
Most online sportsbooks offer welcome bonuses to new players making a first-time deposit. Bonus cash typically comes with wagering requirements.
That means players must bet a specific amount before accessing their bonus as withdrawable cash.
For betting rollover explained in simple terms, you can check out tutorials and reviews of gambling sites.
You’ll want the lowest sportsbook rollover amount to get the most value. Players usually get a 100% deposit match worth up to $1,000 with a 10x rollover.
If the wagering requirement applies to the deposit and the bonus, that equals the following:
- $1,000 deposit = a $1,000 bonus
- $1,000 deposit with a $1,000 bonus = $2,000
- $2,000 (deposit and bonus) x 10 (rollover) = $20,000
For beginners, wagering $20,000 to earn $1,000 in bonus cash might sound like a lot. Active bettors, though, wagering $1,000 per week in an NFL season and playoffs, may have a shot at clearing their bonus.
Sports Betting Strategies for Beginners
For bettors just starting, there are a few simple sports betting strategies to consider. The most important thing to remember is that you should only gamble what you can afford to lose.
First, you’ll want to establish your bankroll and identify your goals.
If you deposit $250 and receive $250 in bonus money with a 10x rollover, you’ll need to wager a minimum of $5,000 in total bets.
Using the NFL as an example, 32 teams play 17 games over an 18-week regular season. With a $500 bankroll, you could wager around $33 per game for ten weeks to complete a 10x wagering requirement.
Professional sports bettors must win around 53% – 54% of their wagers to earn a profit.
To win at least eight out of 15 or 16 bets each week, using ChatGPT might help.
The Future of ChatGPT and Sports Betting
Using the accessible version of ChatGPT to analyze sports betting might require a lot of research. The more powerful version likely offers updated databases to help bettors identify patterns and trends.
With advanced algorithms, ChatGPT is a valuable tool for making informed decisions from analyzing data. The best sports bettors must win only a slight majority of their wagers to stay profitable.
Savvy sports bettors should implement strategies to leverage ChatGPT to level the playing field against oddsmakers and their AI-induced betting lines.
This article has been published in accordance with Socialnomics’ disclosure policy.
