Importance of Sports Data Feeds for Today's Online Sportsbooks

Information is the magic currency of the online sports betting industry and will determine how well your sportsbook succeeds. To survive in the game, you must have a constant flow of real-time information on multiple ongoing sports events and be ready to make instant decisions based on these updates. You cannot get it wrong, as one mistake could cost your sportsbook its reputation. We know it just goes downhill from there.

So, how do you get these vital streams of data to run a successful platform? That is where sports data feeds come in.

The most successful bookmakers rely on quality data providers for instant information and updates on ongoing sports events. These operators use the data to adjust their odds feeds and markets to match current realities and sustain bettors’ trust.

To push your sportsbook out there and compete, you must partner with a quality data feeds provider that knows its onions. This guide discusses sports data feeds and their relevance to today’s online sportsbooks. You will also learn how to choose the ideal provider.

What Are Sports Data Feeds?

Sport data feeds are digital operators that supply online sportsbooks with real-time information and data on sports events as they happen. While sportsbooks provide markets on events, they typically rely on data feeders for the information required to adjust their markets in real-time.

Data providers cover ongoing events with on-field scouts and use reliable systems to pass gathered information to bookmakers. Think about everything from score lines to foul updates, player injuries, and adjusted schedules. Sports data feeds supply these intricate details to bookmakers to change their markets and odds.

The best sports data feed companies can cover multiple sports and deliver information with less than a three-second latency.

Why Are Data Feeds Important for Your Sportsbook?

Well, the answer to this question should be pretty obvious. Still, let’s dive deeper into how a quality sports data feed company can positively influence your sportsbook success.

• Real-Time Updates: The best sports data feed companies are extremely quick with their information delivery. They have reliable algorithms that instantly receive feeds from data sources/scouts and relay them to partnering sportsbooks. Most have an information latency of less than 3 seconds, which is impressive. This speedy process allows bookmakers to adjust their markets and odds realistically and still stay competitive.
• Supporting Features that Make Relayed Data More Useful: Some top data feed providers offer supporting features that make their relayed information even more valuable. A good example is our TRADE360 system. It allows our partners to generate accurate and unique odds based on live sports data from major competitors. With this insight, partnering bookmakers can match their competitors by setting slightly better odds.
  Different feed providers may have unique supporting features that make their information more helpful.
• Enhance Growth and Improve Scalability: Sportsbooks Working with quality data providers are bound to grow over time. Based on observed trends, bettors are attracted to platforms with great markets and competitive odds, and a major way of meeting this expectation is by partnering with a top data feeds company. Over time, you will build a sustainable bettor base and attract new punters.
• Improved Operational Efficiency: Top data feed companies integrate their systems into your sportsbook, making the information delivery process extremely smooth and accurate. You do not have to manually collate relayed data, which significantly reduces the possibility of errors. The algorithms deliver the updates instantly and may even automate changes to markets and odds, depending on the filter/restriction employed.

How Does a High-Quality Sports Data Feed Improve Your Bettors Experience?

The good thing about sports data feeds is that they benefit more than just sportsbooks. They also enhance bettors’ experiences, both directly and indirectly. Your platform could enjoy higher patronage and better customer retention with the right provider. From our research, two major things bettors care about are reliable, realistic markets and high-level engagement.

Bettors prefer sportsbooks with reliable markets, and the only way to satisfy this need is to work with a dependable feed partner. It is not a great look if your sportsbook relies on a provider with high latency and poor support features. That would lead to too many market downtimes over time. Bettors always want to see an active market, and the only way to meet this expectation is to work with a provider that automates information delivery and has very low latency.

Additionally, quality data feed companies significantly improve your customer engagement level. LSports, for one, engages bettors in partnering sportsbooks with its Sports Expert Chat product. Popularly known as SEC, this Chatbox feature is an AI customer assistant and advisor. It can answer their sport-related questions and provide helpful market tips on demand. SEC is a great way for sportsbooks to make customers know they are part of a community and sustain their patronage.

Choosing the Right Sports Data Feed Provider

Many providers are out there offering tons of promises about delivering real-time data with very low latency, but only a few walk the talk. Fortunately, there are several tell-tale features a great sports data feeds company should have.

• Solid Sports Data API: What makes each provider unique is their sports data API. If the company does not have a solid, reinforced API, it will likely disappoint you. We are talking about consistent downtimes, inaccurate information, high latency rates, and poor integration. A great Sports data API provider squashes these concerns, delivering real-time and reliable updates. The best ones even have betting settlement capabilities.
• Scalability: Ensure that you confirm the capability of your preferred operator. Do they have the resources to oversee a vast number of sports events? You must think long-term and consider the possibility of needing to cover more sports markets in the future. Only settle for a company with vast sports coverage capabilities.
• Reputation: Only choose a provider with an excellent reputation. Before committing to any company, it is important to confirm its track record. You must be sure that its product is reliable and does not suffer from consistent downtimes. We also recommend you check other platforms currently using the service and see their performance.

Read our full guide about key metrics for choosing a sports data provider.

Conclusion

The difference between being a unique sportsbook or one of the many cliché brands in a crowded industry significantly depends on your choice of sports data provider. It is really about being first at everything in this industry, and only a reliable information source will give you that advantage. This guide discusses what defines an ideal data feed company and the benefits it offers. Getting it right is one of the major steps to establishing a super brand that will stand the test of time.