Sports model development: How the odds of winning changes during a football match given the score and time left

Abstract

Statistical tools and methodologies are being increasingly used in the field of sports. Sports industrieshave been spending increased amounts of money on the analytics in sports. Betting on the soccermatches is legalized in United Kingdom and some other European countries. Football pools involveselection of matches where outcome can be hard to predict. Statistical models can be very useful toolsin betting market to trace the changes in the probabilities of winning in an ongoing match depending onthe current condition of the match.