Your March Madness office pool is much like the Charles Schwab of sports betting. Beyond those hastily chosen brackets, there’s a whole cottage industry of sports betting that’s increasingly resembling Wall Street.

In 2016, total sports wagers in Nevada were $4.5 billion, in line with the Nevada Gaming Control Board. With the much at risk, gam-blers are turning to modern-day tools which involve complex data analysis to accomplish better odds, real-time wagering during games, fund managers who pool bets and risk management practices.

Gam-blers can see various sources online guiding these people to the best sports picks. IntelligentBettingTips.com is just one service which offers suggestions according to a prediction model much like “collective intelligence” used by the large banks. Collective intelligence aims to gather opinions from a group of people, hoping it will lead to a consensus that’s better than just one person’s guess.

IBT provides predictions, picks and strategies for college, professional and international leagues by combining input from industry experts for each sport along with sentiment data taken from social media. “We then take these data sources and make use of our own algorithms to run various scenarios to discover profitable trends and patterns,” said Kael Mansfield, chief executive officer at IBT. Currently, the internet site has more than 11,000 paying members, Mansfield said.

When you consider sbobet, you probably envision people making calls before the start of a selected game or tournament. But bets made during live games are on the rise: In 2016, 20 percent of most bets at William Hill Plc’s Nevada locations were made “in-play,” marking a 33 percent increase in the previous year, as outlined by Michael Grodsky, the company’s vice president of marketing.

That’s in turn driving the interest in real-time data. The data can be disseminated faster than the usual television broadcast, which will come in with a multi-second transmission delay. “Ultra-fast and accurate data provide sophisticated gam-blers with a material advantage on someone operating on the five to 10-second delay via a television feed,” said Ryan Rodenberg, an associate professor of forensic sports law analytics at Florida State University. “The edge is most notable in live, in-game wagering where odds and costs can fluctuate wildly upon the occurrence of a particularly important event like a late-game three pointer in basketball or key third-down conversion in American football.”

The practice is called “courtsiding,” as well as the advantage real-time data share with bettors can be in comparison with a trader acting on news of an acquisition seconds before her or his competitors. Courtsiding can give a gam-bler an advantage on the bookmaker.

Some professional bettors have started to take on the role of fund manager, pooling together money from backers seeking better returns. Legalized in 2015, entity betting allows an individual or group to create a fund in Nevada offering sports betting as an investment opportunity.

Contrarian Investments LLC is a example. Owner Chris Connelly said he has both domestic and foreign investors. The same as the common Wall Street approach to searching for arbitrage in overvalued or undervalued stocks, Connelly said he relies on a computer model to find overvalued gamb-ling spreads and bets against them. “Instead of making an investment in the stock market and having a certain stock, I’m investing on sports spreads of athletic teams,” Connelly said. “So I center on football and basketball, college and pro.”

Contrarian Investments LLC fund is under $500,000, but Connelly said he anticipates breaking the $1 million mark by next football season. He’ll have plenty of competition because the practice becomes more popular.

A developing and increasingly dexmpky78 market can foster cheating. Many bookies are counting on technology and consultants to try to ensure a decent market.

While not quite the Securities and Exchange Commission, there are companies that monitor for fraud in gamb-ling. Genius Sports Group Ltd. works with sports leagues and gamb-ling operators around the globe, tracking suspicious activity inside the international betting markets. Genius Sports looks at reams of information for deviations from normal industry movements by monitoring numerous sportsbooks and tracking social media marketing, said Christopher Dougan, a firm spokesman.

“We provide the same system like a high-tech algorithm and reporting systems for sports worldwide, including English Premier League, to follow any unusual activity inside the international betting markets that may indicate something unusual happening,” he was quoted saying.