Data Availability Statement All data used within this study has been obtained from publicly available websites that are mentioned in the respective part of the study. Moreover, a file containing the minimal data to replicate the study as well as the most important results are included as supporting information. Abstract Betting odds are frequently found to outperform mathematical models in sports related forecasting tasks, however the factors contributing to betting odds are not fully traceable and in contrast to rating-based forecasts no straightforward measure of team-specific quality is deducible from the betting odds. The present study investigates the approach of combining the methods of mathematical models and the information included in betting odds. A soccer forecasting model based on the well-known ELO rating system and taking advantage of betting odds as a source of information is presented.
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