One of the first things I did when I started LacrosseReference was to implement an Elo model to rank teams. For years, I've used the Elo model to calculate win probabilities for any matchup. I work hard to calibrate the model so that an 80% chance means that you should expect 8 wins and 2 losses.
I don't personally bet on games, but one of the big benefits of the rise of lacrosse gambling is that there is a numeric representation of the public's perception of almost every game (at least for DI Men). Since the models are, by definition, calibrated to actual outcomes, the next frontier is seeing how they compare against what the public thinks about games. And the GameGuide was born.