1. A computer-implemented method for managing allocation of tasks to a plurality of crowdsourcing arms, the computer-implemented method comprising: categorizing one or more crowdsourcing platforms in the plurality of crowdsourcing arms based on requester preferences and one or more performance parameters of each of the one or more crowdsourcing platforms, wherein each of the plurality of crowdsourcing arms comprises a plurality of crowdworkers; allocating, to the plurality of crowdsourcing arms, a distribution vector comprising one or more weights for a predefined interval, wherein the one or more weights are indicative of a performance of each of the plurality of crowdsourcing arms on one or more previous tasks; distributing a set of tasks to the plurality of crowdsourcing arms based on the one or more weights of each of the plurality of crowdsourcing arms; receiving, after the predefined interval has elapsed, information pertaining to a current performance of each of the plurality of crowdsourcing arms executing one or more tasks from the set of tasks; updating the one or more weights of each of the plurality of crowdsourcing arms based on the respective current performance of each of the plurality of crowdsourcing arms, wherein the updating comprises increasing the one or more weights if the current performance is greater than the performance during the predefined interval and decreasing the one or more weights if the current performance is less than the performance during the predefined interval; and re-distributing one or more pending tasks in the set of tasks among the plurality of crowdsourcing arms based on the updated one or more weights.