Contrary to what many novices believe live betting is nothing new. Sportsbooks have offered in-game or in-running betting for a couple of decades at least. European sportsbooks were likely the first to dabble in live betting since soccer lends itself particularly well to the discipline thanks to its low scores and leisurely pace. The reason live betting seems like a new and revolutionary concept is that technological developments have taken it to a new level with no end in site to the innovation. This digital revolution has allowed sportsbooks to offer live betting on a wider variety of sports and offer a greater variety of wagering options.
Live betting is exactly what it says on the marquee—placing bets on a game while the game is in progress. At one point only a limited number of sportsbooks would offer this option but today virtually every bookmaking establishment has at least a nominal live betting presence. Many sportsbooks, however, are making live betting a focal point of their product mix. They like it because players like it and to a large degree the oddsmaking processes is automated with complex algorithms making the in-game adjustments to the betting odds by crunching massive amounts of data.
LIVE BETTING OPTIONS VARY FROM ONE BOOKMAKER TO ANOTHER
The specific sports and bets offered by bookmakers vary widely. At the very least, books will offer updated lines at halftime or between quarters/periods. The more serious live betting providers will offer new prices and betting options during play stoppages like time outs or TV breaks. The basic live betting options will be revised sides and totals based on interceding action from when the line was originally posted. A NFL football favorite might be -3’ before a game and quickly score a couple of touchdowns after kickoff. In live betting the line might quickly be revised to -7’.
Other live betting options have been driven by the improving technology and are proliferating due to creative bookmaking and player demand. For example, many books now offer in game prop bets such as statistical over/under wagers (eg: passing yardage by a quarterback) or event driven propositions such as ‘next team to score’. Many live betting platforms offer players the opportunity to parlay these options and in some cases set up ‘open parlays’ that they can add new wagers to as play progresses.
LIVE BETTING APPEALS TO PLAYERS OF ALL TYPES
Sportsbooks like to offer live betting for a variety of reasons but one of the most compelling is its wide range of appeal. Recreational players and ‘action junkies’ enjoy the adrenalin rush of placing and (hopefully) winning bets in a matter of seconds. If a player likes to wager on a sporting event to ‘make it interesting’ live betting lets him take it to a even higher degree of immersion. Traditional sports wagering is essentially a passive activity. A player places a bet and waits to see the outcome. He may watch the game on television or follow along on a score ticker but that is the extent of his involvement. Live betting requires that the player play very close attention and the never ending stream of betting options makes it a very mentally and emotionally active process.
Sharp players also like live betting. In fact, some bookmakers give the ‘wise guys’ credit for driving the initial adoption of live betting. It provides a greater number of wagering opportunities from start to finish and that gives an adept player countless options. He can take advantage of a bad line when they occur, he can increase the size of a pre-game or hedge due to changing circumstances. He can also get off a bet entirely or set up a middle opportunity. The discipline and comprehensive knowledge of the game that the best bettors possess can be leveraged for even more profit and winning bets.