Live sports betting
Live betting, also referred to as in-running or in-play betting and is an activity of placing bets on a sports event after it has already begun. As opposed to fixed-odds bets, where bets are placed prior to the beginning of the match, live betting provides players with options to place and change bets at any time throughout the duration of a sports event.
With all the technological advancements of online betting, live sports betting offers players an unmatched variety of bets and moneymaking options among a great multitude of live sports events.
For people who are fond of sports and betting on sports events, live betting brings a thrilling, new dimension to their betting experience, as it draws bettors right into the realm of dynamic changes of the game, urging them to make quick decisions about what is going to happen next. Many fans of the adrenalin rush prefer live sports betting to pre-set sports betting options.
The types and number of live betting options and frequency at which they change depending on the technological capabilities of a betting shop or an online bookmaker. Typically, online sportsbooks and casinos have more advanced technological resources to handle the action dynamics of games and sports events than live sportsbooks and casinos.
Later on, we will talk about the differences between the betting options and their peculiarities but first, we will explain how sports betting works live.
The concept of live sports betting
In live sports betting the odds will change several times after the event begins depending on what happens throughout the game.
By way of an example, let us say if Team A were an obvious favorite before the beginning of a football match, and Team B shoots ahead after a few minutes, the odds will change accordingly to reflect this. Team A may remain the favorite team but they now will have fewer chances of winning, and this will reflect in higher betting odds for this team.
To illustrate this more clearly in action, let us say Houston Texans are going to play Miami Dolphins
A few days before the game, the money line market looks in the following way:
Houston Texans vs Miami Dolphins
Texans – 260
In the money line wagering method, this means that Texans are the favorites, and if Texans win, a bettor will win a $100 for every $260 wagered. The total return, in this case, would be $360.
Dolphins are the underdogs, that is why the probability of them winning is much lower, and the betting odds are much higher. The odds +240 mean that if Dolphins win, every $100 wagered will yield $240 profit, and the total return will be $340.
The decimal equivalents for these money line bets are 1.38 for Texans, 3.4 for Dolphins.
Let us imagine that all of a sudden the key players of the Texans fall ill, and are going to miss the game. The betting odds will change to reflect this market situation in the following way:
Texans – 210
The decimal equivalents for these bets will also change to 1.48 for Texans and 2.9 for Dolphins.
After the news about the key players for Texans falling ill comes through, we will see that they remain the favorites, although the probability of them winning becomes significantly smaller. This news affects the bookmakers’ estimate, and they now slightly increase Dolphins’ chances for winning the game.
Bookmakers also bring their odds in line with the amount of money they are taking in from bets. They lower the odds for options that have demonstrated a lot of action on them and increase the odds for selections that do not show much action. This happens very often in live sports betting. Many various circumstances may happen during sports events, and they affect the probability of different outcomes. Naturally, as an event progresses, the odds will change as well.
The odds are normally determined by a sportsbook computer algorithm, which constantly processes and updates the information. When something major occurs during the event, the sportsbook usually stops betting for a few seconds to give the computer a chance to calculate the new odds, reflecting the change. Shortly after that, the betting resumes.