Live Bets

Placing a bet during a match can be a thrilling experience. Maybe the momentum has turned, and the underdog suddenly starts scoring points or goals from left and right. Or the favorite is striding ahead. Wouldn't it be great to place a bet during a sports event and see a clear advantage?

This is where a live bet can be beneficial. It allows bettors to wager on matches once they have started but before they finish. The odds change when making live bets, and the advent of online betting has made this form of betting much more accessible and popular.

What is a Live Bet?

These bets bring a great deal of excitement right to the heart of the match. They differ from other sports betting forms because they occur during a match but before it ends. An exciting aspect of these bets is that the odds constantly fluctuate throughout the event, tournament, or match.

For instance, if a team is closing in on the opponent's result, the sportsbook can change the odds of a touchdown or the spread. In that case, the bettor can wager on the touchdown with the new odds available.

The bettor must make fast decisions and take advantage of favorable odds on their live bets. A downside of this type of bet is that sportsbooks don't offer live wagering on all sports, and not all sporting events are always available.

The major sports with live bet options are football, basketball, UFC, and ice hockey. For calculating the odds, sportsbooks use algorithms to assess them, and they look at changes within the match to predict the probable outcomes. For example, if a player is injured and has to sit out the rest of the match, this can significantly affect the outcome and the odds.

Example: Live Bets Explained

Now that we've learned a little about this type of betting, it will be helpful to look at an example. In this hypothetical example, the bettor wants to bet on an NFL match with the following odds: favorite -2.5, underdog +2.5.

This is a point spread bet, where the favorite needs to win by more than 3 points to cover the spread. On the other hand, the underdog can win outright or even lose by 1 or 2 points to cover the spread, so the teams are quite evenly matched.

It's not clear if the spread will be covered with such a relatively small margin. During the first fifteen minutes of the game, the favorites score a touchdown, and the underdogs are not showing much promise.

In this case, the sportsbook shifts the live betting odds to favorite -6 and underdogs +6, which is a much wider margin, so there is more chance of winning this live bet.

How to place a live bet

Placing this sort of bet is very easy online, but not all sportsbooks offer a live bet option. So check before choosing a sportsbook. Players also need to check that the match has available live betting options.

Look at the pre-game odds to understand how the sportsbook views the favorites and underdogs in the match. Also, it would be useful to check the most recent promotions from your sportsbook's website as these offers can, for example, boost your possible betting profits quite handsomely.

Besides all this, it's a question waiting for it to begin. Check the bets on offer as the match progresses, and when a relevant chance comes up, click on that line and add it to the bet slip. Enter the wager amount and hit submit.

The bet is now complete, and a player needs to wait for the results to come in.

Understanding How Live Bets Work

Sportsbooks are always looking for new ways to entertain bettors. Live sports betting is one of the latest offerings, proving to be very popular. This type of betting is also known in the sporting world as In-Game, In-Play, or In-Running betting. These terms are used because the bet can be placed throughout the real-time event. Indeed, it is possible to use live sports betting to win with good payouts.

One of the critical factors is to watch the game in real time. The bettor needs to see the action as it takes place to decide on potential bets. The odds are affected by occurrences in the match. Bettors also need to be logged on to the sportsbooks to check them. For instance, if a player is taken off during a hockey match, it will affect the likelihood of that team winning, and the sportsbook will move the odds accordingly.

This is where the bettor can take advantage of the new odds to make a more profitable bet. It is easy to get carried away with live bets during sports events and wager more than the player can afford. As with any form of betting, there is no guarantee of winning, even when the game is already underway.

These bets are often used to create a cushion for bettors. Sometimes, bettors place pre-game bets that obviously won't pay out because of events during the match. If it becomes apparent the pre-game bet will lose, it makes sense to place an in-play bet to win back some losses. Of course, there is always the chance that both bets will lose in the end.

How are the odds calculated? 

When live odds are being calculated, there is a lot of pressure on the sportsbooks to get it right. After all, if they make a mistake, it can be very costly. There are two main ways of working out the in-game betting odds, and both have pros and cons.

The first is to use a team of experts who watch the match and figure out the odds as the game proceeds. These people are known as 'traders' or 'odds compilers.' Using experts can be very effective as they can pick up on the subtleties of a match, like morale and team cohesion. The downside is that they can take time to compile the odds.

A faster way is to use computer systems and algorithms. These algorithms look at quantifiable facts, like how many times the team has won in the past. They use this data to rapidly calculate the live bet odds depending on their information. The downside of this method is that the algorithms cannot pick up on the game's nuances and can miss vital information. Most sportsbooks will use both ways to get the best results possible.

Why don't sportsbooks offer more live bets? 

The short answer to this question is tied into the section above. It is challenging to look for gripping angles on matches and then generate odds on them.

The sportsbook needs to watch the game, but it also needs to look for events that may change the outcome. Once it has found something relevant, a meaningful live bet needs to be worked out, and then the bet needs to be checked to ensure it is correct.

Even with the help of computer systems and algorithms, this all takes time. Sportsbooks have much more resources to work on the odds for pre-game bets to offer more lines.

What is hedging?

Many bettors argue that this is one of the most valuable aspects of live betting. Hedging can be used when a bettor feels like they might lose a bet, and here, they try to counter-balance the loss with a live wager.

For example, the bettor makes a pre-game teaser bet on the favorite to win. However, the underdog is playing well by halftime and has scored more points than predicted. The bettor checks the live odds, and the sportsbook is now offering great odds on the underdog. To hedge against losing the pre-game bet, the bettor takes a teaser bet out on the underdog, where they now have a much better chance of winning. They have teaser bets on both the favorite and the underdog.

Tips and Strategies 

One of the best strategies for winning with these bets is to do research. Take the time to gain information on all aspects of the match. Many sites online specialize in providing statistics on the teams and players. Use this data to form a picture of the teams so quick decisions can be made during the match.

It may seem obvious, but another top tip is ensuring a fast and reliable live stream. If the stream is not in real-time, bettors will lose track of the action and can miss out on new live bet odds.

A final strategy to consider is opening accounts with multiple sportsbooks. Not all sportsbooks offer the same odds, so it's worth shopping around for the best in-game bet odds.

Always keep an eye on the total number of bets being placed. Set a sensible budget and stick to it.

Sports that are suited to live betting 

The range of sports that allow these kinds of bets is booming. It's now possible to be watching a Grand Slam tennis match and place a bet on the person to score the next point. Another sport that is suited to live bet is NFL.

The matches are pretty long, so there is time for things to change in unexpected ways. The most common live bets in the NFL are Moneyline, point spreads, and player props. Basketball is also well suited to live bets, and it's common to see bets on 1st quarter/1st half-point spread or who reaches 10/15 points first.