Live Betting: What It Is and How It Works

What Is Live Betting?

Live betting, also known as “in-play betting,” refers to gambling that occurs after a game has started. It allows viewers to place bets throughout the game rather than only before its start, causing the odds to change in response to what’s happening during the game. 

Live betting has become increasingly popular. Sporting event cancellations during the first year or two of the COVID-19 pandemic reduced the opportunities to bet and shifted much of betting onto the Internet. Online betting is expected to continue to be a big moneymaker in the future. Live betting is one of the most promoted aspects of gambling in many countries, although the advertising and nature of it may encourage impulse betting.

Understanding Live Betting

Sports gambling stretches back as far as recorded history, with reports of wagers being made during the ancient Greek Olympic Games. As time has moved on, betting has become more mathematically advanced, often spurring on advances in statistics. Until recently, however, betting was not able to keep up with the rapidly moving odds that happen during a live event. Technological progress has changed this and, since the 1990s, some forms of betting have occurred while an event is taking place. At first, bookies would take bets by phone as the event occurred. Now, with the rise of online betting, sportsbooks and casinos provide live-betting services.

Live betting has, in some ways, changed the nature of gambling. First, the number of things someone can bet on has expanded. With the ability to place bets during a game, people can bet on things such as the halftime score or the number of fouls during a game. Second, the frequency of betting has changed because the odds are constantly changing during play. Live bettors can respond to the changing nature of the game and theoretically adapt their betting strategies.

Increasingly, online gambling is legal around the world. In 2018, the U.S. Supreme Court struck down a federal ban on sports betting. Online gambling is now legal in 38 states and Washington, D.C. However, in-play betting isn’t necessarily allowed, as it depends on the particular regulations at play.

Live betting has been an area of concern for match-fixing because of higher betting limits and changing odds, not to mention the short windows during which betting takes place. These circumstances can make it harder to spot suspect betting.

Advantages of Live Betting

The obvious primary advantage of live betting is the ability to make wagers during the game, allowing bettors to respond to the action as it unfolds. This creates opportunities for placing more informed bets based on current game developments, like momentum shifts, player injuries, or tactical changes. This can be an advantage to you if you feel like you have a deep understanding of the sport and can quickly interpret the game's flow.

Another key benefit of live betting is the increased variety of betting options available. While pre-match bets may focus on outcomes like winners, total points, or spreads, live betting markets open up a wider array of options. Bettors can place wagers on outcomes like the next team to score, who will win the next quarter, or even if a certain player will score in the next few minutes. These real-time options add excitement and can cater to bettors who enjoy fast-paced decision-making.

The flexibility to adjust bets is another major advantage. In pre-match betting, once a wager is placed, there’s no way to change it based on new information. With live betting, bettors can hedge their bets or double down based on the game's progress. If a bettor's original wager looks like it might lose, it can place additional bets to mitigate potential losses or take advantage of unexpected opportunities that arise during the game. Keep in mind that this relates more to prop betting. For example, you might've bet that a certain player would score less than 10 points. During the game, you may decide to hedge against this.

Live betting also provides the opportunity to capitalize on better odds. Since odds fluctuate throughout the event, there may be moments when a favorite falls behind early, causing the odds to increase temporarily. Bettors who believe the favorite will come back can take advantage of these more favorable odds, potentially securing higher payouts than if they had bet before the game started.

Downsides to Live Betting

Since live betting occurs in real-time, bettors often have only seconds to place their wagers before the odds change. This fast-paced environment can lead to hasty decisions, meaning you might just be at risk of placing poorly thought-out bets due to the time pressure.

Another disadvantage is the constantly fluctuating odds. While this can sometimes provide better opportunities, it also means that bettors need to be constantly vigilant. Odds can shift rapidly due to in-game developments such as a sudden goal or a player getting injured. This can also make it challenging to lock in favorable odds, as you might have been waiting for odds to improve only to find they've continually gotten worse.

Last, some betters may find they perform worse during live betting because it might be easier to be less disciplined. The constant action and immediate feedback loop can make it easier for bettors to lose track of how much they are wagering. They may also not be as diligent at tracking performance and understanding why they incurred losses as they are more focused on the live betting odds.

Live Betting vs. Pre-Match Betting

In pre-match betting, the bettor must make their bet before the event begins, and after it has started, they are stuck with it. In live betting, the wagering will be ongoing throughout the event. What interval of betting is available or what can be bet on will vary depending on who is offering the bets.

The types of things that can be bet on will be much more varied. In football, for example, live betting often allows for bets to be placed on things such as the halftime score, the number of yellow cards, and the number of goals scored per half, according to a comprehensive review of in-play betting research. Bets could be allowed between quarters of the game, after drives, or even after plays.

Examples of Live Bets

There's quite a few options to choose from when looking for live bets. Below is a very small list of examples of things you might find with an online sportsbook for live betting opportunities:

• Next Team to Score: A wager on which team will score the next point, goal, or run during a live game.
• Next Player to Score: A wager on which individual player will score the next goal, touchdown, or basket.
• Next Corner (Soccer): A wager on which team will be awarded the next corner kick in a live soccer match.
• Over/Under Total Points: A wager of the total combined points scored by both teams, with bets placed on whether the final score will be over or under the set line.
• Next Set Winner (Tennis): A wager on which player or team will win the next set in a tennis match currently in progress.
• Next Drive Result (Football): A wager on the outcome of the next offensive drive in football, such as a touchdown, field goal, or turnover.
• Next Foul (Basketball): A wager predicting which team will commit the next foul during a live basketball game.
• Exact Score at Halftime: A wager on what the exact score will be at halftime or another designated point in the game.
• First Team to Reach X Points: A wager on which team will reach a specific point total (for example, 10 points in basketball) first.
• Winning Margin at End of the Quarter: A wager on what the margin of victory will be at the end of the current quarter in a live game.
• Next Free Throw (Basketball): A wager on whether the next free throw attempt in a basketball game will be successful or missed.

The Bottom Line

Technological changes have altered gambling, allowing for live betting, which refers to bets that occur while a game is in progress. It may encourage impulse betting, which has caused experts to warn that it could fuel a gambling addiction. Nonetheless, online and live betting are becoming increasingly legalized, generating record profits.