Placing bets on live sports is not something of a new tradition, live betting has been taking place in local betting shops (bookmakers) for many years however, the evolution of the Internet and the impact it has had on sports betting has opened many doors for the industry.
betting live, now its live betting on mobile too
Over ten years ago, live betting was limited to just a few sports, one of which, was the most popular sports for live betting; horse racing, some bookmakers allowed punters to place bets during the running of the race, this quickly proved very popular as it gave bettors a different angle on betting.
So rather than using knowledge and statistics to place a bet before the horse race began, people could wait and see how the race was shaping up before wagering money on a potential winner.
Enter the Internet, the live betting explosion
During the birth and rise of the Internet, many bookmakers expanded their business online.
With the idea of live betting already in place in offline bookmakers, the phenomenon quickly expanded and evolved in to other sports.
So what is live betting?
Live betting, also known as ‘betting in-play’, is the method of placing a wager / bet on a sporting event once it has started, instead of the traditional method of pre-match (such as a football match) or pre-event (such as a horse race) betting.
As the game / event time runs down, tensions and adrenalin run high. Some say much higher than pre-event.
It is during this point of the clock starting and stopping in which bets are placed.
Difference Between Live Betting & Pre-Match
When it comes to live betting, there are only 2 main differences from pre-event betting:
1. The betting markets available
2. Your mental state
With pre-event betting, depending on the event you are betting on, bookmakers often list tens, sometimes hundreds of betting markets to place a wager on.
Whereas in-play live betting often has reduced markets.
Therefore, if you are the type of bettor that prefers a lot of choice on common and obscure markets, make sure you get your bets in early, before the event starts.
The other major difference live betting brings is the effect on your state of mind.
For example, if you set your mind on a preferred betting target before a football match, once your bet is placed you can relax and wait for the outcome.
If you were correct in your prediction, you will win the bet and return a profit. If you were incorrect in your prediction, you will lose the bet and lose the stake you wagered.
In live betting, the situation is completely different. You tend not to relax and have to watch the event carefully.
You can place your bet on the same match, but whilst it is in progress (in play). Therefore, people tend to be nervous waiting for the right moment to place the bet, then watching carefully to see if it’s worth cashing out.
Real Time Live Odds
Usually a bookmaker’s betting website has many markets available for you to bet on, and all odds are calculated live, at that exact point in play.
Odds can change from minute to minute and second to second with live betting, this is due to the fact that events are constantly taking place in real time.
Bookmakers have betting experts and pundits in place ready to update odds in real time as each event happens during a game.
Events can include anything from conceding a corner, to mounting a counter attack, to scoring a goal.
Therefore, each betting market where odds are available are constantly shifting up and down.
It’s also not uncommon for certain betting markets to be temporarily suspended at various points within a match whilst odds are updated.
During a temporary suspension, no bets can be placed on the particular betting market.
For example, in-play correct score prediction markets may be suspended after a goal is scored. This is because the event (goal scored) affects the odds significantly.
In addition, bettors have the chance to end (or close) their current bet if they decide to change their mind at any point during play. This means that even though they may have placed a bet in the first 10 minutes of a football match, they do not have to wait the remaining 80 minutes to find out whether their bet was successful.
Instead they can close their bet and ‘cash out’.
What Is Cashing Out when live betting?
When a bettor ‘cashes out’ a bet, it means that they are collecting their money early – at the exact point they choose, before the end of the event.
There are 2 reasons why people choose to cash out a bet:
- To cut their losses (reduce a liability).
- Or to guarantee profit.
Cashing out is available at almost all leading bookmakers and they usually all provide the same method for doing so.
A bet that is cashed out is not affected by the final outcome of an event because the bet has already ended.
For example, if a ‘correct score’ bet is placed during a football match, the punter can often cash out before the final whistle if their chosen result is met during the game, rather than waiting until the end and ‘risking’ another goal being scored.
Another example is, if a match is being played between Manchester United versus Juventus in the Champions League. You place a bet in-play on Man Utd to win, and they’re winning 2-0 at half time. But you get to 60 minutes of the game and Juventus score to make it 2-1.
Therefore, it is likely that, as Juventus are on the up, they may well score another goal or two. So cashing out your bet will guarantee a profit, albeit it smaller than if you were to wait until 90 minutes, but the risk that you will lose your bet completely is eliminated.
Less Risk when live betting on mobile or desktop
In a live betting cash-out situation, the return (profit) from a bet is often not as much as the ‘complete’ bet would be at the final outcome of the game, but it will be a guaranteed return on your stake.
The benefit of live betting is that you can react to events during the game, which alter circumstances and odds.
Cashing out is a way of limiting losses and giving you a better chance at returning a profit.
It’s also a way for you to get the edge over the bookmaker, especially if it’s a sporting event that you are very experienced or knowledgeable on.
For those that are fans of live betting, it’s also useful to watch or listen to the event on radio or TV so that accurate live bets can be placed.
Benefits Of Live Betting
There are many benefits to live betting compared with placing bets before an event begins.
- More accurate judgement
- More entertaining
- Different betting markets
- More generous odds
- Betting live on mobile
When betting, a bettor has to take in to account a lot of information, especially with markets such as football.
Analysing and researching data can be the key to success when it comes to live betting.
Arming yourself with as much useful data as you can will help you make an informed betting decision during play.
For example, in a football match; a known goal scorer may be injured. So you can be ready to bet on who you think will be the next goal scorer based on how the game is going in the absence of a key target man.
Betting live on an event can be more entertaining because firstly; you watch it, and secondly you watch it more closely.
Rather than placing a bet then forgetting about it, and looking up the outcome later. In-play betting provides real time entertainment that can have you on the edge of your seat within seconds.
Furthermore, online bookmakers usually provide accurate in-play real time stats, some of which are shown with eye catching graphics, such as a football pitch with icons moving around that makes watching the clock ticking a lot more fun.
With live betting, there are a range of different betting markets that are not available pre-event.
Additional options can bring about many advantages and opportunities to wager the right bet for profit, such as next goal, next yellow card, next corner and so on.
Lastly; often the punter can take advantage of more generous odds when betting in-play.
This is because a bookmaker has to react in real-time and make very quick decisions on market odds.
Quite often, not all factors are taken in to considering when making split decisions.
This allows bettors to take advantage of softer odds, especially if they are knowledgeable and following the event closely.
Live Betting Tips & Strategies
Whilst not easy to make a profit with any form of betting, live betting can be profitable.
Some people prefer live betting to standard betting. However, the same challenge exists in either form; consistently return a profit.
There are a number of tips you can bear in mind when betting on live markets, these include:
- Look for a quality betting market over quantity. Ensure the bet is worth focusing on, that you have background knowledge on the event and that it will give value for money.
- Study the event in advance, such as a football match or horse race. Look for player injuries or a drop in form.
- If possible, watch or listen to the event yourself to ensure real time data. Some bookmakers often delay relaying information and even a few seconds can make a big difference.
- Watch closely for changes. We’ve all heard of the super sub. Watching closely for changes that can enhance a betting market considerably, especially with options such as next goal-scorer.
When it comes to strategies, there are very few that can be applied to live betting due to the real time factors and unpredictability.
Betting strategies that require you to double up on losses usually fall at the first hurdle, So it is best to steer clear of the likes of Martingale, Instead, punters tend to focus on live bets with low risk and high probability.
These live bets with low risk and high probability include, ‘cert’ bets that are ‘almost guaranteed’ to produce the outcome you imagine, such as backing a football team winning 2-0 at half time going on to win the game. Or a horse that is 5 lengths in front with little running time remaining and little chance of being caught.