Live Betting – Live Action
How many times have you been watching your team performing at the top of their game, and said to yourself “I wish I had placed a bet on them winning”? On the other hand, maybe your team is not on form and on the path to a loss. Now, with Live betting, you are no longer limited to making your bets before the game starts.
+18. The Sportsbook Welcome Offer is a £10 Money Back Offer on your first bet only, if it is settled as a loss. Minimum deposit is £20, deposits via Skrill (Moneybookers) or Neteller are excluded from this offer. When you place your first bet of £10, and use this Welcome Offer, the funds used to cover the stake is your money. If the £10 bet is settled as a loss, your funds used to cover the stake is returned directly to your account immediately. The £10 Money Back offer Free Bet can be used on any single selection, accumulators or in-play bets available in the Sportsbook. Winnings from your first bet is your money and without any wagering requirements. £10 Money Back offer is valid for a period of 7 days. T&C apply.
18+ New customers only. £10 min deposit activates 1x 100% in-play profit boost. Max stake £10. Max extra winnings £100. Valid for 30 days. Skrill/Neteller deposits do not qualify.
What is Live Betting?
Live Betting lets you get some “Skin in the Game” while the action unfolds live. Gambling and betting on events are very much a part of humanity and we have been doing so for thousands of years. Some of the earliest recorded forms of betting date back to 2300 BC. Gambling has a special allure that adds an extra element of thrill and excitement for fans and spectators, with the promise of rewards for predicting the outcome of a sporting event. In this article, we will explore what live betting is and understanding the live betting strategy. We will look at how live betting works and you will find a comprehensive list of some of the best live betting sites.
Ready for action? Let’s dive in…
What is Live Betting?
Live Betting, sometimes referred to as in-running, in-progress or in-play betting, is the ability to place a bet on a sporting event while it is taking place. In the past, betting on a game or event had to be done before it started, and you were locked in till the end of the event. Now, Live Betting lets you place bets on the fly, as the event unfolds. Your team isn’t on form today? No problem; switch your bet. Maybe the team you were betting against were the underdogs, but suddenly they find their stride and swing the game in their favour; again, no problem, simply place your bets how you choose. Live Betting is fast-paced, and decisions have to be made quickly, which adds to the thrill and excitement.
Before a match or event begins, an online sportsbook or bookmaker will set the odds, however, unlike the past where the odds were locked in and bets had to be placed beforehand, now the odds change during gameplay based on what is happening live. This process of changing odds varies from sportsbook to sportsbook but is typically calculated by a computer algorithm based on data from past events and the current outlook. The odds and options for an event can change repeatedly and even up until the last seconds of a game.
The first step to placing live bets is to have an account with a live betting site. There are hundreds of live betting sites available, so there is no shortage of choice (check out our comprehensive list). You can either place your bets on the sports betting website via your browser or, in most cases, using the sportsbook’s App on your smartphone. With an active account setup and funds ready to go, you’re then ready to start placing your bets. The process may vary from site to site, but essentially you will want to navigate to the match/game/event and identify the various available bets and their respective odds that you are interested in placing a wager on. Then, select the option you want, the amount you want to bet and place your bet.
First, let’s understand how traditional betting odds are calculated. A team of people at the bookmaker/sportsbook, typically referred to as Traders, Odds Compilers or Risk Analysts, produce prices for an event based on a range of variables and this is called the book. Built into the book is the bookmarkers commission so that they will make their money too. The odds they provide are designed to be attractive to bettors in a manner that, ideally, an equal number of bets will be placed in both directions, while minimizing the risk to the bookmaker.
As you can imagine, this is no simple task for the Odds Compiler, but when done in advance, there is sufficient time to do due diligence and analysis. When it comes to live betting, this process needs to be done on the fly, as the game unfolds, and take into consideration factors that are changing literally by the second. Over time, risk analysts have developed their own algorithms to include a range of factors and historical data. With live betting, these algorithms are automated so that calculations can be performed almost instantly. While we can try to speculate about the composition of the algorithms, the sportsbook will never reveal their algorithms, as this is their “secret sauce”. If bettors knew exactly how the odds were calculated, it would risk the sportsbook’s business. Some of the factors that are sure to be considered are the pre-match odds (probabilities), time remaining in the event and the current score or positions.
Is Live Betting Profitable?
The quick answer is YES; live betting can be profitable, but it’s far easier to gamble away your money and make a loss. The biggest enemy of any gambler is greed; whether trying to win even more or chasing losses, greed can wreak havoc. All too often, a winning streak leads to over-confidence, greed and reckless betting. There are many bettors who use in-game or live betting to make a profit, but almost all have a very clear live betting strategy and the most crucial ingredient: Self-discipline! Live betting should be performed with the same discipline of trading stocks; you need to understand the fundamentals and influencing factors, know when to place the wager and most crucial, to leave emotion out of the equation.
Firstly, let’s understand the basic concept of hedging. Hedging is, essentially, a way of protecting yourself or at a minimum, reducing potential losses by placing a bet in the opposite direction to a previous bet. In very simple terms, if your original bet is for Team A to win, you then place a bet for Team A to lose. Naturally, you would expect a zero-sum game, but the way the odds are calculated, you will still lose some money, but at least not as much as if you hadn’t placed the hedge bet. It’s important not to confuse this with arbitrage which is similar but that is a different discussion. The best way to view hedging is it’s like an insurance to soften the blow. In summary, yes you can hedge live betting, however as described above, hedging is not typically used as a profit-generating strategy and is rather a loss reducing method.
What is the Best Live Betting Strategy?
There is no definitive answer which live betting strategy is best. If you were to ask 10 experienced live betting professionals what the best live betting strategy is, you would probably get 10 different answers. There are so many variations of betting strategies plus, it also varies based on the sporting event. The strategy also depends on the type of bet being placed. The other consideration, because the event is live, the strategy applied needs to be adapted in real-time based on the current situation and possibly, even a complete shift to a different live betting strategy. There are certain principles and disciplines that should always be applied to all betting strategies to enhance their effectiveness. For example, you should always base a decision on data and not on emotion. While it is possible to calculate statistically which live betting strategy has produced the best results long-term, the constantly evolving situation during the sporting event will not guarantee success with a specific strategy or system.
What are the Benefits of Live Betting?
The first and foremost benefit of live betting is the ability to make bets and apply strategies while the event is taking place. As mentioned, in the past, you would place your bet before the event started and you would be locked into your decision once betting closed and the event began. If your favourite team was having an off day or a crucial player got injured, there was nothing you could do but accept your losses and move on. Today, many punters use live betting as a way to lock in profits or even enlarge their profits when they see that their initial bets are going to pay, by placing additional bets. The same holds true in the opposite direction; by being able to hedge and reduce possible losses or maybe even make a profit.
What are the Drawbacks of Live Betting?
Probably one of the biggest drawbacks of live betting and the best ways to describe it is, FUD or frenzy. FUD stands for fear, uncertainty and doubt. Originally, a marketing term used to cast doubt over a competitor’s product, it has gained popularity in recent times with cryptocurrency traders where constantly shifting markets, sentiment and volatility, lead traders to become fearful, uncertain and doubting their decisions. When it comes to live betting, punters will be faced with a constantly shifting landscape as the game or match unfolds. This, in turn, leads to uncertainty and doubting one’s decisions. For example, before a match starts, you have your favourite team and place a wager that they will win. The game begins, and your team concedes a goal in the first few minutes. Immediately, the fear of losing becomes a reality, but you stay strong to your belief they will make up the points and win. Suddenly, they concede another goal before it’s even half-time; now the uncertainty begins. During half-time, you want to avoid losing, so you place a bet the other way to try hedge your original bet. Then, during the second half, your team scores and you start doubting your decisions and whether you should make more bets to win or should you have placed the hedge bet in the first place. As you can see, the frenzy or FUD has kicked in. As the saying goes: “Bet with your head and not your heart”.
Another big drawback of live betting is you need to make high pressured decisions quickly. Before a match begins, you can analyse the numbers in advance, hypothesise possible outcomes and do due diligence. With live betting, time is scarce and if you can’t make educated and accurate fast decisions on the fly, you could either miss possible opportunities or rush and make bad or inaccurate wagers.
Another challenge that many punters face with live betting is not being able to stick to a plan. Many bettors will have a clear plan, system or strategy before the game. However, once the game begins, the situation on the ground may require a new strategy or plan. For some people, they are able to adapt and enjoy the adrenalin rush, but for others, this can be totally unsettling and lead to poor betting decisions.
Live Betting on Different Sports
Every sport that offers in-play betting has its own unique features and types of bets. When you visit a bookmaker, you will see there are hundreds of possible bets for each sport and game; from the most basic like who will win/lose, to how many goals will be scored, which player will score the goals and how many, plus more. Some of the most popular live betting sports today include:
- Horse Racing
- Formula 1
The Difference Between Real-World and Online Live Betting
Location and Convenience – The first major difference between real-world or offline betting and online live betting is obviously the location. Offline betting requires you to go to a physical location in order to place your bets, this could be a sportsbook, a bookie, race track or a casino. Online live betting takes place via the Internet, either through a website or an application. Both options have their pros and cons, but in a world where the Internet is so entwined in our daily lives, online live betting has become the more popular option.
Variety of Sports and Bet Types – Another major discernible difference is the variety of not only the number of sports offered but also the types of bets offered. Often, a land-based sportsbook will focus on a limited number of sports and bet types, whereas the online live betting sportsbook will have a much larger selection of sports and not just regular bet types but also live betting types. This is so they can accommodate a much wider audience from around the globe, with each market having its preferences.
Line Shopping – When it comes to line shopping (finding the best odds), this is clearly something that a land-based or real-world sportsbook cannot offer; it would make no sense for them to display the odds of their competitors, which could be more favourable. When it comes line shopping; online betting is the way to go. With a few clicks of a mouse or taps on the screen, it’s easy to see which sportsbook is offering the best odds.
Vibe and Atmosphere – An area where online live betting falls short in comparison to real-world, brick and mortar sportsbook is the social atmosphere and vibe. At a land-based location, you can sit and enjoy the events on the big screen or even watch it live, like horseracing, while you snack and enjoy beverages with your friends or other punters. On the other hand, sitting with others at a sportsbook can also be distracting, especially if you are someone who needs it to be quiet in order to concentrate while formulating your strategy and betting plan.
Commissions, Depositing and Cashing Out – Other major differences between Real-World and Online Live Betting is the “vig” or juice. This is the commission that the sportsbook charges. It is not uncommon for a brick and mortar sportsbook to charge 10%-20%, whereas online, this usually ranges between 5%-10%. When it comes to depositing funds, online offers more options but when it comes to withdrawing, offline is more convenient in that you can go home with your cash in your hand and not have to wait a few days for your withdrawal to be processed.
Bonuses – Online sportsbook offer bonuses, free bets and other rewards, whereas offline venues generally do not offer any rewards or bonuses.
Live Betting Apps for Android and iPhone
Smartphones and tablets are an indisputable part of our modern lives, so it would make sense for there to be live betting apps available for both Android and iOS powered devices. While all live betting apps ultimately fulfil the goal of letting you place bets from your mobile device, they are not all created equal. Almost all online sportsbook sites have apps available for download, to complement their offering.
Depending on which sports you plan to bet on, you may choose an App that is focused entirely on a single sport, for example, horse racing. If you want a broader offering with many sports, then you will want to select a sportsbook that offers multiple sports. Unfortunately, there is a learning curve for every app and you will have to experiment to find the one that suits your needs. Whichever live betting app you decide on, make sure it’s the official app of a reputable and licensed sportsbook and only download the apps from iTunes or Google Play and not from any 3rd party site. Finally, don’t forget to claim your welcome bonus or offer when signing up; just make sure to understand the terms of the offers.
Less Talk, More Action…
The world of live betting action can be thrilling, entertaining and profitable. The ability to bet online from your computer or phone and to place live bets as a game unfolds in front of your eyes, opens a whole world of action. Every day, there are hundreds of live sporting events that can be bet on, with thousands of bet types, so there really is something to match every punter’s preference. Being a profitable gambler requires skill, discipline and appropriate live betting strategies, so take the time to educate yourself and practice. The more knowledge and experience you gain, the less frustration, uncertainty and doubt you will experience and the better live betting decisions you will make. Live betting is the way of the future, so grab your phone, download a live betting app now and get the action started!