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.9th December 2018 |
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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.
In this context, live odds will also determine the amount someone playing a bet stands to win if, it turns out, they have made the right decision. That is to say picked the winning team, fighter, race-winning horse, or candidate. The odds are pre-set, sometimes years in advance, and can change as the event gets closer and more information comes to light. Typically, all bets are off once the event goes live and it becomes ever more clear who will win the event. This is not the case with Live Odds.
Live Odds are odds that keep on getting updated once the event goes live – hence the name Live Odds. They will typically offer an increasingly lower return on the most likely outcome and an increasingly higher return on the least likely outcome. To use an example, if in a football match Team A was favoured to win (thus having a lower odds and lower return) and it scores, then the Live Odds will be updated to even lower odds and thus an even lower return. Your risk is minimised but your return is minimised as well.
The same process will happen for Team B, which was expected to lose. As it starts to lose, the odds associated with its loss will drop as will the return. If, however, Team B starts to win, then the odds of it losing go higher and so will the return. Similarly for Team A, if it starts to lose, the odds of it winning go up and so does the potential return. What you must keep in mind is that everything ends with the whistle, so you can play wisely to offset your losses or win more.
ADVANTAGES OF LIVE ODDS
There are many advantages to betting with Live Odds. The most obvious one is that it can offer you the opportunity to offset any impending losses from a bad bet. If you picked the wrong team and suddenly that is becoming ever clearer as the game progresses, you can make a counter bet to offset the damage as much as possible. Play wisely and don’t count your chickens before they hatch. Have a strategy and you stand a good chance of making a tidy sum without suffering any exorbitant losses.
Live Odds can also offer a more intense user experience as new and different bets are added thus providing players with the opportunity to win even more. Bets like next goal scorer or next player to get a red card can really get you involved in the game (probably more than the players themselves!) and thus have the possibility of giving you an altogether different experience than just sitting on the sofa and watching. With such live odds, you’ll have as much skin in the game as you will ever have.
DISADVANTAGES OF LIVE ODDS
One of the main disadvantages that needs to be highlighted is that live odds tend to be lower than fixed odds. So, for the same amount of money you are going to potentially win less. This is to be expected. After all, it’s a game of risk and the lower the risk the lower the payoff will be. This is as true in betting as it is in life. Of course, you can also increase your wager to make up for the lower odds, but this can go either way, so play your cards carefully.
Games/races and so forth can be very fast-paced and as such you might not always have time to think and plan before placing a Live Odds bet. You definitely need to be keeping an eye on the event one way or another, whilst also looking at the bigger picture. This can create a bit of pressure, which can be either fun or distressing. Make sure your head is clear and that ultimately you’re doing this to have fun. Then, it can be one of the best bets you have ever placed.
LIVE ODDS STRATEGIES
There are quite a few betting strategies when it comes to Live Odds betting. One of the most popular strategies used is the Last Minute goal. As you can guess, the bet is placed in the last minute of the game, where you can bet that there will be another goal scored. The odds go up as the losing team give a final push. Live betting arbitrage can help you minimise risk by placing a bet before the event, and then one or more opposing bets during the event as we have already mentioned.
PLAYING WITH LIVE ODDS
Live Odds can offer an opportunity like nothing else in the world of betting. It’s difficult to find something else that’s as exciting and unpredictable as this. Ultimately, you should be looking at Live Odds betting as a different type of game, which, like anything else, can have its advantages and disadvantages as we’ve discussed. Use your bets wisely, use them strategically, but most important of all use them to have fun! Experience the thrill of betting with Live Odds and no sports match or betting event will ever feel the same again.
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. You can learn more about how odds work and how they affect betting by reading the guides below.
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 is, FUD or frenzy. FUD stands for fear, uncertainty and doubt. 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 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 and may lead to problem gambling.
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:
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 an online casino site 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 a 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 sites offer betting bonuses, free bets and other rewards, whereas offline venues generally do not offer any rewards or bonuses.
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!