In the late 20th century, online sportsbooks were first introduced to the general public. At that time, most people believed that this was the pinnacle of sports betting innovation. After all, how much better can it get? Well, in the 2010s, bookies proved us wrong, when they introduced live betting.
What is Live Betting?
Live betting, as the name describes, is the phenomenon of placing wagers on a sport, as the game is going on. For example, you can tune in to the latest football match in the Premier League, and place all sorts of different bets, even as you are watching the players attempt to score a goal.
Obviously, quite a lot of people are very excited about live betting. It entails placing wagers with extra bits of information, which many people might believe gives them an edge. But, betting live on sports is a relatively new phenomenon. Many people might not fully understand it. So, let us explain the basics.
Dynamic Odds
Before you start betting, the one thing you have to research are the odds and how they work. This is true for any version of online sports betting that you might prefer. However, it is especially important when it comes to live betting, due to the fact that live betting has very dynamic odds.
Because the odds are made in real time, they are subject to changing based on new information. For example, the likelihood of a player scoring a goal obviously changes if they get injured during a match. Even a minor injury that still allows them to play impacts the odds.
Betting Variety
When betting live, a lot of people believe that punters can only place prop wagers. It makes sense, as props are almost designed for a live betting audience. However, that couldn’t be further from the truth. Bookies allow any type of bet to be placed live.
However, there is a catch. Due to the fact that punters have a lot more information to make the right decisions, odds makers adjust the margins, in order to create a better house edge. So, the customer odds are lower when betting live, than when placing regular future odds.
Bankroll Management
When betting in real time, the punters have to make split decisions, and alter their strategies in real time in order to ensure that they’ve made the right choice. Obviously, this isn’t easy, and it may result in rushed decisions.
However, the biggest problem here is that some punters may deplete their bankroll, due to not paying close attention to the decisions they are making. Bankroll, for those who don’t know, refers to the money a bettor has set aside specifically for wagering.
While it may not seem like it, money management is actually one of the most important skills a punter should have. Knowing when to wager, how much, and when to walk away are also key skills. As we said, all of these become a lot harder when betting live. That is why, we’d recommend getting some experience, before you start wagering in real time.