Live Betting, also known as In Play or In Running betting is betting on an event or part of an event once that event has started (apologies of the excessive use of the word ‘event again). It’s easy to understand that there can be a great thrill in watching a live match, analysing the state of play and placing a winning bet.
Today, Live Betting represents significantly more than 50% of all turnover taken in the Sportsbook and we don’t see any change back to Pre-match betting being more popular than live betting anytime soon. The main reason for this shift to live Betting over the last few years is that most people do not like waiting a long for their bets anymore and would much rather place their bets knowing that in the next 1 minute or 10 minutes or 1 hour they will have their bets finished and settled.
Typically when you place a Live bet there is a delay between the placement of the bet and the acceptance confirmation of the bet. This delay occurs to protect the Sportsbook suffering from the possibility of late bets (bets placed after an event has happened). Theoretically you could have someone who is at a live game placing a bet who knows the outcome of the bet bet before the Sportsbook is able to suspend the game. This bet delay can be anything from 1 second to 15 seconds depending on the League and the availability of fast live streaming of events.
How do Sportsbooks trade live games?
Live games can be traded a number of ways.
Most games are automatically traded and the Sportsbook will buy a data feed for the game. There are a few companies that offer this service and they will have a live scout covering the game sending live data through a mobile device back to the provider. The provider will then either send the raw data or run the data through algorithms to provide odds for the Sportsbook.
Some Sportsbooks will have their own trading teams and they will have an individual trader for important matches. The trader’s job is to manage the odds – in football, algorithms will do most of the work here and the trader only needs to worry about the match odds and goal supremacy and of course suspend the match when there is a goal or a potential red card.