What You Need to Know about Live Betting in Sports
Once restricted to black markets and offshore platforms, sports gambling in the US is now legal in 20 states. Another 28 states have at least introduced some form of legislation with the intent of legalization.
Companies like William Hill, Churchill Downs, and 888 Group have contributed considerably to the rise of the sports betting market in the US since the 2018 decision by the Supreme Court to allow New Jersey to legalize the activity. The US market generated more than $830 million in revenue in 2019, and Morgan Stanley projected this number could reach nearly $7 billion by 2025. The global sports betting market could be worth more than $155 billion at that point.
Another major contributor in the growth of sports betting is the growing number of online betting platforms, many of which offer live in-game betting opportunities. Traditionally offered at brick-and-mortar sportsbooks, live betting is now a major aspect of online bookmakers’ operations. Here’s what you need to know:
The History of Live Betting in the US
The growth of live betting is due in part to the internet. However, the practice has been documented since the early 1900s, when fans would make wagers with each other in the stands at baseball games. Fenway Park, home of the MLB’s Boston Red Sox, was a particularly common venue for live betting.
Legendary Las Vegas bookmaker Sonny Reizner, known as the Godfather of prop betting, would initiate live betting activity in the right-field bleachers at Fenway Park during the 1930s. Participants would bet on whether or not the next pitch would be a ball or a strike as well as what the next hit would be, i.e., a single, double, triple, or home run.
Live Betting Reflects Constantly Changing Odds
As it relates to the result of a particular game, live betting odds are constantly changing to reflect the likelihood of a certain outcome. For instance, the NFL’s Kansas City Chiefs team might be favored over its opponent, the Buffalo Bills, by three points (-3) prior to kickoff. The Chiefs would then need to win by at least four points to cover the spread. Buffalo, meanwhile, could lose the game and still cover the spread as long as they lost by less than three points.
However, if Kansas City scores an early touchdown to jump out to a 7–0 lead, the live betting spread might be altered to reflect the current score. Instead of Chiefs (-3), the spread might be updated to (-10.5). Bettors can then double down by predicting the Chiefs would win by at least 11 or hedge their bet and place a wager on the Bills covering the (+10.5) spread. Depending on how the game plays out, the pre-game favorite could even become the underdog in live betting.
The moneyline is the live betting action through which bettors are most likely to win a considerable amount, especially when banking on an underdog to complete a come-from-behind victory. When the New England Patriots trailed the Atlanta Falcons 28–3 in Super Bowl LI, many sportsbooks offered moneyline bets on the team at +1000, which in essence means a tenfold return on money wagered. The Patriots won the game in overtime.
“For Nevada’s largest sports book operator, William Hill, it was a fitting end to a terrible pro football season,” noted a company spokesperson after the game. “The Patriots, trailing 28–9, were available at 16/1 (+1600) on the LIVE InPlay Money Line, and their comeback was very profitable for the majority of bettors.”
Live Betting Offers Props and Other Bets
Football is far from the only sport that caters to live betting. Bettors can wager on in-game, updated moneyline and spread odds in basketball, soccer, and baseball, among other sports. Many sports, including those previously mentioned, also offers in-game prop betting (short for “proposition betting”) odds that are updated regularly.
A prop bet entails making a wager that a particular event would occur during a game. For ice hockey, bettors can select the player they think is going to score the next goal. They can also bet on whether or not an individual player is going to score a goal in a particular game. Odds are given to each player dependent on their skill level and prior goal scoring history.
For the January 25 meeting between the Ottawa Senators and Vancouver Canucks, Brock Boeser was given 2.60 odds to score, while Alex Galchenyuk had 4.80. Boeser, the sportsbook surmised, was more likely to score, but bettors could earn more money with a successful bet on Galchenyuk. These odds are also updated during the game. Other popular in-game bets include a player’s score on a particular hole in golf and the number of sets played in a tennis match.
Live Betting Is Ideal for Parlay Bettors
Live betting adds excitement and entertainment for those watching sports. It’s is also a useful tool for parlay bettors looking to hedge bets made before a particular game. Assume a bettor was successful on moneyline bets for the first two games of a three-game parlay and the third game is still ongoing. They can double down via a single point spread or moneyline bet on that game or hedge their bet by placing a wager on the opposing team. At worst, this ensures they won’t lose money.
