Back in the day, there were only straight bets when someone wanted to gamble on sports. However as time went by, there became all sorts of new bets such as parlays, teasers, special teasers, reverses, If win or tie bets, round robins, and prop bets. Now there are so many different types of wagers a gambling fanatic could get dizzy from all the different options.
The newest and most popular betting option now on the market is Live Betting, or as some PPH services call it, In-Game Betting.
Live betting is simply an option to bet on a game while the game is actually in progress, with an updated line, that takes into consideration the current score of the game. For example, if the New England Patriots are playing the Denver Broncos and the Patriots before the game are a -3 point favorite, but during the game, the Patriots are losing 21-14 with 7 minutes remaining in the third quarter with the Broncos driving, the live line for the game may be Patriots as the underdog at +4. When a player bets this live line, it just means that they now have a wager on the Patriots +4, and based on the final outcome of the game, this wager will win, or push, if the Patriots win the game or if they lose by 4 points or less.
Live wagering has become increasingly popular over the last few years because it allows people to bet while the actual game is in progress. Players love the extra option to bet on a game, that they are currently watching. Since the score for most games is constantly changing throughout the game, it means that the live line will constantly be changing, which gives a player many different chances and lines to bet the game at.
When offering your players live wagering, you must however make sure to keep the limits smaller. The main reason is that players can hedge themselves out of losing bets. They can now bet on the opposite team, and depending on how much you allow them to bet on Live then they can minimize some of their losses. Players can also bet on the underdog before the game, and then if the underdog takes an early lead, then the live line may then be flipped and have the pre-game favorite as the underdog, which means a player can now bet them, and now can’t lose, and even have the opportunity to win both bets. (If a player picks the Broncos +3 over the Patriots before the game, and the Broncos are winning the game 21-14, the live line may be +4 for the Patriots, so a player can now bet the Patriots, and they will have both teams at + points.)
Offering Live wagering is not necessarily going to increase your hold percentage over your players, however, it is a necessary evil, because it has become so popular that in order to compete with other bookies or off-shore books, you will need to have this option for your players. Offering live wagering allows you to keep your players happy, and can even help you get new players, that are specifically looking for a pay per head service where they can make live wagers. It is a great selling point, but just make sure to keep the limits lower than what you offer for regular straight wagers, because live wagering is still considered as something extra that you are offering the players, and whenever something is extra, the limit should be lower.
The benefits of using live betting software include:
- Increased engagement: Live betting allows players to place wagers in real-time, which leads to increased engagement and excitement during live events.
- Improved User Experience: Live betting software provides a more dynamic and interactive betting experience, making it easier for players to follow the action and place bets quickly and efficiently.
- Increased revenue: Live betting generates additional revenue for operators by offering players more opportunities to place bets and engage with their platform.
- Real-time data analysis: Live betting software provides operators with real-time data analysis, allowing them to make informed decisions about odds and line management.
- Better risk management: Live betting software enables operators to manage their risk more effectively by allowing them to adjust odds in real-time based on current market conditions.
- Increased competitiveness: Live betting helps operators remain competitive by offering a feature that is in high demand among players.
- Improved customer loyalty: Live betting software helps to improve customer loyalty by offering a unique and exciting experience that keeps players engaged and coming back for more.
In conclusion, live betting software offers a wide range of benefits to operators and players alike, making it an essential component of any successful sports betting platform.