In today’s modern era of sports wagering, the concept of live betting is one of the fastest-growing methods in the industry. After all, this way of betting is probably the most interesting as it adds an additional level of excitement, regardless of the fact if the game is played on a field, ice or court. Moreover, it seems that this is the best time of the year for the bookies to take advantage of their own broad spectrum of live in-game betting options.
Also, the NBA, NHL and the NFL are all available for betting. And with the addition of college basketball and football, it is safe to say that there are numerous opportunities for generating revenue from live in-game betting for sportsbooks and private bookies using pay per head services.
Whether it be credit or PPH agents, the value of online betting (which includes betting via devices such as PC, laptop, tablet, smartphone, smart television) is noticeable across the industry, as it has experienced significant growth in the last few years. Also, football betting and ‘in-play’ betting are the key catalysts behind this rapid growth.
Understanding the Live Betting Concept
In order to better understand the modern concept of betting, it is important to take a closer look. On that note, it is important to emphasize that Live Betting is a concept that is based on wagering on a specific game or sports event that has started, but it is still not finished. Moreover, this betting method enables players to place bets until the final minutes of the match. Also, they can adapt their bets on the progress of the game or the sports event.
Simply said, in live betting, the name explains it all. The player is betting on a basketball game live during the game. For example:
- Will the Predators score in the pending power play?
- Will James Harden miss the next free throw?
- Will the Lakers end the third quarter with a lead?
There are odds for almost everything that can happen during the course of the game.
And according to the Wizards Ted Leonsis, this betting method will provide the fans with the option to be more involved as they can compete against each other by placing the money on speculation or luck. As he puts it, this is “the gamification of sports”.
And for the bookmakers, this is very beneficial as it will provide them with an opportunity to take part in the action and of the profit.
Nevertheless, the concept of in-play betting enabled the bookmakers to increase the number of their markets to bet on during sports events. It also gives the bettors the ability to puts bets on the basis of the various in-game activity during the games.
Other examples of possible in-game live betting odds may include:
- The final game score
- Half time score
- Total goals scored
- Number of goals scored in one half etc.
However, it is important to emphasize that the availability of specific sports can vary among sportsbooks.
Live betting or In-play sports betting is based on structural characteristics. And these characteristics changed the mechanics of gambling for players that bet on sports. Therefore, this differentiation enabled sports bettors to place larger bets during a specific single sports match (which is opposed to the regular solo bet about who will win the match, spread, or total lines).
According to the report “In-Play Sports Betting: a Scoping Study”:
“In-play sports has the potential to enhance the illusion of control because gamblers are often able to dictate the speed of play, the volume of betting and amount of money wagered, which may enhance both psychological perception and investments of control over their sports bet placement.”
The Future of Sports Betting
According to a report published by the Morning Consult, the illegal sports betting is booming as it generates from $2.5 billion to $3 billion in annual revenue. But, the Morning Consult also reports that the recent Supreme Court decision is likely to change the demographics of sports betting in the long term.
Also, Eilers & Krejcik Gaming estimates that the revenue from legal gambling is close to 270 million annually.
However, the American Gaming Association reports that 97% of the bets placed on the Super Bowl LII were made on the black market.
Also, another party that is trying to find their role in betting are the various professional sports leagues and governing bodies and their revenue from betting can go up to $16 billion.
This thesis about the potential revenue is supported by a poll which showed that twenty-one per cent of respondents stated that they are more likely to place sports bets if it is legal in their state. Also, this poll showed a younger and (38 percentages 18-34) and poorer demographics (56 per cent making less than $50,000 per year) than current sports bettors.
Also, the younger demographics are preferring new technologies such as in-game betting. Moreover, with in-game betting, the local bookmakers can increase the handle as a result of the higher number of lines and odds than the usual pre-game ones.
Bookies Take Advantage of Live Betting
An advantage of live betting for private bookies is that it provides players with additional betting options. Moreover, the increased number of betting options can increase the bets that the average bettor can make. And the more tickets are placed, the chances are higher to make money for the bookie. Furthermore, the more the players know about the different football bets, the more percentage can a booker make.
In other words, advanced mobile betting is the perfect platform for active sports gamblers. Also, it enables the players to have instant mobile access to the sportsbook betting platform. Additionally, it can stimulate the bettors to place more plays through the various live in-game bets. Therefore, this mobile betting concept is ideal for placing and increasing the overall in-game bets.
Nevertheless, there are certain elements that every private bookmaker should be aware of. To be more specific, in football live betting the maximum bet should be kept to a minimum amount. For example, for live betting, one suggestion is to limit the max wager limit at 10% of what it’s set on the standard, pre-game lines. And this recommendation is perfect protection in case a bettor wins a big wager. Simply said, having a limit for live bets is beneficial as it can protect the bookie from a high financial loss.
- Max. Straight Bet Limit
- Max dollar amount that a player can wager on a particular offering group
- Amount is total dollars able to bet at a specific price (i.e. if setting is $500, player can bet up to that amount at a specific price in any combination of straight bets)
- Max. Per Offering Limit
- Max dollar amount that a player can wager on a particular offering group in total dollars regardless of pricing changes.
- Min. Favorite Odds Limit
- Highest negative odds price that a player can successfully place a wager
- Max. Underdog Odds Limit
- Highest positive odds price that a player can successfully place a wager
The Bottom Line
On a final note, we can conclude that live betting offers a huge potential for making money. That is why there is an increased number of software solutions for live-in game bets. And these platforms include various features that offer a unique betting experience. Therefore, using a pay per head software will enable every bookmaker to provide live in-game betting options for their players.
Nevertheless, in-game betting is only one of the various betting options for football wagering. And that is why, as a bookmaker, it is imperative to inform the players.