Live betting has become a staple of the sports wagering landscape over the past decade and it’s a massive tool that PayPerHead agents need to utilize.
As software and technology continue to advance, the sports betting world evolves in kind and live wagering has become a key component to state of the art sportsbook software. Online mobile betting has exploded over the last few years and PayPerHead agents need to step up and take notice.
For the uninitiated, live betting, sometimes referred to as “in-play” wagering, is the process of making a wager on a sporting event after the starting whistle has blown. This creates a uniquely dynamic betting experience that has drawn the attention of sports bettors across the globe. Players are drawn to live betting for a number of reasons. First and foremost it is very exciting, you can make bets down to the next play in an NFL game which allows clients near endless options to bet wager on. Live betting also cuts out a lot of the handicapping which is necessary to be a successful sports gambler. When betting live it is much easier to watch the flow of a game, read the market, and bet accordingly with little to know traditional capping work to be done.
So how does live betting work?
The basics of live betting on sports
Historically, the only bets one would be able to make for any given game would have to be placed before the event started. Once the opening whistle sounded, all bets were locked in and final. You were then relegated to just waiting it out and watching games passively. But once online betting became more and more popular, sportsbooks realized there was a way to not only make more money, but also to give their players a better experience. They devised a system to allow players to make wagers during the game with algorithms controlling odds based on live game based events.
The number of unique betting options at any given sportsbook is dependent on the software which said book employs along with the willingness of books to offer live betting.
Types of Live Bets
First off, the bets which will be offered depend heavily on the particular sport you are looking to wager on. For example, for an MLB baseball game, the standard live bets might include what happens with the next batter, the outcome of the current inning, outcome of the first 5 innings or live adjusted team totals. Conversely, in an NFL game, you can bet on the outcome of the next play, outcome of the current quarter or half, adjusted spreads and even if the game will go to overtime. It is important to look around when inside a live betting menu to explore what options your sportsbook offers for in-play betting.
Taking sports-specific bets out of the equation, for the time being, we can explore some of the more familiar options which live betting newbies need to know.
For the most part, the same types of bets that are available pregame will also be available to be on live. The only real difference is that the odds are ever adjusting based on real-time events. For example, say you are looking to bet on a New York Giants vs New England Patriots game which the Pats are -200 favorites. You want to be the Patriots but aren’t happy with the line where it is so you hold off until the game starts. On the first play of the game, Tom Brady tosses a pick-6 and just like that the favored Patriots are up 7-0. Due to this, the live odds on the Patriots drop to -160, a much more attractive number for you. Considering that the Patriots are a far superior team, you can ignore the 7-0 deficit and be happy that you’re getting an ML price that you’re more comfortable with.
Popular live bets are really the same as traditional wagers and are made up of betting money lines, spreads, and totals. Again the difference is the dynamic line movement.
Prop bets will also be available to wager in-game depending on your sportsbook of choice, and if they have the software to handle it. These can include props based on both teams and players like home many touchdowns or goals that a team or a player might have. With the right amount of research and a little luck, you can find a lot of betting value on live props.
For example, say you have a good feeling about Saquan Barkley scoring a TD this weekend. His odds pregame would probably not be that great due to his greatness, so maybe you wait a bit and see how the live odds shake out. At halftime, Barkley has been running strong, amassing yards but has yet to find the end zone. Since the game is half over at this point, it’s likely that odds for a TD will be significantly better. In these situations the longer you can wait the better the odds, but a win is less likely to occur. Halftime is a great time to look over these types of live props and make a few money moves at adjusted odds.
Some outlets allow for live parlays but this is not a standard offering.
Now that you have a basic understanding of live betting lets explore how to make it work for you as a Pay Per Head agent.
Taking Advantage of Live Betting
Back in the day of PPH there was a limited amount of things which agents could offer their clients and really limits the ability to customize your sportsbook. Now there are so many types of wagers, any gambling pro can still find it a bit overwhelming to utilize them all.
Live betting falls under one of these ‘new’ types of bets which online sportsbook can offer up. This is not a feature that all per head agents offer so if you do, you’re already ahead of the game. But how do you let clients know that you offer it, and how do you bring new clients in the door. Sometimes the most obvious things can be the most effective so start off by simple letting clients know about your live betting choices. A simple text or email blast will do the trick, remind them every few weeks, especially while games are going on. If you are friendly with some of your clients you can even be more specific with your pitch to live bet a game. Say one of your bigger clients is a huge Yankee fan and there is a big game tonight between them and the Red Sox. As the game progresses the Red Sox are holding a slight lead which makes the Bombers a great plus money play. This can be a great time to catch up with your buddy and mention the live line on the Yankees is all the way up to 3/1 and a comeback will net them a healthy payout.
A top tip when offering live wagering is to make sure to set limits on all in-play bets. This is mainly because sharp players can hedge themselves out of a losing bet and essentially reset their daily bankroll. Keeping a lid on the amount a player can allow you security from them making a huge live bet on a game which they also bet pregame on the opposite side. Players will still be able to minimize loss with this method, but you will still walk away with yours at the end of the day. An example of this would be a player makes a big bet on an underdog before the game starts. That underdog takes an early lead in the game and causes the live line to flip in their favor, thus leaving the original favorite as a deep underdog. At this point, a player can now bet the original favorite at plus money odds and creates a no-lose situation. Even worse is if they are betting spreads, it’s possible to win both sides of the bet which can spell disaster for an independent bookie. It’s important to be aware of this type of behavior and keep an eye out for it when monitoring your player base.
Offering your clients live wagering is not necessarily going to increase your hold percentage with players, but it’s become such a popular option that many books feel obligated to offer it. They aren’t exactly wrong with the need to remain competitive with rival books a strong consideration which requires the ability to set yourself apart. Live betting, at the end of the day, is more about keeping your clients happy than anything else. It is also a great selling point when looking to temp new clients to your book, especially if they are already playing with a book that does not offer live options.
The Power of TruLive® Wagering
As mentioned many times throughout this article, finding a quality Per Head company with elite software is paramount to running a successful sportsbook. At PayPerHead we’re happy to offer our agents a world-class live wagering experience they can offer up to clients, our TruLive® wagering platform.
Players can bet on every play of every game with TruLive® which sets us apart from the average live betting options from all those other outlets. PayPerHead gives agents the opportunity to offer 1000’s of wagering options across 80 different sports leagues. Even better, with no third-party platforms to deal with, you can avoid lagging and bet losses due to software delays. At PayPerHead we understand what it takes to keep your business growing and how to keep players happy, TruLive accomplishes both of those tasks.
If you don’t already have a PayPerHead account, sign up as an agent today or call 800-605-4767 to speak with an account representative today to learn more about TruLive Wagering and all the other amazing benefits that come with being a PayPerHead Bookie Agent.