What is Live Betting?

What is Live Betting?

For those new to sports betting, live betting might seem somewhat unusual. Even if you’ve placed sports bets before, it’s likely you’ve not come across many betting options once the games have started. This is essentially what live betting entails. As a game progresses, sportsbooks have the ability to present fresh betting opportunities spontaneously.

When you explore online sportsbooks in Illinois, you’ll notice that live betting options are a major feature on these apps. Understanding what they are and how they operate is crucial. Most importantly, it’s essential to comprehend how your preferred teams could become subjects of live betting.

In-play or in-game wagering, also known as live sports betting, is a kind of bet that occurs once a game or match has already started. It’s typically a form of prop betting as it seldom involves questions regarding the final result of the game.

What are the different types of live bets?

There are three types of wagers that live bets can be categorized into. They include:

  • Continuation of Pregame: Standard wagers, including spreads, moneylines, and totals, may continue into the game. However, these betting lines will be adjusted based on the events taking place within the game. Be cautious when placing these bets as if they were still based on pregame information.
  • Milestones: It is common for players or teams to surpass specific milestones during a competition. These milestones could pertain to the game in progress, the ongoing season, or the entirety of the subject’s history. The live bets you’ll encounter for these typically pose the question, “Will they achieve it or not?”
  • Betting on Segments of the Game: Wagers can be placed on smaller parts of the game, including the result of specific periods or which team will be leading at the end of a quarter. You may also find bets related to individual plays. These often mirror the outcome of the play itself and are typically based on guessing.

These options, particularly partial game results, can cause live betting to significantly increase the number of potential bets on any single game, often reaching into the hundreds. Unsurprisingly, sportsbooks are keen to boost the range of possible wagers. The appeal of live bets is that they offer a second chance to wager on the game you’ve selected, adding an element of excitement.

How live betting works for top Chicago teams

Therefore, if you are interested in attempting live betting, it’s important to understand the fundamentals. Here are a few of the live bets available for Chicago’s leading sports teams.

Before we start, it is crucial to note that the Illinois sports betting law has certain restrictions. One of these restrictions is related to live betting, particularly betting on the performance of a college athlete, which is not allowed. This prohibition also extends to live wagers. In addition, betting on Illinois college teams is also prohibited.

NFL live betting

In terms of sports betting and viewership, football is America’s most popular sport. The Super Bowl, for instance, is the year’s most active day for sports betting.

Illinois houses one NFL team, the Chicago Bears. As expected, there are numerous live betting opportunities throughout the NFL season. Some common NFL live bets might include the following:

  • Will Nick Foles’ next pass be incomplete, complete, or an interception?
  • Is the next play going to be a pass or a run?
  • Will the Bears score on this drive? Please answer yes or no.

NBA live betting

NBA games are favored events, especially during the commencement of the playoffs. The scoring in each game ensures that NBA live betting opportunities are ever-present. The Chicago Bulls serve as the sole NBA representative from Illinois. Here are few prospects:

  • Will the Bulls or the Pacers be leading at the end of the first half?
  • Will Zach LaVine score 20 or more points in the game, given that he scored 10 in the first half?
  • Is it possible for either team to score over 100 points? Please answer with yes or no.

MLB live betting

Major League Baseball (MLB) games showcase America’s favorite sport played at its finest. The 162 regular-season games and playoffs offer numerous live betting opportunities within a baseball game. Illinois is home to two Major League Baseball teams – the Chicago Cubs and the Chicago White Sox. Here are some potential MLB live bets you may encounter for these major games:

  • Will this inning see a strikeout from Lucas Giolito?
  • The predicted number of hits for the Cubs in this inning is 1.5, which is the over/under.
  • What will the outcome of this at-bat by Kris Bryant be? A hit, an out, a walk, or a hit-by-pitch?
  • Is the White Sox going to score in this inning? Yes or no?

NHL live betting

NHL games consistently provide fast-paced and exhilarating entertainment. The exhilaration of a quick goal striking the net, accompanied by the jubilant blare of the goal horn, is rarely matched. In Illinois, hockey enthusiasts passionately support the Chicago Blackhawks. Here are some potential live bets you might encounter in NHL games:

  • This period, will the Blackhawks get a power play? Is it a yes or no?
  • Will Patrick Kane have more or less than 2.5 shots on goal during the second? How many exactly?
  • Is Corey Crawford going to let a goal in during this period? Yes or no?

3 live betting tips

Considering the vast choices available, it’s quite reasonable to be eager about trying in-game betting. Let’s discuss some habits that you should adopt to ensure success.

Firstly, understand that you’re dealing with a completely different situation than before the game started. There are more variables impacting the bet and less time for you to contemplate them. Thus, here are a few live betting tips to ensure your in-game betting experience is seamless:

    Be Mindful of Your Bets: Don’t feel pressured to bet on every option that pops up on the feed. Yes, timing is crucial in live betting, but that does not mean you should rush to stake your money. If you’re not comfortable with the terms of a bet, simply skip it – there are always more opportunities ahead. Manage Your Money Wisely: Live betting can offer more than a hundred new betting opportunities in a single game. The volume and speed of these opportunities can be overwhelming. As with all forms of gambling, it’s wise to set a loss or betting limit before you start live betting. Trust Your Judgment: Ask yourself if a bet seems sound at first glance, or if it seems like a fool’s errand. It’s important to remember that you won’t always win or lose, but there’s no requirement to make things easier for those who set up the bets.

Most common live betting mistakes

Undoubtedly, there’s more than one correct approach to live betting. Trying new strategies and testing them is part of the process, so don’t be afraid to experiment. However, you must be cautious to avoid falling into some of the common pitfalls associated with online live betting:

  1. Avoid Wagering on Unknown Games or Sports: Even though some of the most valuable opportunities in sports betting can be found in less popular games, these come with many uncertainties, particularly in live betting. For live betting, it’s better to stick to games where you have some knowledge of the players and how the game is played. This way, you won’t have to worry about understanding why the scoreline changed or why a team was penalized while trying to make a quick betting decision.
  2. Use In-Play Wagering Wisely: One of the benefits of in-play wagering is that it can act as a safety net for uncertain pregame bets. If you’re having second thoughts about a pregame wager you’ve made, you may be able to find a live bet to offset potential losses. However, it’s crucial not to pursue your losses with live betting. The rapid pace of live betting can swiftly exacerbate your losses. Exercise caution when you’re already in a losing position and live betting options become available.
  3. Avoid Betting When Emotional: Emotions play a crucial role in our lives, but they can be detrimental when it comes to betting. If you are already feeling defeated and low-spirited, it would be wise to stay away from live betting. Take a moment to relax, regain your calm, and wait for another chance. There’s always a new opportunity to place a bet.

Wrapping up on live betting in Illinois

Live betting is arguably the most popular form of betting currently. Its attractiveness stems from the capacity to place hundreds of bets on each game, appealing to both sportsbooks and bettors, though for varying reasons. Nevertheless, the pace of live betting may not suit everyone. If you’re in Illinois and prefer a more relaxed approach to sports betting, that’s completely understandable and permissible.

Nonetheless, live betting can significantly broaden your game and betting options more than other sports bets. Provided that you can manage your emotions and finances effectively, there’s no reason why in-play wagering cannot be a part of your betting strategy.