Now, a lot of old school bookies look at live like a joke; however, the volume and profits prove otherwise. The shift toward a more entertaining wagering platform is going to happen. If you do not offer live products you will eventually be left for a competitor.
Just a few of the reasons it’s useful. This Month $1 live is available until Nov. 5th.
First things first, as a bookie you win on the juice. Higher juice means more money in the end. Live wagering is always 10 cents higher. If a player was 50/50 on his wagers you as the agent would earn an average 10% more on $1000 wagered. House always wins.
Live wagering is the only way to increase the action and volume on a small board of games. Even the games that usually are played like a Monday night football game. Not to be judgmental but for boring games it can increase the excitement. The live wagering can give the option for several bets on just one game. Instead of just a side and a total or even a first half or second half. Now your players have the opportunity at a higher juice to continually play throughout the game.
On normal circumstances the juice on a wager will give you the edge in the long run, but in the live wagering arena the juice doubles on almost every single favorite.
I will use this example, in the NFL, College FB and baseball since those are the sport prevalent now, after the first pitch or shotgun is thrown or yelled a line may open for odds to win at a larger number than the favorite was just ten seconds ago on a straight to win moneyline wager. From -170 to -200 in a matter of seconds. A line like this will be available all the way through the game and will continually increase the longer the favorite is in the lead. I personally wagered on a favorite at -400/+360 in the bottom of the 7th and in the top of the 8th the dog hit a 3 run homerun to tie the game. The line updated and dropped back to -200/+160. I chased the dog in this case and bet the other side to try and remove my exposure but the line available said to win in regulation without extra innings. At the bottom of the 9th I realized what was about to happen as the game was tied. I lost both wagers because in the top of 10th another home run to put the visiting dog ahead and held on to win in the 10th. Granted my wagering limit was $100 on the live, but I lost both on the heavy favorite and dog.
This example above is exactly why I was assigned to this position of reporting. Studies that we have conducted with the live wagering show that when people have the opportunity to chase, they will. It’s the option that a gambler has to “get out of the hole”.
In another example I bet a similar situation on an NBA game recently where the favorite OKC was up about 15 points going into the 4th quarter. Our software gives a player like myself the option to bet on spreads like OKC -13.5 -125 in regulation time or includes overtime. I liked Durant to cover this because they were rolling so I placed 3 separate wagers on OKC -13.5 -135, OKC -15.5 -125 and OKC -17.5 -115. Short of the story is they won by 14 so I did actually win a game but because of the juice on that line I still came out down. What I failed to mention in the beginning is I had already bet the Spurs at a pk, before the game started for $500. I honestly thought they would go to game 7.
WRONG! Again I couldn’t leave the bet alone and tried to hedge myself out of it and ended up losing more.
The exposure you experience on the live may seem extensive if you leave the rebet option on, but if you take the chance the payoffs can be much higher and faster than just regular wagering. Setting the limits to a comfortable level and with the limiting options available now “to win” make this a must have option for any book maker who takes this seriously and as a business.