Sports Betting Features
Online sports betting has been legal in a number of markets for decades. Over the years as more and more online sportsbooks sprung up all over Asia and Europe, new features were introduced by companies as a way to differentiate themselves from the competition. Now, as the US opens up to the rest of the world, American sportsbooks will be increasingly expected to offer a wide range of features if they are to compete with all the European sportsbooks setting up shop stateside.
The features we will discuss, such as live betting and cash out, often began as an extra in the betting experience. However, as people became much more experienced at betting, customers’ expectations grew. Nowadays it is largely expected that sportsbooks offer these features.
Frequently asked questions about different types of sports betting features
How does live in-play betting work?
In-play betting means that you can place a bet during an actual sports event. Your sportsbook will offer you live odds. Make sure you have a secure internet connection, as any lag could ruin your chances.
What is live money in betting?
This refers to bets that you can bet on in-play. WIth live money, you can place live bets after an event has started and before it has ended.
Can you parlay in-play bets?
No, Parlay bets cannot be placed as live bets.
How is cash out is calculated?
Believe it or not, there is no army of elves working for your sportsbook churning out odds left, right and center. Your sportsbook will employ an odds supplier that will have a sophisticated algorithm analysing the ongoing event, and adjusting the live odds continuously.
What betting sites have cashout?
Not all sportsbooks in the US have cash out options. Currently, we believe DraftKings has the best cash out service.
In-play betting explained
This type of betting feature can also be referred to as in-game or live betting. It is a type of bet which you can place whilst an event is still ongoing. Live odds will fluctuate as an event progresses.
In-play betting is offered by the majority of American Sportsbooks. However, sportsbooks will not offer live odds for every event. You will need to look up how your sportsbook indicates when you can place a live bet.
In-play betting can be a great option if you find it easier to predict how a match will unfold as it progresses.
As sports fans, we all know that feeling in our gut when we are watching a match unfold. It can be especially useful if you are actually attending an event because this will give you the edge of your sportsbook. They will be relying on a stream or in some cases, live stats, so if you can see something they cannot then you could have the edge.
Live betting does require you to have an excellent internet connection. You cannot bet on a match if your internet is slow because the match won’t wait for you to catch up! You also need to make sure that your sportsbook site or app works smoothly and does not crash. You can check this in our reviews section.
We recommend that you place your live bet, when there is a small stop in the game, so you can be certain that your bet is going to come in on time.
Cash Out explained
Cash Out is another form of in-game feature offered by sportsbooks. The cash out function allows you to close your bet before the event has finished at adjusted odds offered by your sportsbook.
Your sportsbook will offer you better juice than when you placed the original bet if it looks more likely after the event has begun that your predicted outcome will occur. They will offer you lower juice for cash out if it looks less likely to occur than when you placed the bet pre-event.
A cash out can be useful to either secure winnings or to cut your losses. Let’s look at two examples of when using a cashout could be a good idea
Say there is a game that is considered close before a match.
You back Team A at odds of +100 with a $10 wager. This means that if you win you will get $10 in winnings. After two-thirds of the match, they are in the lead and expected to win. However, you are still concerned that they will throw away the lead in the dying minutes of the game.
This would be a good time to look at a cash out. The sportsbook will be aware that the outcome is much more likely to occur than when you first placed the bet, so will be happy to pay off, for a slightly reduced rate. You, will also be willing to accept slighly less in winnings as long as you can secure them early. The sportsbook offers you $8 to cash out. You accept, meaning you lose $2 in potential winnings but secure the money now.
Let’s use the same original bet of backing Team A at odds of +100 but this time with a $100 wager.
In this example, they go behind and are trailing with 10 minutes to go. There is a small chance they could fight back, but it is unlikely. As it stands, you stand to lose your $100 wager. You really don’t see them coming back and you really can't stand to lose all your money.
In this situation, your sportsbook may offer you cash out, which would cover the perceived risk of your team mounting a comeback. They offer you $10 to cash out now, 10 minutes before the match. You really don’t see any way back for your team so you accept. You get to keep 10% of your original wager.
Now, this might make sense in the example above, but really recommend that if you are serious about sports betting that you do not use the cash out function that often. The reason is that if you have a proper strategy when it comes to betting, you should be looking at the long term. The reality is you will lose bets, and some bets will go down to the wire. It is better to work on a system that works in the long run.
Cash outs will not be offered for every event, or for every bet. Usually, a sportsbook will display a recognizable symbol in your betting slip, so you know when you can cash out. They should also indicate before you place your original bet if a cash out option will be made available. However, this varies between sportsbooks.
Sportsbook Live Streaming
Live streaming can be an awesome compliment to your sports betting. Live streaming means that you can live stream sports events via your sportsbook. The reality, however, is that the major leagues will not allow their games to be streamed for nothing. Their licenses cost far too much for sportsbooks.
However, if you are interested in foreign matches, sports or the smaller leagues in the US, then live streaming can be a really great feature. Nothing could go more in hand with sports betting and in particular live betting, than the actual coverage of the events.
Live streaming as a feature varies greatly between sportsbooks. Different sportsbooks have different licenses, so you should check what sportsbooks offer the events you are interested in. Some sportsbooks also require a certain level of funds in your account before you can stream sports.
Online sports betting was only legalized in the US in 2018, so the reality is that there are not that many US sportsbooks that offer live streaming. Things are moving fast though and sportsbooks like FanDuel announced recently that they will be the first sports betting app to stream live games in 2019.