The spectacular start made by the regulated online sports betting market in New York has seen it quickly become the number one state, in terms of the total amount of bets made.
Among the $2.4 billion in bets reported by mid-February, a large amount of them are sure to have been made on in-play gambling. So, how does this type of betting differ from others that NY bettors might have tried before and what might the future hold for in-play gambling?
What Is In-Play Betting?
Firstly, let’s differentiate between conventional sports betting and in-play. Traditionally, sports betting has involved placing a bet at some point before the game/event begins. The odds reflect the latest news, form, and updates at the time that the bet is initially placed. It’s possible that the bet flops right away if the action doesn’t go in the way that the bettor expected.
Once the game begins, the bettor needs to wait until it ends before they know if they have won or not. Even if their chosen team leads for 90% of the game, their bet loses if the team fails to win the overall game. However, in-play betting is different.
All of the online sportsbooks that are regulated in NY have an in-play betting section. Many people will have discovered this type of wager for the first time when betting on the Super Bowl LVI game, which coincided neatly with the first NY online betting sites officially going live. Football is an ideal sport for in-play betting, but it can also be carried out on most other sports such as basketball, tennis, and baseball.
Bettors may opt for in-play betting as it is far more dynamic, as the sportsbook updates its odds every time something changes. This means that the odds change almost instantly, allowing the site’s users to place bets or cash out their winnings at any stage. Essentially, in-play betting permits fans to get a feel for the game or race before staking any money on it.
The live betting approach also gives bettors more control over their wagers. It’s no longer a case of placing a stake and then simply waiting to see the outcome. The fast-moving nature of this type of bet makes it ideal for modern bettors who want a slick wagering experience that they feel in control of.
For the time being, there is no breakdown available on the percentage of NY sports betting made up of in-play as opposed to pre-game wagers. However, with over $1.6 billion made in bets in the first month after the sites first went live, it certainly seems that many people have given this method a try.
Another point to bear in mind is that every one of the regulated NY sportsbooks is now offering a big welcome bonus such as a free bet or a risk-free first bet. As a result of these enticing deals, newcomers have been able to try out in-play wagering without using too much of their own cash. A significant amount of the total wagering carried out in NY so far is believed to be made up of those free bets.
How to Place a Bet
Each of the licensed New York betting sites has a category where we can find a list of the current and upcoming live events. For example, the BetMGM website in NY lets us see the in-play odds in the “Live” section. With DraftKings, the section to look for is called “Live In-Game”.
After entering the correct section, players see the different sports and games that are available. Some of them may have started, while others are listed as upcoming. At the time of writing, the BetRivers sports betting site has tennis betting in this section, with an NHL game between the Toronto Maple Leafs vs the Washington Capitals under the “Live Stream” section. However, the list is updated regularly to reflect the latest action.
The wager can be a straight moneyline bet on which team or players the bettor expects to win. Live betting also brings the possibility of placing the stake on things like the next goalscorer or the winner of the next period of play. This makes it an extremely varied and fast-moving type of bet whose outcome can be decided very quickly in some cases.
For those events where the game isn’t shown on a live stream, bettors can follow the statistics on the sportsbook’s site. This is where the key statistics from the game are constantly updated, giving a clear picture of what has happened so far.
What Are the Main Points for NY Bettors to Consider?
There are some key things to take into account when deciding whether to place in-play bets or not:
- The first thing to consider is whether you have the time to follow the action. If you don’t do this, you might miss the perfect moment to cash out or to make a new bet.
- The second is your confidence in making fast, accurate decisions. Some sports are faster than others, while in some cases you get a bit of extra time to think about what might happen next.
- Another point to bear in mind is that you might feel more comfortable live betting on a game that you’re watching. Not everyone feels comfortable basing their decisions purely on the statistics that are shown by the sportsbook.
Thankfully, the New York sportsbooks make the process easy once you’ve decided. Even if you use a mobile device, making a wager and cashing it out can be done very simply by pressing the appropriate button on the screen.
How and When to Cashout
Part of the key to betting in-play successfully is in cashing out at the right time. This is where it differs greatly from traditional pre-game bets. Rather than simply waiting until the end of the action to see whether you’ve won or not, you can choose whether to accept your winnings part of the way through.
For example, let’s imagine that someone put a wager on the Cincinnati Bengals to win the recent Super Bowl game against the Los Angeles Rams. The Rams were favorites before the game and they took the lead in the first quarter.
The Bengals took the lead for the first time on the first play in the third quarter, at which point the bettor would have the option of cashing out a profit. This profit would probably be smaller than if they held on to see the Bengals win the game. However, since the Rams regained the lead in the fourth quarter, that point in the third quarter turned out to be the best moment to cash in a wager on the Bengals.
Will In-Play Betting Continue to Thrive in New York?
It seems certain that this way of wagering will continue to grow in appeal and popularity. As more New Yorkers discover how to bet in this way, we can expect to see it make up a high proportion of the overall bets made.
Of course, the traditional method of placing a bet before the event begins will also remain popular. This may be more appealing to certain types of bettors or in cases where they can’t follow the action live.