Definition
A live (in-play) bet is a wager placed after a game or match has already started. The odds move as the action changes: score, time remaining, injuries, possession, pace, weather, and market demand can all shift the price.
The payout math is the same as a pregame bet. At American odds of -110, a bettor risks $110 to win $100. At +150, a bettor risks $100 to win $150.
Worked Example
A basketball game starts with Team A listed at -110. After Team A falls behind 12-2 in the first quarter, the live moneyline moves to +180.
A $100 live bet at +180 would return $280 total if Team A wins: $180 profit plus the $100 stake.
If the same bettor took Team A pregame at -110, a $110 stake would win $100 profit. The live price offers a larger payout because the game state has made Team A less likely to win at that moment.
Why It Matters
Live betting helps a bettor react to information that was not fully priced before the game, such as pace, matchup usage, or an injury. It is most useful when the bettor can compare the live line against a clear projection faster than the market adjusts.