Quote Originally Posted by scalabrine:
Disagree. Even if you don't go after a lot of live lines.
I understand game flow as you do and in game betting feeds the addictive side of gambling.
It is quite alluring and I have to constantly battle with laying off of it when my phone is near me and I have a Espn/TNT game on.
That allure is the essence of tapping into brain circuitry that controls wants/needs/desires. The developers of these vices know exactly how the brain works.
The other downside to it is that the lines are set by algorithm. There is very little arbitrage when betting with 3 minutes left in the second quarter down 8. The line, more often than not, is amazingly sharp at the final score.
Opening lines are set by bookmakers and can be exploited as people exploited this Knick line in this very thread. Some of these opening lines are quite terrible in the NBA. It's pretty amazing to see a line move 3 to 4 points without an injury. That's a very large move you don't see much in the NFL where the lines are much sharper. An in-game Knick line has little to offer and as BB noted can be costly when you already have winners in hand and doubt and/or greed sets in.
Best bet - opening lines and if you must, halftime lines which are of course, in game lines with a 15 minute break for you to digest the first half instead of hitting up a spread while watching a commercial about four hour Viagra erections with 8:40 left in the first.
I have very mixed feelings about live betting, Scal. In general, I agree with you. Whenever I've lost money live betting it was because of greed and/or chasing. And this impulse is something one must fight against whenever one is live betting. In other words, one must ask, "am I making this bet because it is a great opportunity or because I want to win even more and/or recover what lost, etc?" Live betting requires extreme discipline (even more than normal betting) if one is to be profitable. I think the algorithm part is dead on. The lines get more accurate/sharp as the game goes on, however, and this is a big however, the algorithm's fail to account for the human dimension of the sport. And here is where bettors with an awareness of human psychology, motivation, and unique game situations have an advantage over the lines that some computer spits out. For instance, regarding the Clips/Nuggets game the other night. In the middle of the 2nd quarter, as the game slowed down and guys were missing tons of shots (shooting % for both teams was around 34) the line for the total dropped to 202 (the line was originally set at 217). Seeing this, I quickly put 200 on the over. The rationale being that there was plenty of time left for those shooting percentages to rise, and that 202 compared to 217 was a bargain, considering how much time was left in the game. But opportunities like this are rare and one needs to be prepared (or cap a game beforehand) in order to take advantage.
There are countless other ways one can take advantage of these algorithms but it takes a lot of self-control and balls. In tennis, for instance, there are times when a player is clearly injured or has lost control of the match (for whatever reason) and the algorithms have no way of accounting for that. They spit out a line before their human overseers can catch it and correct it. But again, this requires much patience and discipline. But perhaps the greatest challenge in live betting is the urge to hedge out of a bet that one was very confident in before the 4th quarter of a tight game. All I can say in this regard is that you are damned if you do and damned if you don't. I've probably lost more in hedging than I saved but the impulse to hedge is great with live betting, for the very reasons you mentioned. But, to me, the worst part of live betting is how much of your time it eats up, not to mention all the ulcers!