Live betting odds: where they come from

[jjgold]

Most often, sportsbooks receive these odds as a data feed from a third-party vendor. There are a few established vendors who sell up-to-the-second pricing on in-play betting markets as a service. (As a matter of disclosure, at the time of this writing, I am in the process of launching one of these vendor companies. So this is a topic that I know a fair bit about, but also where I may have some personal biases that come through in the discussion.)



The way it works, roughly, is a sportsbook operator decides they would like to offer in-play betting markets to their customers. They contract with a third-party vendor who provides a data feed with markets and suggested prices. The sportsbook then adds a hold to the markets—how much they add is up to them — and they offer the bets to their customers.



Some sportsbooks contract with multiple vendors and combine the individual feeds with perhaps a twist of their own into a proprietary, aggregate feed which they then use to price the markets they offer to their customers.

[Chi_archie]

some good info here JJ

There are two major problems with this though JJ, and you may already have thought of them both while you were in the Lehigh valley
The first problem is that there is an enormous amount of information available once the game starts that wasn’t reflected in the pregame lines.

• Maybe a player or two got injured during the game.
• Maybe the teams are playing different strategies than the market expected before the game started.
• Maybe the teams are playing faster or slower.
• Maybe they’re fouling more or less.
• Maybe the weather took an unexpected turn.
• Maybe one key player is playing at a much higher (or lower) level than their usual standard.

Much of this is information that is readily available to anyone with a web browser and a TV. It’s also information that is — as you might imagine once I described how the lines get made — extremely difficult (in some cases) or nearly impossible (in others) to account for correctly, in real time, second-by-second, in an in-play line feed.
And sportsbooks aren’t content these days with offering just a spread and total in-play. They want to offer dozens of markets. All updated by the second. All priced in an instant.
I call this wide range of betting options that sportsbooks offer without fully understanding them “attack surface,” a concept I’m borrowing from computer security that I think also describes sports betting well. I’ll explain the analogy a little later in the book.


the second major problem, JJ, from the sportsbook’s perspective with offering in-play is that they rely on correct, up-to-the-second game state information. Since the game state is a key part of the equation to price the markets, if the game state data is either slow or error-prone, the lines priced using it will also be slow or error-prone.In the UK where in-play betting is a more mature product, sportsbooks complain about “courtsiders,” which is a very English term for bettors who are trying to take advantage of slow data feeds by watching events in person and getting key information several seconds faster than the sportsbook receives it (via their third party odds vendor which gets it via a data feed).
Even if the data feed is fast, sportsbooks are potentially vulnerable to every glitch or mistake in the data feed. “The ball is at the Rams 35‑yard line.” Five seconds later. “Whoops. That was the Patriots 35‑yard line. Sorry about that.”
That’s five seconds the markets may have been priced for the wrong yard line — and obviously in a sport like the NFL that sort of error can make a massive difference in how markets should be priced.
Nevertheless, despite these two big problems, sportsbook operators know their customers want to bet during games, and so they offer a variety of markets priced in just this way.

[Chi_archie]

will you focus on the time-out betting style or the running down the field style, JJ?

[jjgold]

Just info post

Archie this is not JJ

[pablo222]

Most often, sportsbooks receive these odds as a data feed from a third-party vendor. There are a few established vendors who sell up-to-the-second pricing on in-play betting markets as a service. (As a matter of disclosure, at the time of this writing, I am in the process of launching one of these vendor companies. So this is a topic that I know a fair bit about, but also where I may have some personal biases that come through in the discussion.)



The way it works, roughly, is a sportsbook operator decides they would like to offer in-play betting markets to their customers. They contract with a third-party vendor who provides a data feed with markets and suggested prices. The sportsbook then adds a hold to the markets—how much they add is up to them — and they offer the bets to their customers.



Some sportsbooks contract with multiple vendors and combine the individual feeds with perhaps a twist of their own into a proprietary, aggregate feed which they then use to price the markets they offer to their customers.

Who are you and what did you do with JJ?

[SamsNCharge99]

So much reading in this thread

pass

[DiggityDaggityDo]

So much reading in this thread

pass

Yeah. When did JJ learn all of these big words?

And who is the hot broad in his avatar?

[jjgold]

?????

[b1slickguy]

This JJ needs to change the login password and not share it with the other jjgolds.

[DiggityDaggityDo]

[KVB]

Yeah, just a couple of services run the live trading for a ton of books.

Eventually, all roads lead to Rome.

[newton0038]

JJ been hacked. New persona in his/her/its avatar

[DiggityDaggityDo]

Next JJ, check in...





Wait... How many JJ's are there???

[QuangX]

Most often, sportsbooks receive these odds as a data feed from a third-party vendor. There are a few established vendors who sell up-to-the-second pricing on in-play betting markets as a service. (As a matter of disclosure, at the time of this writing, I am in the process of launching one of these vendor companies. So this is a topic that I know a fair bit about, but also where I may have some personal biases that come through in the discussion.)



The way it works, roughly, is a sportsbook operator decides they would like to offer in-play betting markets to their customers. They contract with a third-party vendor who provides a data feed with markets and suggested prices. The sportsbook then adds a hold to the markets—how much they add is up to them — and they offer the bets to their customers.



Some sportsbooks contract with multiple vendors and combine the individual feeds with perhaps a twist of their own into a proprietary, aggregate feed which they then use to price the markets they offer to their customers.

Good Info. I never knew this. It makes sense some live betting platform are the same.

[jjgold]

Thank You

Office

[milwaukee mike]

good discussion here

if i remember correctly, bookmaker switched their mlb live betting to only in between innings, because people at the games were beating the timer... could also do this in the past with stuff like cubs radio broadcasts since they aren't delayed like the tv feed.

for nba the live betting is so far ahead of the tv coverage, makes it impossible to watch a game while live betting because you know exactly what is going to happen 20 seconds ahead of time.

[lakerboy]

good discussion here

if i remember correctly, bookmaker switched their mlb live betting to only in between innings, because people at the games were beating the timer... could also do this in the past with stuff like cubs radio broadcasts since they aren't delayed like the tv feed.

for nba the live betting is so far ahead of the tv coverage, makes it impossible to watch a game while live betting because you know exactly what is going to happen 20 seconds ahead of time.

Yes the NBA thing is ridiculous.

[hubie69]

Next JJ, check in...




Wait... How many JJ's are there???

The Markets have identified at least 5. O/U for number of posters using JJGold is 9.5

[19th Hole]

Thank you no/shift JJ.

[jjgold]

There is five Sherry maintains the accounts

[KVB]

Gold always was a sucker for a stylish power cut, regardless of age.

[jjgold]

Love women with power haircuts

[pablo222]

Does she have osteoporosis? Make sure she take her Centrum Silver.