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Betting arbitrage, miraclebets, surebets, sports arbitraging is a particular case of arbitrage arising on betting markets due to either bookmakers' different opinions on event outcomes or plain errors. When conditions allow, by placing one bet per each outcome with different betting companies, the bettor can make a profit regardless of the outcome. Wikipedia.

Live betting allows you to wager on an event that is in progress. This is in contrast to pre-match betting, where all betting ceases once the game has begun.
Live betting is a recent form of betting that's gaining popularity fast. And it's no wonder, given that it adds a whole new level to how you can bet on a game. In addition to pre-match betting, you can now be watching the game and be making new bets as it is being played.