A system for providing a computer based wagering game during a live event, comprising: one or more sensors for obtaining in-venue data, at least one source for providing statistical information relative to the live event, and a processing unit, configured to receive data from the at least one source and in-venue data from the one or more sensors, to calculate, in accordance with the real-time situation/development of the live event, the occurrence probability of one or more outcomes of evolving situations and their corresponding odds in a specific period of time during the progress of the live event, and to generate one or more betting events, wherein each of the betting events is based on the probability calculation and corresponding odds.
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