Live bets seems like a waste to me as you do not really have the time to tell if the odds you are being offered are any good, I see most of those bets to be there for the compulsive gambler that wants to bet on anything and everything, ....
Live betting is good for people who are watching the game, but haven't tried putting live bet with a very high odds, normally I do live betting and put a bet on game only and that is on either the point spread, totals, or betting SU.
That is obviously right, anyone that watches the game live can make live bets but as I have said I do not see the point of it, especially if you are looking to make profits, after all you are not going to have the time to analyze if a bet is good or not or what kind of odds you are being offered by the casino since you are not going to have a lot of time to think about your bets, and we know that in the case of sports betting the house edge can vary wildly and you do not want to make a bet in anything that has a house edge otherwise your chances of beating the casino become minimal.