Live sports betting isn't anything new. The bets play out as "Live Props". This is how the Books generate a majority of the revenue. Most players who elect to game these wagers have a high tendency to lose his/her bankroll right quick.
Guessing you didn't read through the thing. If you read the comments from the Vegas guys in the article, it is something new. At least the way these guys are doing it. And as to loosing his/her bankroll... Isn't that a general tendency among all gambler's??