If you understand the concept of Asianhandicap as well as Over/Under betting, then participating in a Live Betting (The match is playing Live) session will not be difficult to comprehend. But there are several differences. Let's look at them below:

Asianhandicap Live Betting
Whenever there's a goal scored, the new handicap to be opened will not be affected by the current score. For example:
Liverpool -1/2 1.95 vs. +1/2 1.95 Middlesbrough
You took Middlesbrough at +1/2 1.95 for $100 before the match kick off. During Live Betting Liverpool scored an early goal on the first half. The score stands at Liverpool 1-0 Middlesbrough. Sportsbook will most likely open the new handicap to be Liverpool -1/4 2.05 1-0 +1/4 1.85 Middlesbrough. You took Middeslbrough again at +1/4 1.85 for $100. The match ended with no further goals and the result stands at Full Time Liverpool 1-0 Middlesbrough.
Now, you lost your first bet with your Sportsbook, -$100. But you won half on your second bet during Live Betting, $42.50. So your total Win/Lose profit for this match will be -$100 + $42.50 = -$57.50

What if Liverpool had scored another goal or more with no reply from Middlesbrough? Then you would have lost both of your bets and your total Win/Lose profit would be -$200.
What if Middlesbrough managed to equalised or even winning the game at Full Time? Then you would have won both your bets and your total Win/Lose profit would be $95 + $85 = $180

Another example:
Barcelona -1.25 1.90 vs. +1.25 2.00 Mallorca
You took Mallorca at +1.25 2.00 for $100. During Live Betting, both side is playing very well with Barcelona dominating most of the time. Now the beauty of Live Betting is that while there's no goals scored, the handicap will surely fluctuate as each minute ticks away. By 70th minutes the handicap would have changed to Barcelona -1/2 2.05 0-0 +1/2 1.85 Mallorca. You noticed Barcelona is now playing better and Mallorca playing defensively. Your instinct tells you that a goal by Barcelona in the last 20mins might be possible. So you took Barcelona at -1/2 2.05 for a smaller bet at $50. You were right, Barcelona scored a goal soon after and the match ended with Barcelona winning 1-0 at Full Time. Now for this game your total Win/Lose profit would be ($100/2 x 1.00) + ($50 x 1.05) = $102.50

Over/Under Live Betting
The difference with Over/Under Live Betting is that a goal scored will also be counted in the new handicap. For example:
Manchester United vs. Arsenal 2.50 1.95 O 1.95 U
You took the Over at 2.50 1.95 for $100. The match progressed with both side scoring a goal each during the first half. The new handicap would be 3.75 1.90 O 2.00 U. You took the under for $100. The match ended with Manchester United losing 1-2 to Arsenal. Your Win/Lose profit for this match would be $95 + $100 = $195.

If the match had ended 1-1 at Full Time, then you would have lost your first bet -$100 but won during Live Betting $100. Thus you draw with no loss and no gain.
If the match had ended 3-1 at Full Time, then you would have won your first bet $95 but lost half of your second bet -$50. Thus your Win?lose profit for the game would be $45.

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