There are advantages - and disadvantages- to both formats. Pick and pray requires the handicapper to figure out value( odds)in advance without a live tote board and is better at allowing a player to protect against someone far behind simply reaching for a bomb as a last minute desperation play.If you are going to play a bomb in the last race or two in a pick and pray, you have to figure out in advance if it’s a live bomb worth playing and not simply a stab.That is part of the strategy component in a pick and pray not present in live betting. Live betting tournaments- and there are many well within most of our bankrolls- to me is far more difficult since you have to be willing and able to alter your picks on the fly once you see the standings and live odds.