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What's the difference between Pre-match and Live?

What's the difference between Pre-match and Live
In Pre-match bets are placed before the start of a match, while in Live, bets are placed during a match.

In pre-match, odds are determined by
 
the
 
analytics department

Betting companies consider the team composition, statistics, and the weather. Most of this data is speculation, since no one knows for sure who'll go out onto the field or the condition the players are in. Match data does not appear often, so Pre-match odds only change a couple times every day.
A news outlet reports that one of
 
the
 
team's leaders won't be
 
playing in
 
the
 
match. The
 
analytics department considers this news reliable and
 
increases the
 odds
for
 
this team to
 
win. You believe the
 
analytics team made a
 
mistake, so
 
you bet on
 
the
 
team with the
 
higher odds.
The next day, the
 
same news outlet reports that the
 
player will play after all. Betting companies lower their odds in
 Pre-match
, but the
 
odds of
 
your bet don't change because you placed it
 
before the
 
odds were lowered.

In Live, a single bookmaker sets the odds

The bookmaker takes the odds from Pre-match and changes them depending on what's happening during the match. Due to the fast-paced nature of sports, odds can change several times per minute.
In Live, the bookmaker and player have more data to base their predictions on. After a match starts, the team composition, player strategies, coaching tactics and players' form are already known. It's easier to place a winning bet with this additional information.