The disclosure discloses an improved online betting system platform for making in-play sports betting wages. In accordance with an exemplary embodiment, the platform is configured to identify a request by a player to join a tournament with a predefined entry fee and compete for rewards derived as a function of predefined entry fees by a wager pool of players betting on the same tournament. Once the request to join is acknowledged by the platform, the player is automatically added to the list alongside all the other wager pool of players registered for the tournament. Thereafter, the platform displays sporting event information including different bet types that can be waged on the basis of the predefined entry fee, and updates the sporting event information in real time in response to in-play activities associated with the live sporting event. The platform recognizes and records player bets up to the limit of the predefined entry fee and tracks winning and losing bets in real time. A leaderboard automatically calculates the winnings of the wager pool of players and displays, in real time fashion, the current leaders, in terms of winnings, during the tournament. The leaderboard updates the leaderboard automatically during the tournament to reflect changes in leaderboard standings in response to placed bets settling and clearing, as well as in response to real time changes in odds of still pending bets.