How are live bets on soccer accepted?

Our bookmakers are using a system called “Danger Zone” that is explained more in detail here. In this case the odds are locked and the bet will be accepted at those odds if accepted. If the bet is placed with a bet-exchange there is instead a time delay before the bet is accepted. If, during that time, there is a goal, penalty, red card or the odds are no longer available the bet will be rejected. If there are higher odds after the delay the bet or part of the bet will be accepted at those odds.

The bet-exchanges  instead uses a system where live bets get accepted after a certain delay in time given that there is no goal scored, penalty awarded or red card given before the time expires. With the exchanges you can normally cancel your order as long as it is not accepted.