Jeff Haney tries to keep up with a rapid-fire betting option introduced two weeks ago at the Palms race and sports book

Monday, March 20, 2006 | 7:10 a.m.

A couple of guys in the front row of the Palms sports book Sunday had a suspiciously inordinate amount of interest in a routine 3-point shot during the first half of the NCAA tournament game between Georgetown and Ohio State.

"Pull up and shoot," a bettor named Bob Snyder implored of the 26-inch flat-screen TV in front of him. "Kick it back out. ... Here it comes ... There it is!"

The front row erupted in cheers and high-fives as the Hoyas increased their lead against the Buckeyes.

Those guys didn't have a bet on Georgetown to win the game or even cover the point spread. Nor had they picked Georgetown in an NCAA bracket pool.

I should know. I was one of them.

Instead we were punching in all kinds of bets during the game on a computer kiosk, using a new system called Rapid Bet Live, which made its debut two weeks ago and is exclusive to the Palms.

Rapid Bet Live, introduced by Las Vegas-based Progressive Gaming International, allows gamblers to wager on up to 50 unique betting propositions throughout a game. Betting lines on the propositions are made by Palms oddsmakers, displayed on the screens of 12 terminals in the sports book and adjusted according to how much money is wagered on each side.

Bettors can sign up for Rapid Bet Live by making a deposit at the betting counter at the Palms. They are given a sign-in number and can cash out at any time.

"The response from customers has been excellent," Palms sports book director Rich Baccellieri said. "We're doing something here that's very innovative. You can bet the game after it starts.

"Plus, it gives us a competitive edge. This is a way to provide more entertainment for our customers."

During a basketball game such as the NCAA Tournament games - or the NIT games that will be featured today - bets are offered on propositions such as:

In the middle of the first half Sunday, I bet Georgetown to make the next 3-pointer at odds of plus-120, figuring I was getting the best of it on what was close to a coin-flip proposition. Ohio State sank the next 3-pointer, however, and I watched my account balance sink along with it.

New odds popped up on the team to make the next 3-pointer: Ohio State was minus-170; Georgetown plus-150. That price was too juicy to resist, so I fired away again on Georgetown.

Snyder also took a piece of Georgetown, and this time the Hoyas came through for us.

"They had (a proposition) during a hockey game: will there be offsetting penalties," said Snyder, a 28-year Las Vegas resident who said he returns to his native Chicago only for weddings and funerals. "So what happens? There's a fight. I jump up, I'm yelling because I'm going to win the bet. People think I'm sadistic, like I just wanted to see a fight."

Most people make an initial deposit of about $100 and make bets ranging from the minimum of $5 to $20 a pop, Baccellieri said. The maximum wager on most props is in the low three figures.

The theoretical hold percentage, or house edge, on Rapid Bet Live varies widely, from less than 3 percent to more than 20 percent on some of the exotic four-way props.

"But we're not infallible," Baccellieri said. "We have to put up so many props in a short amount of time, and the player can pick and choose."

Rapid Bet Live was also used during the recent Nextel Cup race in Las Vegas and Saturday night's James Toney-Hasim Rahman heavyweight fight. The system figures to get a heavy workout during baseball season.

"You can bet on the outcome of the first pitch of every at-bat," Baccellieri said.

"We're always brainstorming, trying to think of new things. We're not done here."