1. Setting up a web-based streaming service for live sports is a great way to provide viewers with an interactive, real-time experience. 2. It requires the use of various technologies such as video streaming, cloud computing and media servers. 3. You need to acquire the rights to stream the sports content, create a website and configure the streaming infrastructure. 4. You also need to ensure that your stream is of high-quality and can be accessed by users on multiple devices. 5. Finally, you need to promote your streaming service to ensure that it reaches its intended audience.