Betting exchanges are different from traditional bookies in that they are bet matching mediators who allow punters to bet between themselves (peer-to-peer betting) instead of betting against the house
The betting industry is in the wake of the takeover of betting exchange sites. The fact that the sites reduce the risks of odds and bets, most punters are taking to the change. However, how does the betting exchange work? Can you win? Here is everything you need to know about it.
The concept of betting exchanges can be a bit complicated, primarily if you are used to traditional bookmakers. However, with experience and time, you could end up making substantial profits with these sites.
Unlike traditional betting sites, betting exchange sites provide a different change to the game in total. Instead of betting against the bookmaker, the betting exchange site allows you to bet against each other.
As a customer using the betting exchange site, you can offer or request odds from other users from the site. Instead of taking on risks that relate to traditional bookmakers, the exchange betting sites do not face any risk at all. Users take center stage of the betting exchange sites. Users have the power to match bets against each other while taking on small commissions and winnings.
Understanding the Basics of Exchange Basics
Imagine you are betting on an ongoing match between two teams. You feel like the game will end with two goals while your friend feels like it will end with two goals. You then decide to wager $20 for the bet. In case the match ends with two goals, you lose and pay the $20; however, if the match ends with three or more goals, you win and earn the $20 wager.
The example is the same case of how the exchanges work. Mostly, matching punters with opposing views on a given result through the exchange, reaching an agreement on the odds and stakes. Therefore, through the site, you can either ‘back’ or ‘lay’ a result.
Why Use a Betting Exchange Site?
Many benefits relate to using a betting exchange site compared to the traditional bookmakers. For punters, there is a wide variety of choices with the site. The betting allows you to forego or the risks related to placing your odds.
With the betting exchange site, all you have to do is bet on another bookie. The bookie is willing to take on the risk. Therefore, while using the site, you can find the odds and market which you prefer. Additionally, you get a better value for any exchange through the site. Through the exchange site, the cases of pricing up the market are not by one person but thousands of bets placed.
Final Giveaway for Betting Exchanges
For you to make a profit with betting exchanges, it is essential to understand the difference in dynamics of backing a result or laying a result. While understanding the difference, it makes for a shrewd punter, especially when it comes to in-play betting.
The betting exchange model revolves around the ability to either back or lay a result. Therefore, you either play the role of a bookmaker or punter. It is more of a stock exchange with traders, either backing (buying) or laying (selling) their shares for sport event outcomes.