When exchange betting was first introduced at the turn of the century, many thought it would revolutionize sports betting and lead to the downfall of the bookmaker. It has certainly had a big impact on sports betting and has proved very popular with gamblers, but it has not yet replaced betting with bookmakers.
Exchange betting are also known as peer-to-peer bets, which is actually a more accurate description of what they are. It is actually about betting against other individuals, rather than against a bookmaker, which is why many thought it would destroy traditional bookmakers. While it hasn't been, and probably never will, it's a form of betting you should definitely be familiar with as it offers numerous benefits.
On this article we have explained how to use a betting exchange and how it works. Check this out!
How to use Exchange betting
Betting exchanges are conducted on websites that work the same way as most sports betting sites. Before you can start betting, you need to open an account and make a deposit. You can then log into your account and see all the different covered sports and betting markets available. You have to go to the market you want to bet on and then find the selection you want to back or lay.
Backing a selection works in much the same way as a bookmaker, in that you simply have to choose your selection and place your bet against the agreed odds. The main difference is that it is another player who will take your bet and not a bookmaker. There is also a difference in how the odds are agreed upon.
You have the same choices when laying a selection. If someone has suggested a bet and you like the terms, you can accept it. The exchange will then deduct your potential liability, which is the amount you will have to pay the lender if the selection wins and the bet is settled. You can also choose to set your odds for a selection and the bet you are willing to place. If a lender accepts this offer, the bet is agreed.
How Exchange betting works
Although betting exchanges offer almost the same betting options as a traditional bookmaker, there are some differences as well. A betting exchange allows gamblers to buy the odds they believe will produce the best result or buy the odds they should lose.
To better understand the betting exchange, let's take an example of a cricket match between Sri Lanka and India where you expect India to win.
Instead of betting on India winning, you can simply bet on Australia losing the game. This bet is paired with any other bet on the online market, making it something of a win-win situation for all parties.
Exchange Betting Features
Bet on Back
When the player places a bet for an outcome which is going to happen, it is referred to as a back bet. For example, if someone bets that Sri Lanka will win a match against Australia, they will only win the bet if Sri Lanka beat Australia.
Bet on Lay
When the client places a bet so that the result does not happen and plays the role of bookmaker, it is called lay bets. For example, if a player bets that Sri Lanka will not beat Australia, he will only win the bet if Australia win or if the match ends in a draw.
Bet on In-play
As the name suggests, in-play bets allow you to place bets in real time or during play. These bets can take place when a match or event is in progress and usually take place in the most popular sports that are televised around the world. Conversely, non-in-play bets occur when entered into the system shortly after being placed by customers.
In summary, betting exchanges are very similar to traditional bookmakers. But their main differences are a huge advantage, especially for matched bettors, and they play a crucial role when it comes to profiting from matched bets.
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