Betting on betting exchange has become quite popular due to the fact that you are betting against other players and not against the bookmaker. You choose whether to be a bookmaker (offering odds for an event for others to bet on it) or to bet like a normal player (bet on an event for which others have offered odds). In order for this to be done, one place is needed where all the players and all the bookmakers will be – the betting exchange.
This works just like a stock exchange, i.e. a meeting place for traders. Online bookmakers have software that keeps all offers and bets in one place and will keep them arranged. Common terminology in betting on betting exchange consists of the words “lay” or “sell” and “back”. If you choose to act as a bookmaker, you will place your offer (bet) on a betting exchange for others to bet. This is the way regular bookmakers work. They display their offers on their websites for others to bet on. As you might expect, websites with betting exchange capabilities will charge you a certain percentage in return for their services. The percentage is variable as some very well-known betting offices with versatile payment options at bookmaker-expert.com/paymentmethod/visa/ charge only 5 % on the amount won (the winner must pay 5 % of their amount won). This is, of course, less than the bookmakers take because they work with 10-20 %.
Is Betting Exchange for You?
Make sure you read and understand the rules before you start playing as a bookmaker. If you dream of being a bookie, then you should definitely try this.
Also, the good thing is that if you do not want to play as a bookmaker, you can bet like a normal player on another player’s offer. And the best of all is that you get much better odds on betting exchanges than when the bookmaker gives them because there is no possible profit margin included in betting exchange.
- Lay: you play like a bookmaker, you offer odds, but you hope the team for whom you offer your odds will lose.
- Back (or buy): Bet on an event for which others have offered odds. If the team/event you bet on wins, you get your bet multiplied by the odds offered (minus the small amount taken by the betting exchange company)
- Order: You can give an order to the betting exchange system – either offer or bet automatically when a player or bookmaker is found.
How Does It Work?
If you bet at a normal bookmaker you are a passive customer. You cannot tell a bookmaker, “I want a better odd on this game to bet on.” The bookmaker offers an odd and it is up to you to accept it and bet, or not to accept it and give up the intention to put in your money. In betting exchange, the situation is similar. People who play as bookmakers present their odds and it is up to you to accept them or not. Betting exchange software sites automatically compare existing lays and backs. For those familiar with the stock market, this is identical, both because of the large number of lays and because of the large number of backs in the system waiting to be compared. The main difference between a normal bet and betting exchange is that you can enter your wish and, when it appears, your bet will be made.
Example: You want to bet on the win of Liverpool in the match Liverpool vs Tottenham but the odds are everywhere 1.45, or 1.5 at best. You want at least 1.6 before you bet on Liverpool for $ 100. Therefore, you type your wish into the base, and then, if someone has made an offer that matches your wish, the bet will be made.
The system works the same if you want to play as a bookmaker. If you are sure that Liverpool will not win that match, you can offer an odd of 1.65 for $ 100. When you offer this and accept the maximum of $ 100, if Liverpool win you pay 1.65 x the bet and if Liverpool lose or play a draw you get someone’s bet. It should be borne in mind that there may be more players who accept your offer, as long as their combined stake does not exceed $ 100 (or how much you have previously determined). This means that if someone has accepted a bet and bet $ 50, you can bet a maximum of $ 50 on this match – if the player playing as a bookmaker has set a $ 100 limit.
If you are used to the usual way of betting, you will need some time to adapt to betting on a betting exchange where you can choose odds or offer them. However, if you are familiar with this way of betting, you will like it very much, and you can even make more money this way than with regular betting.
Be aware of possible big losses if you are not lucky or are careless with your betting claims (especially if you play as a bookmaker). As always, do not risk more than you can afford.