Understanding Betting Exchanges
To begin , let’s address the following question-
“What are betting exchanges?”
A betting exchange is a platform that allows players to not only place bets at the traditional bookmarker but also to market such matches to increase their profits. Match trading is not a corrupt system but is a way of forecasting the chances of the sporting event, which is often referred to as a bookmarker trader.
The primary difference between the classic bookmarker and betting exchange is that there is no competing with online bookmarkers with an organized group of people but rather one competes with punters from around the globe. Being knowledgeable about the sport gives you the greater chance of winning and taking advantage of the weaknesses of your opponents.
History of the Betting Exchanges
Betting exchange history dates back to the beginning of the 21st century. In May 2000, the first site was created in the UK based and designed on peer-to-peer concept which is a contest between bettors with equal betting opportunities. This was Flutter.com, a website that attracted many new supporters, and it took over the market after a few months. It was after this that the British Betfair was created. After a while, the brands’ directors agreed on a merger as a way of increasing profits. The merger hit the mark as Betfair has been labeled as a hegemon in the betting exchange market. Encouraged by the success of Betfair, many other betting exchanges have taken up the idea and developed their own sites. These sites include WBX and Betdaq among others, but they are less popular among supporters than Betfair. With this new change, it seems like the future of e-gaming and, more specifically, sports betting is in betting exchanges.
Advantages of Betting Exchanges
- High Odds
Unlike online bookmarkers, betting exchanges offers high odds. This is a result of the fact that the odds are set by the punters and not the bookmarkers. Also, there is no set limit on the betting margin.
- Duel Against Punters from Around the World
This also brings about the opportunity for the punters to offer their own odds. If the punters feel that the odds are too low, they are open to placing higher odds and if the other supporter agrees to this new value, they can take a bet with the new odds. This way, the punters have a one-on-one fight with the exchange platform being the mediator.
- Competition is Amongst Punters
In betting exchanges, the competition is against punters and not with the bookmarkers. The chance of winning and earning profits is higher since the opponent is not a team of oddsmakers under bookmarkers, who are much more knowledgeable. You will be competing with a person with limited knowledge and ability.
- No Limits on Winnings or Maximum Bets
Online bookmarkers in most cases eliminate professional, experienced gamblers who often win by setting limits on the maximum bets and winnings. When it comes to betting exchanges, this is something that is not applicable as there are no set procedures.
Betting Exchange: How Does it Work?
The major difference between exchanges and bookmarkers is that they allow lay betting. Lay betting means backing a bet to lose rather than win. If you are used to the classic bookmarkers, it can become a little bit challenging for you to get into betting exchanges. But the moment you get to understand the differences and how it works, you are open to numerous opportunities to trade and take advantage of the increased value. This can be through locking in a profit or by getting better odds before the results are out.
The betting exchange offers a platform and pairs gamblers against each other for betting purposes. The exchange takes a commission for the service.
Rather than being limited to the odds that have been set by bookmarkers and being given only the option of backing the results, the betting exchange allows users to compete against each other and come up with their own odds. One will be backing and the other laying. As an example, if you think that a team that you want to support is likely to drift a bigger price based on the team news, you can put a request and set a higher price than the one available. Another user will think that you are wrong about your prediction and can match your bet at a higher price.
Basically, the betting exchange is all about matching bettors with different points of view on a given result, who through the exchange will make an agreement on both the odds and the stake.
The most appealing feature of a betting exchange is the ability to both lay and back an outcome. It offers the users with the choice of acting as a bookmarker or bettor.
Understanding Betting Exchanges: Backing and Laying
Exchange betting involves backing and laying. If you are a novice bettor, the two terms can be a bit confusing. To clear the confusion, this part will try to explain the two concepts in a few simple terms.
Any market offer on a betting exchange can either be layed or backed. Backing is predicting that the given event will occur. For example, in a rugby match, you can predict that there will be a home win, an away win or a draw win. Backing is the most popular option in exchanges.
Laying takes a different direction from backing. When you lay a result, what you will be saying is that it will not happen. The odds on betting exchanges are dynamic meaning that they will be changing as you view them all through until the events come to an end. The odds reflect on which outcomes are most popular and where the bettor’s money goes to. You can change the odds for your bet, but this move will risk having an unmatched bet.
How Betting Exchanges Have Changed Betting
Betting exchanges have for a long time now been the center for the internet betting revolution.
Betfair took the lead in allowing punters to use lay bets and this was a move that brought a new light to the sports betting. The many features common to modern online betting would not be in existence without the betting exchange model. One such feature is the in-play betting, which is often taken for granted. This feature is a result of betting exchanges allowing users to offer prices throughout the events rather than bookies terminating bets once an event starts.
Cash out is also among the popular online betting features. With this feature, customers can cash out bets they’ve placed to manage a loss or guarantee a profit. With the cash out button, the process has become easier. This places the lay side of a bet to guarantee the same profit regardless of the result of the event.
Mobile betting has also emerged. Exchanges have now developed apps that are downloadable and usable on mobile devices. The exchange mobile apps have made it easier for players to place their bets on exchanges. It allows you to easily stream live events on your device or explore the casino and virtual games as well as navigating between markets.
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Grayson met Thomas Winston at university and has stayed in touch ever since. Now living and working in America as a logistics specialist, Grayson has long shared Thomas’ love of real money online casino games but prefers roulette and craps to blackjack. She signed on readily as a contributor when Thomas told her he was planning to launch the Top Casino Picks site to share her experience, tips and tricks, when it comes to real money online casinos.
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