A Betting Exchange is a platform that allows users to bet against each other instead of a bookmaker. It has become increasingly popular, primarily because it offers higher odds and the possibility of laying bets, making a profit when the selection loses. In this blog post, we will dive into the world of Betting Exchanges, learn what it is, how to play, the different sports you can bet on, and how it differs from a sportsbook.
What is Betting Exchange?
In a Betting Exchange, users bet against each other on a particular sporting event. It means that one person offers odds on a particular selection, and another user takes up it. The user who provides the odds is known as the ‘layer’, and the user who accepts the offered odds is the ‘backer.’ The platform facilitates this exchange, charging a commission on net winnings. Therefore, the betting exchange earns revenue, regardless of the outcome.
How to Play Betting Exchange?
Playing on a Betting Exchange is simple, firstly, you need to sign up for a Betting Exchange platform, and once you have logged in, you can select the event you would like to bet on. You can choose to back or lay a particular selection, depending on whether you think it’s going to win or lose. Upon finding the selection, you would like to bet on, simply enter your stake amount, and the platform will match you with another user who has taken the opposite side of the bet.
Sports you can Play in Betting Exchanges:
Betting exchanges offer a wide variety of sports to bet on, including traditional sports like football, horse racing, cricket, and tennis, and newly-acquired ones like MMA, boxing, and esports. Many of these platforms also offer in-play betting, which allows you to place bets while the game is underway.
Betting Exchange vs Sportsbook:
While Betting Exchanges and Sportsbooks are similar in that they both accept bets on the outcome of sporting events, there are some differences between them. Sportsbooks set the odds and take the risk, allowing bettors to back selections only. However, in Betting Exchange, users can back and lay selections, giving them greater control of their bets. Betting Exchange also offers better odds because there is no profit margin, unlike sportsbooks, which include one in their odds.
As we have seen, the world of Betting Exchanges offers many advantages over traditional sportsbooks, including better odds, greater control over your bets, and new sports to bet on. However, it is essential to play responsibly and have a sound knowledge of the sports you want to bet on and the Betting Exchange platform you choose to use. Get started in Betting Exchange today and explore the endless possibilities!