It is no secret that making a wager is possible not only with bookmaker’s offices. It can be made with other players through the betting exchange.
Betting exchange in its own way is a platform for customers to wager on the outcome of events. You can buy and sell the outcome, you can trade in real-time throughout the event and you trade out to cut your losses or lock in profit. Betting exchanges normally generate revenue by charging a transaction fee (usually 5%) and act as intermediaries giving punters the ability to participate in this sort of auction.
You have to have an account in the betting exchange or in any other payment system as Moneybookers.
There are plenty of such exchanges: Betfair, Betdaq, Betliner, Matchbook, Smarkets etc. The most popular among them is Betfair. We are going to review it in greater detail.
Punters may wager two types of bets: “Back” and “Lay”.
“Back” bets are extremely simple. The gambler offers you the maximum stake and odds for the outcome. If the rules suit you, you lay a bet as in the usual bookmaker’s office. The bet will play off only in the case of the very outcome you’ve bet. In other words, if you bet “Back” on a draw, teams have to end in a draw for you to win.
But, you may bet on your own offering the “Back” odds for the event you’re interested in. And if there would be another gambler interested in your odds, you’ll make a bet.
For the most part, questions appear with “Lay” bet. At first glance, it may seem very difficult. But having grasped the fundamentals of betting exchange, you’ll understand how much benefit you have:
- You play against another punter.
- Unlimited bet size.
- Secured funds.
- In-play prices available throughout any match.
Of course, do not forget to mention the disadvantages:
- Commission and premium charges
- Lack of liquidity
- Loosing self-control in staking
Nevertheless, it is very profitable, interesting and tempting game to play.