Best Betting Exchange Sites
What is a Betting exchange?
With a betting exchange, players can lay a bet through an online platform with the possibility of leaving the market at any point in time. Players compete against each other rather than against a bookmaker and if they win, no one will be able to close their account.
Betting has come a long way from the early days when a couple or more individuals would get together and make their predictions while placing money on the table. Modern-day betting has evolved drastically and nowadays, a systematic format has been put in place to make the entire process of betting more convenient and hassle-free. From online platforms to brick-and-mortar establishments, there is a multitude of options for individuals looking to place bets be it on sports events or other activities.
These days, the concept of placing bets through a bookmaker has become common practice with gamblers around the world. The primary choice for most individuals looking to place bets is by signing up with an online or offline bookmaker. The reason for this is that most bookmakers offer competitive odds across all major sports platforms along with a wide range of live betting. This attracts more people especially once they have weighed the pros over the cons.
A bookmaker’s primary role is to act as the medium for gamblers to place their bets and then pay off the said bets on sports and other events at agreed-upon odds. In other words, a bookmaker determines the odds that are on offer along with the available limits. As a result, they end up making money if you lose or hand a pay out if you win. The first-ever bookmaker is believed to have begun operating sometime in the late 1800s.
On the other hand, there is something known as a betting exchange that pits gamblers against one another while providing the option to ‘lay’ (post odds) and ‘back’ (bet on) the outcome of a particular sports or any other related event. Here, we talk about the concept of betting exchange, while looking at its uses and benefits, and also where it stands in comparison to betting through an online or offline bookmaker.
History of Betting Exchange
Betting exchange has a fairly short history when compared to betting through bookmakers. While the latter has been in use for over 200 years, the first betting exchanges were introduced by Matchbook, flutter.com and Betfair in the early 2000s. In 2001, Flutter and Betfair merged while Betfair was chosen as their primary betting exchange, before Flutter ceased operations the following year.
Currently, Betfair is considered to be the leading company in the betting exchange market although many other brands have also begun to offer some very interesting betting options. Based out of Britain, Betfair has been operating since the year 2000.
For those unaware, betting exchange is simply a marketplace for customers looking to bet on the outcome of certain events. While betting exchanges offer nearly the same opportunities as a bookmaker, there are a few differences. With a betting exchange, gamblers are allowed to buy (also known as ‘back’) and sell (also known as ‘lay’) the outcome, while trading in real-time throughout the course of the event to either cut losses or earn a profit. Bookmakers generate revenue by offering less efficient odds, while betting exchanges generate revenue by charging a small commission on bets that have been won.
Advantages of betting exchange
Now, one must be clear about one thing. Betting in any form does not always guarantee a win and whether you choose to place your bets through a bookmaker or a betting exchange company, the odds are always stacked against you. However, play your cards right and with some luck, you will increase your chances of winning.
Coming back to the topic at hand, many punters place their bets through betting exchange sites online such as Betfair or Indibet, due to the competitive markets and interesting odds on offer. Most online betting exchange sites offer reasonable odds as compared to standard online betting websites. This means that with longshot bets, there are better odds at exchanges. Such type of exchanges see longshot bets as easy money, allowing them to offer fair odds in order to attract more gamblers.
However, it must be noted that a minimum commission will need to be paid to the booking exchange site in case you win a bet.
Another advantage or plus point is the ability to lay bets through betting exchange sites. This provides punters the opportunity to bet on an outcome that is most likely not to occur. Unlike standard online betting sites, this is a unique feature as it provides gamblers the chance to act as bookies and increase their winnings from other wagers that are losing bets. Ultimately, you stand to earn more cash.
Again, the odds may be against you in most betting forms. But with betting exchange, you can also be assured of a guaranteed profit. How, you ask? You can book profits before an event has even commenced. For example, someone places a bet on Team A to beat Team B at odds of 2.5. But before the match begins, you might be aware that some of the top players have been ruled out of the game. Thus, the odds could witness a significant rise and you can then lay off the bet at 5 to increase your profits.
Unlike most standard online betting sites, booking exchange sites do not penalise or ban you if you’re constantly tasting success. The reason for this is that certain bookmakers become aware of your ability to find your way around any possible loopholes that might exist when placing your bets. This results in the bookmaker running at a loss while you continue to win. Fortunately, most betting exchange sites don’t impose any such ban or disqualification on successful punters as they also make money while you do.
Over the last decade or so, betting exchange sites have begun drawing in large number of punters despite most still preferring to place bets through traditional bookmakers.
However, despite all the advantages, there are still a few cons to the concept of betting exchange.
Disadvantages of betting exchange
One of these is that there are fewer bonuses and rewards unlike with standard online betting sites. Most standard online betting sites offer first-time customers welcome bonuses such as a free bet or a lucrative deposit bonus.
There are also lesser betting exchanges with betting exchange sites as compared to conventional online betting sites. The trend is changing though, as several big betting exchange names have slowly started increasing the number of exchanges through their websites.
Lastly, a betting exchange platform is the ideal place for match-fixers. No doubt, match-fixing can take place anywhere, bet it offline, online, or in any form of sports wagering. But the occurrence is lesser with traditional bookmaker sites. This can happen when a ‘layer’ offers lucrative odds to attract gamblers before paying off the respective athlete(s) for a lesser amount than they might be able to make during a given match. This results in foul play and unjust losses.
While such incidents may be rare, there’s always the possibility of such an event from taking place. Hence, it is advised to bet wisely. Regardless of whether or not you bet through a betting exchange site or a bookmaker, it is important to do your homework and research. After all, you are placing your bets using real cash and would obviously like to return some profits.
Types of Bets in betting exchange
There are two kinds of players involved in bets made in a betting exchange.
The first is a player who places a ‘back’ bet. With a back bet through a betting exchange, a player is simply involved in choosing an outcome of a game and deciding a stake. This is almost the same as placing bets with a traditional bookmaker.
On the other hand, the second type of player is the player who ‘lays’ a bet. Laying a bet means betting against an outcome of a match or event. For example, when Team A plays against Team B, who are considered favourites to win the match, you can not only back Team B to emerge victorious but also place an additional bet against Team A to lose the game. Laying a bet is usually matched with other players on the exchange.
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Betting Exchanges FAQs
What is betting exchange?
With a betting exchange, players can lay a bet through an online platform with the possibility of leaving the market at any point of time. Players compete against each other rather than against a bookmaker and if they win, no one will be able to close their account.
Are Betting Exchanges legal in India?
Betting exchanges that accept Indian Rupees and which are based outside of India are legal for Indian players.
Is it possible to make money on a betting exchange?
Absolutely. With a betting exchange, players can earn cash in the long-term provided the right money management methods are followed and the various rules and operating methods have been learnt.
What is the difference between Bookmaker and Betting Exchanges?
A bookmaker is traditionally the first place a potential punter seeks to bet. Often a person or an organisation, a bookmaker accepts and pays off bets – from their own money – on sporting and other events based on the odds they provide.
On the other hand, a betting exchange is a free market where users can decide their bets and act as bookmakers themselves.
What are the best betting exchange strategies?
There are various betting exchange strategies that are dependent on certain markets and odds to enter and exit the market in the event of earning profit or minimising losses. The strategies range from laying the tie, to bet the overs and dutching.
What is cash out?
Cash out comprises of a mathematical calculation that divides the profit on all markets in order to obtain a certain amount of profit before the match concludes. This is where the difference comes in between betting exchanges and traditional bookmakers.
Which sites offer betting exchanges?
There are a number of sites that offer betting exchanges such as Betfair, Smarkets, Betflag, and Matchbook, along with many more.