A betting exchange allows punters to play the role of the bookmaker. At a betting exchange, you can bet on something to happen, and you can also bet on it not to happen. In other words, you can lay a bet.
In this quick guide, we’ll be walking you through exactly what a betting exchange is, including why you might use one for online betting, and how you can find the right one for you.
Betting Exchanges Explained
Betting exchanges can sound a tad complex at first because, essentially, they allow you to play the role of traditional bookmakers.
What does this mean?
It means you’re pitting yourself against a fellow punter, rather than a sports betting site … and it also means you can choose to lay bets that others back.
For example, let’s say Juventus are playing Real Madrid in the Champions League final. You decide that Karim Benzema won’t score the first goal. In which case, you choose to lay it, setting your own odds in the meantime.
Then, another punter willing to accept your bet can come along and back it, which means they are betting on Benzema to score the first goal.
By laying a bet that someone else backs, you’re playing the role of the bookmaker.
How Do Winnings Work At Betting Exchanges?
Let’s return to the Benzema not to score the first goal versus Juventus lay betting example.
If you decide to lay this bet (in other words, you think it won’t happen), you can set your own, reasonable odds. Let’s say you set the odds at 7.2 and place $10 on it not to happen. If he doesn’t score first, you’ll win $72, including the stake. If he does score first and the bet loses, you will have to pay out $62.
Advantages Of Using a Betting Exchange
Some punters choose to use betting exchanges simply because they don’t like bookmakers. It’s a fair choice.
But where betting exchanges really excel is with their flexibility. For example, if there’s a bet at specific odds that you’d like to place but a traditional sportsbook won’t take it, you can create it yourself at a betting exchange.
In other words, you can find better odds and markets, and take whatever risks you want without any restrictions.
Another benefit of using a betting exchange is that you can typically find more value bets. This is because players are competing against other players, which means you don’t need to be limited by bookies who take fractions off odds so that they can always make a profit.
How To Choose a Betting Exchange
Choosing a betting exchange is pretty much just like choosing from traditional bookmakers. Things you should look out for include reputability (you can check online reviews for this, as well as the betting site’s license), ease of use (is the user interface easy to navigate?), and sports variety (does it offer the sports you prefer to bet on?).
Remember that betting exchanges are different from sportsbooks, especially in the fact that they don’t offer the same types of promotions and bonuses. Whatever you decide to do, and whichever site you choose to sign up to, always remember to gamble responsibly.