Betting exchanges are a great tool if you know what you’re doing, but they can often feel very confusing – there are a lot of different areas to look at. The beauty of a betting exchange is that you can place a bet on (or against) almost any scenario, but that also makes it a steep learning curve. If you are looking to dabble in placing bets online, then you might be wondering: what is a betting exchange? This article helps to explain to what a betting exchange is, how you might benefit and how to get involved in betting.
They Let Customers Be In Control
Betting exchanges put the focus back on the customers. These platforms enable customers to bet on anything and create their own odds, as well as betting on the outcome of specific events at pre-set odds. Betters can offer odds to someone else too – basically, you are the bookmaker.
There are three types of betting on betting exchanges- back betting, lay betting and in-play. You’re also able to back or lay more scenarios than on a traditional sportsbook. You can bet on the team winning, drawing or losing, you can also bet on the number of goals scored by one team or the final outcome.
A Look at Different Bets
Back bets are the usual bets that you find on a bookmaker’s website where you’re placing a bet in favour of something happening. As an example, you would bet that your team will win and you will only get the money if they win outright (a draw doesn’t count).
Lay betting is the opposite of a back bet. If you lay a win, you’re betting for anything apart from the team winning to happen. If you lay a bet that a team won’t win, then you’ll get a payout if they lose or draw. You only lose if they win outright.
Placing Bets Otherwise Not Allowed
Finally, in-play betting allows you to bet on events or games that are already happening. It’s a very popular tool that a lot of punters use – you can make bets for the second half in the first half, or if you’re quick enough you can make bets in the first half for something to happen by halftime.
There are lots of advantages to using a betting exchange. The first is that the odds are much more reasonable than those given by bookmakers. Longshot bets or very specific bets are often given much better odds.
While no gambling is without risk, you’re much more likely to see your money again on betting exchanges than with traditional bookies. This is because when you bet against a win, you have two chances to win, vs. one if you only bet for a win. You can also trade your bet before the game starts which means that if something happens that causes the odds to skyrocket, you can sell your bet for a profit before the game even starts.
Finally, one of the biggest advantages of betting exchanges is that you’re not penalised for multiple wins. This is something that a lot of punters experience with bookmakers because they want to protect their profit. So a betting exchange can help if you’re someone that is looking to place multiple bets and feel that they are likely to have a successful outcome, which is probably the only reason to place a bet anyway!
Betting exchanges are extremely popular and a great tool for more experienced betters. While there is a learning curve associated with using an exchange, it’s well worth it in the long run.