Betting exchanges are different from traditional betting in bookmakers. In a betting exchange customers place bets directly against each other rather than through the bookmaker. The betting agent facilitates the bet by matching individuals with opposing views. They do not set the odds, this is market led. The betting agency does not take any risks; they receive commission from each bet regardless of the result. Betting exchanges are producing a revolution in gambling in the UK. This phenomenon is relatively new and has grown increasingly popular over the past few years.
How it Works
Betting exchanges work by matching customers who have opposing views and both wish to bet on one event. To do this, bookmakers use state of the art betting technology. It is fairly simple to place a betting exchange. First you decide what you wish to bet on. Then you specify how much you are willing to bet and the odds you wish to offer. The betting agent will then match you with another customer who wishes to bet at the same odds. If you win, the money will be transferred directly into your account. It is only the winner that pays commission to the betting agent.
The Advantages of Betting Exchanges
A key advantage to betting exchanges over traditional betting is that you are able to bet to lose as well as to win. There are also many other options available to you that you will not find in traditional bookmakers. You can bet on pretty much anything you can think of from classic bets such as football to novelty and political bets. You have more control over the process as you can decide which odds you wish to bet on. This suits those who wish for more diversity and flexibility when placing bets.
Betting exchanges are popular with the professional gambler. This is because there is more opportunity to make money. As the bookmaker is not making a profit, betting exchanges generally have better odds and so are more valuable to customers. Odds are usually around 20% higher than those of traditional bookmakers. Although they charge commission this is small in comparison to the cut bookmakers take in traditional bets. The commission can get down to as low as 2%, if you are placing a particularly large bet.
Betting exchanges have the merits of placing a bet with friends in a pub, however, there are additional advantages. The advanced betting exchange technology can search though thousands of other gamblers meaning there is more chance of someone accepting your offer. The process is also completely private and anonymous and betting through a professional bookmaker such as Betfair eliminates arguments. You may also receive generous free bets and special offers that are not available from traditional bookmakers. For example, when using a betting exchange you may be able to receive some money back if you lose.
You can also bet in-play. This is a tremendous advantage as you can see how a match is going before placing a bet. This is a more exciting method of betting and allows you to be more flexible, spontaneous and play it by ear. You can also change your position during some events. This means you can guarantee you make a profit in certain situations. If you have many successful wins with a traditional bookmaker you may experience difficulty placing a bet in future as you may receive reduced odds or even a closed account. Betting exchanges are a more flexible option as you can bet whenever you like. All that is required is an Internet connection, this means you can place bets 24/7. You can also access from abroad, making this a particularly good option for those who regularly travel.
Tips for Beginners
When you first begin using betting exchanges it is advisable to start with small bets to get a feel for how the system works as there are some differences from traditional bookmaker betting. For example the odds are written in a decimal form. You may wish to check with different betting sites to see if you can receive any free introductory offers or free bets. Make sure you read up on whatever you are betting on, you can do this online. If you have the opportunity you should also watch someone experienced in gambling, this will give you practical tips on how to play and make decisions.
Betting exchanges are an increasingly popular method of betting that have numerous advantages over betting with traditional bookmakers.This method provides punters with much more control and flexibility over the bets they place.