Betting exchanges have revolutioised the betting market - when you place a bet you're effectivly betting against the bookie noramlly you bet for something to win - what a betting exchange does is to allow people to bet against eachother.
Punters can back their favourites just as they would do at a traditional bookmaker, but they can also now place a ‘lay’ bet (bet for something to lose).
What does an exchange offer you and how do you use it?
The betting exchanges consistently offer the punter better odds than the high street bookmakers, and offer the extra advantage that you can ask for a better price than is on offer, and hope that someone will come in and match your request.
Another advantage of the exchange is the ability to alter your position during a long term event (as well as some ‘live’ football matches). For instance, if you backed Chelsea for £10 at 16/1 back in July, you could now lay them 2/1 (bet against them winning the league) in order to guarantee a profit either way – you could offer £30 of your potential profit, in order to win £15 if they fail – thus covering you initial £10 stake.
The main advantage from the exchanges is simply the ability to lay a price rather than back it. Suppose Leeds are 3/1 to win a game, but you think it is even more unlikely than that. You could offer 7/2 about Leeds winning the game (effectively betting at 2/7 that they WON’T win).
You can lay or back any market that the exchange offers, so you could offer the book about correct score in a football match, England winning the test match or Tim Henman winning the tennis, or back a football team to draw. In short, you are the bookmaker on the exchanges and can lay one or a number of runners in a market as you see fit. The options are vast.
Explaining how to use an exchange can be difficult, and new players often find it difficult to grasp at first. But believe me, once you master it, you will find that the days of hanging around in smokey betting offices are long gone. They appear daunting at first, but anyone can get the hang of the exchanges quickly.
I would recommend that new players keep stakes to a minimum whilst they are learning to use the sites, since mistakes are easy to make until you are familiar with the differences. I would also suggest sticking to ‘backing’ prices for your first few bets until you become familiar with the concepts.
Also remember, exchanges are all about competition, so if you feel that a better price should be available, don’t feel that you must take the price on offer, simply adjust your ‘ask’ to a bigger price when backing, and hope someone lays you the bet.
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