Online betting exchanges
A relatively new phenomenon in online betting is the development of betting exchanges. A betting exchange is when two people bet directly against each other, rather than against a bookmaker; one gambler acting as a backer and the other as a layer of odds. Whilst not necessarily a development from Web 2.0 technology; betting exchanges are another example of a person-to-person activity that is greatly facilitated by the internet. The attraction of betting exchanges to punters is that between themselves they can agree odds that are higher than the best ones on offer from the bookmakers. So as well as using the internet to communicate with each other, the internet will also be used to rapidly find out what the best odds on offer from the bookmakers are.
Being a backer in a betting exchange.
To be a backer on a betting exchange website is very easy. Simply decide which race or event you want to lay a bet on; then search through the website to find someone offering the odds you want and who is also willing to accept the stake you want to place for those odds. You can typically expect the odds to be around 20% higher than those on offer from a bookmaker, which is the main attraction to gamblers seeking to place a bet in a betting exchange - better odds compared to those that are on offer from the bookmaker. If you can’t find exactly the betting deal you want, you can enter the details of the bet you’re looking for and undoubtedly someone will contact you to offer you exactly the deal you want.
Being a layer in a betting exchange.
If you want to be a layer, simply decide the event(s) you want to offer odds on and decide the stake that you want in order to offer those odds to someone else. Alternatively you can search through the requests from backers looking for odds at predetermined stake levels and see if you want to lay a bet with anyone else from that list. However, providing the odds you’re offering are better than the bookmakers - you’re almost certain to have someone wanting to take the odds you offer. When offering to lay bets you can just make one offer per race or event, or you can offer several bets per race and event. In this respect you’re able to be far more selective than a bookmaker who has to offer odds on everything. Being an online form of betting you’ll also be able to accept and lay bets ‘in-running’, during a race or event.
Who wins in betting exchanges?
The real winner in a betting exchange should be the fun and excitement that people get out of pitting their wits against each other, rather than trying to ‘beat’ a bookmaker. As betting exchanges are operated through legitimate and licensed gambling and betting websites, they will take a commission from any winnings - usually around 5%. So, exactly the same as the majority of bookmakers, they rarely lose out on making money from encouraging people to use the betting exchange. As a backer, if you win, you’ll make more money than if you’d placed your bet with a conventional bookmaker. Getting much longer odds than are on offer from a bookmaker on an outsider are popular bets with punters in betting exchanges; which obviously if they win will pay big dividends. Of course the converse is true too, if you lose the bet - you’ll also lose your money. As a layer, although you’re acting as a bookmaker you’re going ‘head-to-head’ with one other person, using your judgment against theirs. You’ll probably be an experienced gambler, well used to following and understanding form; and able to use your knowledge to in effect back losers and hopefully make money! In this respect you’ll be approaching your betting from a completely different angle and can of course, if you so wish, lay off some of your risk by backing other bets yourself.