Everyone knows how to buy odds by taking a bet with a traditional bookmaker. However, not as many are aware that it’s also possible to do the complete opposite. It involves selling odds based on the practice of sports trading or more simply, Betting Exchange. By betting this way, bettors can eliminate the need for bookmaker altogether. For that reason, it will be important to understand a few basic concepts about this kind of betting.
Understanding the basics
Knowing about sports isn’t enough for successful betting. Learning about everything you can is crucial in order to become a first-class winning punter. The following outlines some simple advice to consider when it comes to Betting Exchange. As you may recall, when buying odds, you’re betting on the outcome of a sporting event that you hope will happen. However, when you sell odds, it is likely that you won’t earn anything at all on your investment in a sports bet.
That explains why this kind of betting presents punters with two options based on two distinct concepts: the Lay or the Back bet. Using these two concepts, Sports Trading allows gamblers to wager against each other. Having said that, online gambling sites endeavour to help connect punters with one another. It’s sort of like the rules of a stock exchange applied to sports betting.
Required knowledge for choosing odds
As opposed to traditional sports betting sites, which have always been responsible for setting the odds on sporting events, exchange betting gives punters the right to seek out and play the odds that interest them. Then, if a bettor accepts an offer, the transaction has been completed. By applying the law of supply and demand, players will have the choice of buying or requesting wagers with odds that are suited to their specific needs. The same law is then what determines the odds.
Subsequently the Betting Exchange site earns its money by applying a commission on potential winnings from a bet. Usually the commission charged on winnings is about 5%. That rate may be even lower, about 2%, for bettors who have a Premium account. It should be pointed out that there are two options available for those placing a bet. The first option requires accepting a punter’s bet (Back). The second involves the punter establishing their own bet by combining odds and waiting for another punter to accept their offer (Lay).
The odds :an important part of Betting exchange gambling
On betting exchange platforms, odds consist of a number or a fraction associated with a specific event which is used to calculate the amount of a profit or return should someone guess the exact score on a wager. In sports betting, odds fall into three distinct categories: English odds, American odds and European odds.
In order to find the highest odds, gamblers may compare the different odds proposed by all online bookmakers. Odds checkers enable bettors to wager on a special event where the odds promise an incredible rate of return. Overall, the practice of Betting exchange is not really much more complicated than anything else. By having a firm knowledge of just a few basic ideas about how it works, you’ll be good to go.