Euro 2008 Betting - Learn how to bet on a betting exchange
Most punters will have heard of the 'betting exchanges by now, and many will have experienced them already. The exchanges are becoming increasingly popular, and are matching more and more of punters money every month as more people sign up and realise the benefits that they offer - not least the fact that it is a chance for normal folk to act as the bookmaker.
Here we shall briefly look at what the exchanges are, what they have to offer you, and also give you a step-by-step guide to get you started on the exchanges.
Betting Exchanges are basically a tool to bring punters together to bet against each other. It is person-to-person betting, using the exchange as the go between.
Punters can back their fancies just as they would do at a traditional bookmaker, but they can also now lay a price - i.e. bet AGAINST a team winning, rather than bet that they do win.
There are many exchanges on the Internet now, but the biggest by far is Betfair, and should be the first stop for all new punters. Also worth a look is Betdaq who are the next biggest player, while several others such as Ibetx and ggbet are also starting to compete for a market share.
The betting exchanges consistently offer the punter a bigger price about their fancy 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.
- In this example, your first bet, at 16/1 would result in a £10 loss if Chelsea fail to win the league, while a £160 profit if they are crowned champions.
- In the second bet, you are laying Chelsea for £15 of your opponents money, to £30 of your. If Chelsea win the league, you would lose £30 from this bet, but if they fail, you would win £15.
- When the two bets are both accumulated, Chelsea winning the league would return a £160 profit from bet 1, and a £30 loss from bet 2, thus a £130 profit. If they fail, bet 1 would lose you £10, but bet 2 would win £15. Thus a £5 profit.
- As you can see, you would have made a win-win situation in this example.
Successful exchange players also use the exchanges since they are not punished for winning. If you take several big wins from a bookmaker, the likelihood is that your stakes will be limited or your account closed. Not so with online exchanges - all players are more than welcome.
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 WONT 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, dont 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.