What are they ?
Betting Exchanges have changed betting in a very big way. They were a big say in making all the bookies give tax free
bets to their customers. Betting Exchanges are different, basically because it is one punter betting against another
punter, rather than a punter betting against a bookmaker.
How do they make money then ?
They take on average around 5% commission from the punter which wins the bet. This might not seem a lot, but the very
fact Betfair, the biggest betting exchange, is the fastest growing company in the UK, should tell you different.
How do punters lay or back using betting exchanges ?
Backing is exactly what you would do at the bookmaker, you find your selection and simply bet on it. You can however “ask”
for a better price than is currently available on betting exchanges. You do this by clicking on the “back” button, and
changing the price to what you would like. Once you have submitted the bet, it will then move to the “lay” section, where
you hope it will be matched by someone willing to lay it. If it is not, you will need to lower your asking price or take
what is on offer, depending on how you see it.
Laying is the opposite side of the coin. You may have a strong opinion that a certain football team will not win that day.
So, you go to the match on the betting exchange, and “lay” that team. You click on lay and basically give the punter who
wants to back that team, the price which is shown, for the amount you wish, you don’t have to lay it all, just part or
take the lot if you wish. As above, you can click on “lay” then change the price that you are prepared to lay at, but
again, it is not guaranteed to be matched, unless you lay what is currently on offer.
Betting exchanges are the future of betting, and are already the scourge of all bookmakers, simply because they run at
100% overround, effectively no profit, whereas bookmakers prices have an “in built” profit in their prices.
Betfair is Sports-Punter’ choice for you to start your betting exchange punting, they are the pioneers, and the busiest
betting exchange by a long long way.
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