Expires in 7 months
12 July 2022
Betting exchanges such as Betfair and Betdaq have revolutionized the way many punters now place their bets. The most obvious benefit the exchanges offer over the traditional high street bookmaker is the ability to lay bets on horses to lose their race, as well as the conventional practice of backing them to win.
The pioneer in exchange betting is Betfair and today it operates the most popular betting exchange website.
Essentially, Betfair brings together individual punters with opposing views, and cuts out the traditional bookmaker. Betfair users can place bets in two ways: backing or offering odds to other punters (laying).
Bets are matched between people with opposing views.
When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is similar to betting with traditional bookies.
If you "lay" it you bet against the team winning. For example, if you're betting in a market on which team is going to win the Premiership and you lay Man Utd, you offer odds to other punters who wish to back Man Utd. If Man Utd do not win, then you pick up the backer's stake. If Manchester United wins, you will have to pay out. This is what traditional bookmakers do.
Here are ten compelling reasons why you should join the revolution and place a bet on the exchanges.
You get better odds: When you place a wager on a betting exchange, you eliminate the need for the bookmaker to act as the middleman. The bookmaker gets his cut, just like any other middleman. He will always attempt to construct his book and manipulate prices downwards such that whatever the outcome he will make a profit. Bola gila Betfair's odds of winning are generally 20% higher if you take out the bookie. This means that there is more profit.
Lay as well as back: in the past you would only win your bet if your selected horse won its race. Betfair allows you to be a bookmaker and place a wager that the horse will not win the race. You can collect if your selection does not win.
Trading for guaranteed profits: on the betting exchanges you can take advantage of movements in the price of a horse to secure guaranteed profits much like trading the financial markets. Profit whatever the outcome of a race? It is impossible, you might think. I will give you an example to demonstrate:
Lets imagine you have a horse priced at 3/1 in a race. You think the price of this horse will shorten because it is well fancied. With a PS100 wager, you back this horse to win.
The price of the horse falls to 2/1 just before the race starts as lots of punters also back the horse. You then lay the horse for PS134.
Now, lets examine how you will make a profit. Your horse will either win or lose the race.
If it wins, you will win PS300 (PS100 @ 3/1). However, you will have to pay out on your lay bet you will pay out PS268 (PS134 @ 2/1). Your profit is PS300 less PS268 equals PS32
If your horse loses, you will win your lay bet and collect PS134. However, you will lose your PS100 win stake, and be left with PS34 profit.
You can make sure you walk away with a profit by placing a horse at an affordable price and backing it at a higher cost, even before the stalls open!
You can also reverse this process. In other words, you can place a wager on a horse to lose and then, when it falls, you can back it to secure the profit.
Name your price. Before the advent of betting exchanges you had to place a wager on a horse at the price that was offered by the bookmaker. You would be laughed at if you claimed you wanted 3/1 despite the fact that the odds on a horse were only 2/1. Betfair is different. Betfair allows you to place a bet on the horse at 3/1. If someone else is interested, your bet will match.
Bet in running: Betfair lets you continue betting on an event even after it's finished. This capability brings with it a whole new betting experience, but its not for the faint hearted. The betting market for horse races can change rapidly and dramatically. Horses jostle for position during a five-furlong sprint that is completed in under a minute. Pitting your judgment and opinions against other punters as the race unfolds is very exciting, but equally risky. However, it is an experience that the traditional bookmaker simply cannot hope to match.
Never close your account. We have all seen photocopied letters from bookmakers advising us that accounts were closed. The truth is, when you consistently make a profit from betting, then your business becomes a liability for a bookmaker. If he takes more money from your business than he gives back, he will only be happy to accept your bets. When it happens the other way around, which is what all punters are striving for, then the bookmaker will invariably pull the proverbial rug from underneath you. Betfair, on the other hand, will not close your account. They will charge you a commission on your winnings. In other words, as long as they make money, they will also make money.
Unlimitted stakes: There have been many times that I received information about horses and went to my local bookmaker to place a wager. The assistant who was serving me at the time would scamper into the office and ask the manager if I wanted to place a bet on the nag at 12/1. She then said that I could only have PS20 at 12/1, but that the starting price (which is controlled by the bookmakers) would be allowed. These transactions do not occur on exchanges. If someone is willing to place a bet on your horse at PS500 at 12/1, or if there are multiple people who have the same stake as yours, then you can strike your bet.
Your entire betting bank is in one location: Most people have opened accounts with multiple bookmakers at one time or another. We do this so that we can take advantage of whoever is offering the best price on a particular horse. However, by spreading our betting bank across a number of accounts, we are diluting our money we may want to back a horse for PS100 but find we only have PS50 placed with the bookmaker offering the best price. Sure, we can move funds between accounts, but it all amounts to an inconvenience. Having all your funds with one betting exchange means you can have all your funds available to bet, and all your money can be made to work for you.
There are many sports you can bet on: Horse racing isn't the only sport that you can wager on. You can also bet on many other markets, as well as a wide range of sports just like you can with bookmakers. Take a look on Betfair today and you may well be able to wager on sports such as Australian Rules football, pelota(?) and ice hockey. But you can also bet on the financial markets, politics, and even the contestants in game shows such as Big Brother.
You can place your bets 24 hour a day. http://reichstadt.info/learn-to-trade-at-the-betting-exchanges/ How many times have you read the Sporting Life at 8:00 am at the breakfast table and learned about the Pricewise bet for the day? You obviously cannot bet at the local bookmakers because their shop doesnt open til 10 oclock. But you think, hey, Ill place a bet on-line you go to their web site and they havent priced the race up yet! Betfair allows you to place bets whenever you like. You can take advantage of early prices before everyone else starts betting on the same horse and the price collapses. You can post all your bets before you go to work, taking the odds available, or naming your price.