What is betting exchange?
Exchange betting is a special form of betting, this is not betting against the bookmakers, but against other players. Exchange service is similar to the stock exchange, where the coefficients form the basis of supply and demand.
How to bet on the exchange services?
First, you need to open an account in the
online sportsbooks offering this type of betting (Betfair). These are not traditional online betting because they do not offer odds, they are actually sites that offer this type of service bookmakers. They only allow players to make their odds for certain sports events. On these sites you can create your own odds and invite others to bet on the event against you. Gambling itself retains for itself the percentage of transactions that take place when the bet against other players. This percentage is far less than what regular bookmakers retained for himself. The most famous such bookmaker Betfair in the winner pay 5% of the cost of your winnings. Regular bookmakers rarely leave for themselves in less than 10% so that this form of betting far more favorable for players. After opening the account is required to pay a bet and that means that you will choose to set the betting odds or will accept any of the following quotes. The two most commonly used terms are "BACK" and "LAY".
How to be bookmaker?
Firstly find an event that you think will pass. Take for example the match Inter - Juventus. Do you think Inter will not win at home next week. You should see the odds offered for this event in the betting. Let's say that you are willing to offer odds of 2:10 for this game and with payments of up to 100 à. Set up your quota and wait for a response. How do you offer a significantly higher odds than regular bookmakers, expect that someone will accept your offer to à 100 (or a few players have minor roles, but in sum they must not exceed à 100 a set limit). When the game ends, if Inter win, lose 2:10 x à 100 - à 100 from the account. If Inter loses, then you will get 100 à. The one who gets bet pays 5% of the cost for the service Sportsbook. This is a brief explanation of how to be a bookmaker and ask odds. It is possible to change the odds. If, for example, offer a 2:10 at Inter and this offer does not receive a response, it is necessary to offer a little more. Maybe we should set the odds of 2:20, but accept payment by up to 70 à. It is important to always bear in mind how much you can lose. Of course it may be that someone with a payment offer 2.25 to à 20 Inter. You can get odds on to 2:25 and you had an identical offer, but perhaps too expensive for you. The decision is yours. All this can be very exciting, but also can make and take a lot of money. If you want to be in the role of betting, you will use the "LAY" to its offer for a specific event placed on the "exchange" and someone offered a certain amount of money invested in you.
How to accept (buy or back) the payment?
The key difference between normal betting and the betting exchange service is that you can to place his own bet, to express their desire for a certain odds which is thus transferred to the database for the service and at the moment when a someone who will accept your offer or desire for a certain odds, betting is completed. For example, you want to bet on the win the match Inter - Juventus, but offered odds of winning the hosts are 1:50 and 1:45. You want to bet on the odds of 1.60 to Inter and put a odds on the amount of 100 EUR. Placing your bet on the "exchange" that goes into a database (preference odds and deposit) and if someone later do, "LAY" offer, which coincides with your desire for odd 1.60, bet you requested is completed.
Dates:
Bookmaker - a person who creates a odds.
Punter - the person who bet on the odds given.
Lay ili Sell- The proposed odds. When you are as you create betting odds in the hope that the event that you choose and for which you made odds will not pass.
Back ili Buy - placing bets on the odds that someone is appointed. If you bet, win a sum that is equal stake x odds - 5% that takes the company for services provided.
Order - Enter what you want to bet and when it appears such offer your payment becomes active.
Conclusion
If you're used to bet with bookmakers you will need a regular time to get used to this way of betting, where you can choose the odds of your choice or do you have your odds to others. When the little adjust to this way of betting, you will probably like it, because you'll be given the opportunity to make money an easier way than the usual betting with bookmakers. Be careful if you put in the role of bookies do not get to the side of losses if they are not getting along very well in this role!
Frequently Asked Questions:
I want to do "BACK" (to bet on the team) but there is no available odds and the Role?
If you want to bet on the example of Inter, and there is no back option, this is because no one has done LAY offer (or a bet, but "bought" by other players). In this case, you can do yourself, and ask a BACK odds of winning Inter (or wait to appear in certain bid item BACK). If you express a desire to bet on Inter by pressing the BACK feature to express your stake and odds that you want to bet. Your stake will be presented to others for review and need to wait for someone to accept. Only then a bet is completed.
I want to do"Back" (to log onto the team), but is available ODDS too small?
Want to bet on Inter by odds but by 2:50 only available odds 2.10. Express your desire for a odds of 2:50 and set the stake you want to bet using the BACK. The offer has been placed on access to other players and you have to wait until someone does not accept the bet against you.
I want to do "Back" (to bet on the team), but the available stakes are low?
Want to bet on Inter in odds from 2:10 to 100 EUR. You have offered odds of 2:10, but is available for a maximum stake of 60 EUR. Placed a bet through the "BACK" by odds of 2.10, and write a stake of 100 EUR, your bet is made available but only for 60 EUR. The remaining 40 EUR is to "exchange" under odds you have requested and you have to wait for someone to accept your bet.
I want to do "BACK" (to bet on the team), but the stakes are too available?
Want to bet on Inter in odds of 2.10, and the stake of 100 EUR. Odds offered the options below 2:10, but notice that reads BACK 500 EUR. Bet on Inter to 100 EUR determining their own deposit, your account is removed only 100 EUR, while the remaining 400 EUR is available to any other player on the market.
What happens if one does not accept my application or my offer?
If no one answered your request before the game, if you do not receive the requested odds and bet on which you want to bet, your stake is returned to your account.
What if someone partially accept my application or my offer?
If one can only partially accept your request or offer, the remaining amount stake for that claim or offer is not committed to returning to your account.
I changed my mind and want to cancel your stake or a request?
If your offer or request is still not accepted, you can cancel the previously placed bet.
If one part of your bet is accepted, and one part does not, you can cancel a bet for the remaining unadopted stake.
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