BETTING EXCHANGE

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.

Financial Markets - Wine

Investing in wine can earn you big profits. It can be for the long or short term but, if you're on your game, there are big wads of lucre to be made. Based on where you get your information, the world fine wine market is valued at over $55 billion a year. In the US in 2002, Sotheby's did $22 million (£12m) auctioning wine. During the 2003 Bordeaux Futures promotion, one UK company did 10 million in 6 weeks. A leading European bank is opening a €40 million investment fund in wine. There is serious interest in the leading wine labels around the world. The following are some of the reds and whites that have made a fortune over the years.

For starters

A case of Château Latour 1996 sells at £1800 today but on release it was valued at £360 a case. Le Pin 1998, a renowned vintage for Pomerol, can be sold for £8,000, almost 500% up on its release price. Italian wines are brilliant sellers, too: a case of Solaia or Masseto from 1997 costs £1,800, up almost 400% on their release price. And if you happened to get your hands on a case of Petrus 1982 at its release (around £600) your kids can now flog it for 10 grand! So, large gains can be made (by you in your dotage, or by your offspring) from buying wisely - and being patient. A lot of the skill is in finding the wines and the volumes at the right price in the first place. Trading bottles of wine is unlike trading shares on the Stock Exchange - you can't simply call your broker and do the transaction. You must do your homework on where to find a seller or buyer for the wines on which you want to gamble. As well as that - and it's a good thing too - people drink the stuff, even if a bottle of Romanée Conti 1990 costs more than £5,000 in a restaurant. As a result, certain wines become increasingly rare. You can't simply increase production because the punters want more; there is a limited supply. And as a certain vintage's rarity increases, so does value. To take advantage of this gambling wine adventure, there are two main routes: you can DIY, or do it through professionals. If you do it yourself, you need to be really on the ball and have contacts in the wine industry, because the market can change very quickly. If a top critic gives a perfect score to a certain bottle, its price can double in a day and quadruple in a week. So if you like his opinions but don't read what he said until the weekend, the likelihood is that you've already missed out on the early, snappy profits. Proficient wine investment businesses, for example Wine Portfolio Management, based in France track the market on a day-to-day basis and know what is about to happen thereby making sure their customers get the best deals. As a rule, they'll charge you around 15 to 20%, which isn't much compared with your potential gains. As well as this, they're convinced that they know where to get the wines at the right prices - and where to sell them.

At the back of the garage

For example, you may have been attracted to the Masseto 1997 (the wine of the vintage in Italy) or Le Pin 1998 (one of the finest vintages ever for this garage, or tiny production, wine) or Cheval Blanc 2000, the wine of the celerbrated vintage ever in Bordeaux. So what goes on? Masseto 1997 started at £35 and as soon as the respected American journal Wine Spectator gave it the thumbs-up and sent it rocketing to the top of the charts, this wine was being sold several days later at three times that price in the UK.WS gave Le Pin 1998 comparable scoring and thus this already hard-to-find wine became liquid gold. Cheval Blanc 2000, an exceptional St Emilion, was named a no-brainer wine of the vintage by top critic Robert Parker and the price went mad. Playing the market is also crucial. Masseto 1997, while selling at £150 in the UK, was being snapped up by US buyers at £220. Certain garage wines such as Le Pin, Valandraud sells at a higher price in Asia or the US than in Europe, as do the cult Burgundy producers. So, purchasing it in this country and making a sale over there can seriously affect the value of your wine portfolio.

Be critical

Subscribe to the critics. These experts make the difference between a good investment and a bad one. Critics can bring eminence to a particular wine a wine maker, a vintage. However, critics can also be the downfall. Get a copy of the Wine Advocate from Robert Parker, the Wine Spectator and Clive Coates (for Burgundy). They are powerful even more so than Blair. Consider your buying strategy and the amount you want to gamble or invest. Like any type of gambling you have to be ruthless. Wine has an almost romantic quality about it, notably the great names. An Imperial (six-litre bottle) of Château Margaux 2000 down the cellar may lead you to become somewhat attached to it. However you should take note, bought as a future in 2001 at £2,000, it will certainly be worth double that by 2007. You must also consider whether you want a quick profit or in for long-term, regular saving. In our experience, wine almost always makes far higher returns than any other form of investment, so we would advise that it's worth consideration as part of your financial scheme. Basically, to make decent gains you should think of investing at least £5,000 - but the sky's the limit. Some of the greatest collectors have cellars valued at millions of pounds. Nonetheless, the biggest gains tend to be made in trading rather than stockpiling. Wines alter with every vintage, and newcomers arrive on the market every month. To get the best out of the new releases, the astute trader will invest or gamble regularly.

Put a cork in it

Professional advice is essential rather than educated guesses. Specialist dealers are able to get details of the finest quality, largest quantity and most competitive prices of stock. There are a several wholesalers in the UK. However, you should consistently compare prices, as they vary depending on the vendor - some source their stock from cheaper, Continental wholesalers. The best way to broaden risks, is a commonly practised strategy and this is to buy older vintages, the values of which are less volatile. They display established form, and the prices have a history. While their value doesn't ebb an flow as much as that of less well established products, you have some safeguard against their losing value. After all, as that certain vintage grows scarcer through the odd bottle being consumed, the remaining stock appreciates in value. For the risk taker, huge profits (and losses) can be made in futures - buying and selling on the expected value of vintages yet to be bottled. Their value is much more erratic, so the opportunity to make quick cash is there - as is the likelihood of ending up with negative equity if you bought at the wrong time. What about tax? Specialized management firms store wines in bonded warehouses in which they are, in effect, 'on hold' - VAT is not due until the wines leave the warehouse. If you do gamble on wine, this is convenient way of minimising your capital outlay, leaving you with more cash to invest until the profits start rolling in.

Auction stations

One of the best ways to trade wine is via international auction houses, such as Christie's or Sotheby's, which hold sales every few days. If you fancy taking this route, the goods have to be inspected before the sale, so you will be asked to deliver your wines six weeks in advance of the hammer falling. Payment will be about four weeks coming through after the auction, out of which comes the auctioneer's commission and any other costs. Basically, the pre-sale estimates are cautious but, as with any auction, you have the option of a reserve price to guard your investment. Several online auctions also specialise in wines, but if you prefer not to take that route at all, the wholesalers can do the work for you. They will offer their own clients first refusal and take a cut of 10-15%. Numerous warehouse specialists hold their clients' stock in bond, so by simply switching owners, the vintages don't leave the warehouse. There are other benefits to consider, as well. In the UK, wine - but not port - is categorised as a food product and therefore its value depreciates. So your sporadic buying and selling incurs no capital gains tax. That's the theory - but a financial adviser should be able to help you out with this. It's also worth remembering that it may take time to sell stock at the right price. With any market, there will be instability, good and bad, which should be taken into account when managing a wine portfolio. You should also examine your portfolio manager's credentials and insurance, as well as their transport methods, before entrusting them with your cellar. You must ensure your bottles will be replaced, instead of having to accept financial compensation, should anything go wrong. The careful gambler can make money by investing wisely in wine. The finest labels have shown remarkable stability over the last 15 years. In our judgment, if you buy the right vintages you can generally expect to double your investment in two years. However, the key to success is having the knowledge of which bottles will make the highest returns - so do plenty of research first.

Bookies - Arbs

Many  people  say  that  you  won't  beat  the  bookies. 'Ever  seen  a  poor  one?'  they  ask. Look for bookies on this site.  Those  folks  don't  have  a  clue!  There  has  never  been  a  more  opportune  time  for  gamblers  to  visit  the  racecourse  to  battle  with  the  on-course  layers.

The  prime  money-winning  time  is  midweek.  Weekends  are  when  the  public  go  racing  -  that  doesn't  make  beating  them  impossible,  but  the  weight  of  money  is  there  for  the  on-course  layer  to  'book  make'.  Monday  through  to  Friday  is  a  different  story.  There  are  too  many  bookmakers  chasing  too  little  money;  there  are  too  few  punters  and  the  racing  is  often  less  than  competitive.

Take  a  look  at  who  goes  to  a  rainy,  midweek  meeting.  The  vast  majority  are  all  the  people  the  bookies  find  it  hard  to  beat:  trainers,  owners,  owners'  mates,  off-course  reps,  professional  punters  and  general  shrewdies.  These  days,  your  corporate  hospitality  guy  will  rarely  get  out  of  his  warm  box  to  have  his  score  each-way  on  the  favourite  anywhere  but  the  Tote.  The  bookies  are  left  with  the  clever  people  to  try  and  win  off.

Generally  bookies  do  have  the  edge,  but  now  that  more  and  more  are  hedging  on  the  betting  exchanges,  margins  are  getting  vulnerably  close  to  nothing.  All  a  bookmaker  has  to  do  is  make  one  rick  and  he's  looking  at  a  book  of  less  than  100%.  He  doesn't  like  that  much,  as  it  means  he  has  to  be  right,  go  for  a  winner  or  in  many  ways  start  to  behave  like  a  punter.  That,  any  disillusioned  bookie  will  tell  you,  is  not  why  they  shell  out  daily  expenses  of  upward  of  £300  to  stand  in  the  pouring  rain  at  places  like  Plumpton  to  bet.

A  new  approach  to  betting
Nevertheles,  even  though  it  is  harder  to  extract  a  profit  from  the  punters  at  these  times,  the  majority  still  succeed,  although  gains  are  a  lot  more  modest  for  most  than  you  are  led  to  believe  by  certain  TV  celebrity  bookmakers.  There  are  plenty  of  people  getting  plenty  from  gambling,  but  until  recently,  in  order  to  pro-punt,  you  needed  to  have  privileged  information  and  to  be  incredibly  disciplined  in  your  approach,  as  well  as  having  the  requisite  time,  money  and  personality  type.

Now,  though,  a  new  breed  of  punter  has  entered  the  jungle.  He  doesn't  have  to  know  anything  about  form,  he  often  doesn't  care  if  the  horse  he  backs  wins  or  loses.  All  he  needs  is  the  right  gear,  a  mate  on  the  end  of  the  phone,  a  few  readies  and  to  be  quicker  than  the  next  bloke.  Greetings  you're  at  the  no-lose  world  of  the  betting  exchange  arbster.

The  first,  pioneering  arbitrage  firms  appeared  on  course  a  couple  of  years  ago,  when  on-course  bookies  almost  never  used  the  exchanges  and  the  two  markets  were  virtually  unlinked.  The  first  teams  earned  thousands  of  pounds  a  day  with  little  risk.  How?  Put  simply,  an  exchange  arbster  will  back  a  horse  at  a  certain  price  on  course  and  lay  it  at  a  shorter  price  on  the  betting  exchanges.

A  simplified  scenario  would  involve  the  man  on  the  course  watching  the  market  and  reporting  back  via  telephone  to  someone  on  the  exchanges  elsewhere.  The  man  at  home  spots  a  move  on  the  exchanges,  for  example  4.3  into  3.5,  which  in  the  digital  odds  used  by  the  exchanges  is  5/2.  On  course,  3/1  is  still  available,  so  while  he  lays  at  3.5  online,  the  man  at  the  racetrack  gets  the  message  and  starts  to  lump  on  at  3/1.  Depending  on  how  the  team  operate,  he  may  have  backed  the  horse  to  the  tune  of  £1,000  at  threes  and  laid  it  off  to  lose  £2,500,  thereby  providing  a  £500  bet  to  nothing,  or  maybe  a  £2,875-£1,150  to  win  either  way.

That  example  would  be  the  sort  of  trading  an  arbster  would  dream  of;  more  often  than  not  the  margin  of  profit  would  be  very  much  smaller.  Some  firms  have  thousands  on  short-priced  favourites  to  cop  just  £30  or  £40  -  the  bigger  the  play,  the  smaller  the  margin  of  profit  has  to  be  to  make  it  worthwhile.  The  commission  rate  also  has  to  be  taken  into  account,  but  if  you  are  quick  and  know  your  job,  there  is  money  for  the  taking.

Bookies  get  high-tech
Nowadays,  bookmakers  know  that  if  a  price  shortens  on  what  they  quaintly  refer  to  as  'the  machine' (the  exchanges)  and  they  don't  react  accordingly,  they  will  soon  be  confronted  by  a  bloke  in  a  waterproof  jacket  with  a  phone  earpiece  shoved  in  his  lughole,  asking  for  a  ridiculously  large  bet.

However,  arbing  is  not  necessarily  a  bad  thing  for  bookies,  and  more  and  more  of  them  now  have  an  extra  computer  on  course  for  hedging.  As  they're  watching  the  same  market  moves  as  the  arbsters,  so  the  switched-on,  on-course  bookie  has,  in  effect,  got  himself  an  electronic  floor  man.

A  floor  man  is  employed  by  the  bookmaker  to  be  his  eyes  and  ears  on  course.  He  is  required  to  know  faces  and  look  out  for  lumpy  bets  going  in  and  prices  tumbling,  to  pre-warn  the  man  on  the  stool.  He  often  ends  up  as  a  general  whipping  boy  to  be  blamed  when  things  go  wrong  -  despite  whether  he  could  help  the  result  falling  at  the  last,  allowing  the  favourite  to  win.  Nonetheless,  the  bookmaker  relies  on  his  floor  man.  A  good  or  bad  one  can  make  the  difference  between  a  winning  and  losing  day.

The  floor  man  has  always  traditionally  been  sent  off  to  hedge  bets  and  take  the  flak  if  he  misses  a  price,  but  now  some  bookmakers  are  prepared  to  accept  the  commission  to  hedge  on  the  exchanges  rather  than  place  money  with  their  fellow  bookies.  The  exchanges  sometimes  offer  much  larger  prices  available  to  small  amounts,  although  operating  in  this  way  does  mean  that  more  ready  cash  is  needed,  in  order  to  pay  winning  bets  that  have  been  hedged  online.

Arbitrage:  the  big  players...
The  main  arbing  operations  are  very  professional.  The  guys  on  the  course  are  lightning  quick  and  eagle  eyed  and  known  by  most  of  the  regular  on-course  bookies.  They  are  trusted,  and  can  call  lumpy  bets  over  the  heads  of  the  waiting  cash  punters,  then  settle  up  -  win  or  lose  -  after  the  race,  or  even  at  the  end  of  the  meeting.  This  is  a  great  advantage  as  the  arbster  can  cover  several  bookmakers,  asking  for  bets  from  each,  in  a  short  period  of  time.  If  he  had  to  pull  out  the  readies  each  time,  he'd  probably  only  get  on  with  one  book.  Needless  to  say,  the  floor  men  are  watching  these  guys  as  sharply  as  they  would  a  Ladbrokes  rep.

The  business  deals  off-course  are  just  as  professional.  The  two  arbing  companies  InsideEdge  both  had  two  computer  operators,  two  computers  and  eight  screens  back  at  base.  The  multiple  screens  are  essential  to  have  the  edge  when  betting  in  running.  Having  the  edge  is  the  key  to  beating  the  other  punters  on  the  exchanges  and  is  where  many  of  the  arbsters  reap  most  of  their  profits.

Ever  wondered  why  you  get  beaten  to  prices?  There  is  generally  a  three  second  delay  to  TV  screens,  so  the  on-course  man  will  give  a  running  commentary  on  the  race  and  prompt  the  man  at  base  to  back  or  lay  any  particular  horse.  Each  of  the  fancied  runners  will  be  up  on  the  in-running  bet  section  on  each  screen,  enabling  a  back  or  lay  of  a  horse  to  be  done  in  the  blink  of  an  eye.  Then,  once  the  man  on  course  thinks  the  winner  has  flown,  he  gives  the  go  ahead  to  the  man  at  HQ  to  back  at  1/100,  in  the  process  scooping  all  the  bigger  odds  bets  in  waiting  before  they  can  be  cancelled.  Of  course,  this  can  lead  to  disaster,  but  some  firms  insist  that  they  show  a  handsome  profit  from  backing  horse  prices  down  to  1/100,  when  only  an  act  of  God  can  stop  them.

...And  the  duckers  and  divers
Although  the  larger  arbing  teams  rule,  there  are  also  individuals  on  course  doing  the  same  thing  as  them  in  a  much  smaller,  but  still  profitable,  way.

Some  racecourse  'faces'  can  be  seen  in  the  summer,  sat  at  the  back  of  the  stands  with  a  laptop,  watching  the  market  moves  on  the  exchanges  and  on  course,  backing  and  laying  accordingly.  Others  watch  the  moves  and  get  in  front  of  them,  backing  to  smaller  amounts  before  the  arbsters  get  in,  then  telephoning  the  exchanges  to  lay  the  horse  they  backed  shorter  for  a  no-risk  situation.

This  is  a  realistic  way  for  those  of  more  modest  means  to  play  the  exchange  game.  The  gamble  is  minimal,  because  even  if  the  price  lengthens  again,  the  arbster  can  always  bail  out  before  the  race,  taking  a  small  loss.

A  nice  little  earner
Though  neither  wanted  to  be  named,  a  couple  of  the  livelier  on-course  men  gave  me  a  few  details  of  their  game.

The  first  explained  that  he  was  on  wages  for  a  boss.  The  cost  to  this  boss,  excluding  his  pay  for  the  day,  would  be  around  £65,  which  would  include  the  open-line  phone,  entrance  and  petrol.  His  team  betted  in  such  a  way  that  they  made  money  regardless  of  whether  the  horse  being  backed  won  or  lost.

On  an  average  day,  though  he  stressed  there  isn't  really  such  a  thing,  he  would  have  around  £5,000  worth  of  bets  and  his  boss  would  be  happy  to  keep  £500  (a  'monkey')  of  that  as  gross  profit.  The  week  I  spoke  to  him  he  had  been  racing  at  Wolverhampton,  Sedgefield,  Catterick,  Taunton,  Hereford  and  Wincanton.

The  second  firm  is  a  co-operative,  and  they  need  the  horses  they  back  to  win.  For  example,  they  might  back  a  horse  at  £2,250-£1,000  on  course  and  lay  it  at  £2,000-£1,000  on  the  exchanges,  guaranteeing  a  profit  of  £250  if  the  horse  wins,  and  meaning  no  money  is  lost  if  it  doesn't.  This  method  can  be  frustrating;  the  firm's  man  bet  a  total  of  £12,000  on  Grand  National  day  and  didn't  back  a  winner,  leaving  them  out  of  pocket  after  expenses  were  taken  into  account.

The  arbsters  are  hated  by  some  bookmakers  and  seen  as  a  godsend  by  others,  but  they're  already  an  accepted  part  of  the  betting  ring  jungle  and  are  fast  rising  up  the  food  chain.  Whichever  way  it's  played,  with  the  exchanges  getting  stronger  day  by  day,  the  chances  of  a  well-organised  team  or  sharp  individual  beating  the  on-course  system  are  high.

Source: online-sportsbooks.top