Exchange betting has been gaining a lot of popularity amongst bettors around the world. Well, sports exchanges have been operating for decades, but since sports betting has gained a lot of popularity in India very recently, the exchange has also only recently gained recognition.
So, for all the new people wondering how sports betting exchange works and how it is different from the usual sports betting websites in terms of odds, we have explained everything in the article down below. So, keep reading to understand better.
How Does a Sports Betting Exchange Work?
Before we start talking about betting odds at various exchanges such as Betfair betting exchange or Jio exchange, let us understand the basics of how the website works. The betting exchange concept is to take out the bookmakers from online sports betting and allow the bettors to wager against each other. So, two people decide and agree on odds and stakes and then place bets.
Betfair online betting exchange is one of the biggest in the world, and much like any other exchange only acts as a platform for the bettors to interact and wager against each other. They earn very little profit and offer some fantastic ways to bet. There are two ways in which the bettors place their bets on an exchange. The first one is Back betting, and the second is Lay betting.
We can explain the back bets and lay bets, with an example in the image given below.
This is an image from the betting exchange showing odds for the IPL 2021 matches. As we can see, the blue ones are the back odds section, and the green one is the lay odds section. When you click on the first match, Kings XI Punjab and Chennai Super Kings, you will see the odds marked in green and blue.
You then select the odd and enter how much you want to bet. This process is pretty similar to the traditional betting site, but the difference is that you are betting against the person who has selected the opposite bet. The only job of the cricket betting exchange website here is to keep your money till the match outcome is announced, and then the rewards are distributed to the winner.
What are Betting Exchange Odds?
Betting exchange odds are almost the same as the regular sports betting websites. So, you will use the same formula to read the Betfair odds as you would use to read odds by Dafabet or any other sports betting website. Let us understand the concept for the people who are not aware of what an odd in betting is.
An odd in betting is the probability of an outcome to occur. There are various markets offered to the players where they can place their wagers and then wait for the matches’ outcome to see if their assumptions have been accurate and if they have won or not. So, say you have placed an INR 100 wager on an odd of 20, you will be winning INR 2,000 including your wagered amount.
But how are Betfair online betting exchange odds different? The sports betting exchange odds have unlimited possibilities. All you need is to find someone who will bet with opposite odds. The odds offered on the exchange are better or higher because the exchanges don’t take any profits from them.
How does Sports Exchange Betting Work?
The betting at an exchange is slightly different. The odds work the same, but there is another option for you to bet, which is called lay betting. On regular sports betting sites, there is only one betting option, which is back betting on the markets that you think will happen.
Lay betting, on the other hand, means that you bet on the outcomes that won’t happen. The back and lay bets are available at the same time while betting Betfair or any other exchange. This is called hedging and is a Betfair betting tip used by most pro punters to minimise their losses. You will also find all the odds in decimal form.
In Conclusion
We hope that you have now understood how the sports betting exchange works and how the odds are calculated. Understanding how exchange works can be a little complicated initially, and hence you will need to register yourself at one of these websites, such as Sat exchange and practice. Having good knowledge of sports and knowing how to read odds can also help you better understand the process.
You can check out our other articles to learn about some Betfair cricket betting tips so that you can maximise your winnings.
Start your journey at sports betting exchange and enjoy!
