{"id":32359,"date":"2022-08-19T08:52:13","date_gmt":"2022-08-19T13:52:13","guid":{"rendered":"https:\/\/www.casino.org\/blog\/?p=32359"},"modified":"2023-02-17T04:23:13","modified_gmt":"2023-02-17T10:23:13","slug":"exchange-betting","status":"publish","type":"post","link":"https:\/\/www.casino.org\/blog\/exchange-betting\/","title":{"rendered":"Everything You Need To Know About Exchange Betting"},"content":{"rendered":"\n

While exchange betting is becoming increasingly popular, you may be wondering how this type of betting works. <\/p>\n\n\n\n

Well, you\u2019re in the right place. <\/p>\n\n\n\n

We\u2019ll cover everything you need to know about exchange betting, including how it gives bettors more control over their wagers and how it differs from standard betting, as well as the pros and cons.<\/p>\n\n\n\n

What Is Exchange Betting?<\/h2>\n\n\n\n

Exchange betting is when you bet against other gamblers<\/strong>, instead of the sportsbook, on a betting exchange (more on that next).<\/p>\n\n\n\n

It\u2019s a popular and unique form of betting that\u2019s different to traditional wagering. <\/p>\n\n\n\n

The odds are set by the bettors<\/strong> and are often more generous than what you\u2019d find offered by the bookies.<\/p>\n\n\n\n

How A Betting Exchange Works<\/h2>\n\n\n\n

A betting exchange is an online platform where the exchange betting takes place. <\/p>\n\n\n\n

As mentioned, on a betting exchange site, punters don\u2019t bet against a traditional bookmaker but instead take on each other, setting their own odds. <\/p>\n\n\n\n

There are two types of bettors in a betting exchange: the ‘back’ bettor and the ‘lay’ bettor. <\/p>\n\n\n\n

\"Betting
An example of a betting exchange, showing the back and lay bets. [Image: Betfair]<\/em><\/figcaption><\/figure>\n\n\n\n

Back Betting <\/h2>\n\n\n\n

‘Back’ betting is very similar to gambling on a regular betting site, as you must bet on something specific to happen<\/strong>.<\/p>\n\n\n\n

For example, a football (soccer) team winning a match or a horse winning a race. <\/p>\n\n\n\n

However, unlike with standard betting sites<\/a>, the back bettor can set the odds.<\/p>\n\n\n\n

The betting exchange site will then find a lay bettor willing to bet against what the back bettor has set. <\/p>\n\n\n\n

Whoever wins the wager will win money from the opposing player, minus a cut for the betting exchange. This commission varies between betting exchange sites.<\/p>\n\n\n\n

An example:<\/strong><\/p>\n\n\n\n

\"both
Image: Betfair<\/em><\/figcaption><\/figure>\n\n\n\n

Lay Betting<\/h2>\n\n\n\n

A \u2018lay\u2019 bettor does the opposite of the back bettor, playing the role that a sportsbook usually plays, betting that whatever the back bettor has wagered on will not happen<\/strong>. <\/p>\n\n\n\n

So if a back bettor bets on a sports team to win, the lay bettor wagers on that team to draw or lose.<\/p>\n\n\n\n

Lay bettors can also create their own odds. Usually, betting exchanges will have two tabs, one for payout and one for liability. <\/p>\n\n\n\n

While you decide your stake, the betting exchange determines your liability. This is the amount you need to pay out if your wager loses. <\/p>\n\n\n\n

Also, this will be much larger than the amount you stake. <\/p>\n\n\n\n

The payout tells you how much you win if the bet is successful. The payout will always be the stake multiplied by the odds.<\/p>\n\n\n\n

An example:<\/strong><\/p>\n\n\n\n

\"over\/under
Image: Betfair<\/em><\/figcaption><\/figure>\n\n\n\n

Betting Exchanges vs Bookmakers<\/h2>\n\n\n\n

Betting exchanges are quite different from standard bookmakers, but both have a lot to offer bettors. Check out some of the key differences below:<\/p>\n\n\n\n

Bookmaker<\/h3>\n\n\n\n