Betting exchanges look complicated at first, but they are a great way to bet. Here we will explain how to
use betting exchanges, recommend some of the best sites and start you off with some interesting strategies
that exchanges allow you to play with.
The two most popular betting exchanges on the Internet are
Betfair (£20 free bet promo code : 76AEKRLN6)
and
Betdaq
When registering at Betfair, use this promotion code to get a £20 free bet! : 76AEKRLN6
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| The main advantages of exchanges are : |
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You will constantly get better odds because the odds are set by the people betting, not the bookie.
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You can 'Lay' bet. That is bet on a team not to win, or an outcome not to happen. We'll explain this below.
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Exchanges offer bets on a lot more sports and games than most traditional bookies do. |
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Winnings are paid quickly |
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You can bet in-running on a large range of sports. |
So, how does it all work? If you've ever been to a betting exchange site such as
Betfair (£20 free bet promo code : 76AEKRLN6)
or
Betdaq it all looks a little daunting at first. In fact it's quite simple. The following steps show how to place a bet.
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| 1. |
On the exchange site, choose an event from the left hand menu. |
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| 2. | You'll then be presented with the odds for the game you have chosen. |
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| 3. |
This all now looks a little complicated, but to explain, the blue section represents the latest odds
you can back a selection at and the pink section is the latest odds you can lay the selection.
The amount in currency below each odds value is the amount of money available to bet at these odds. In the
above example as soon as punters bet £6745 on Man United then the odds will decrease to the next in line - 2.03 because
all the money offered at 2.04 has been taken by people wanting to bet at those odds.
So, in this example, if you want to back Man United to beat Liverpool you can click the blue box and
place your £10 bet on Man United at 2.04 (just over Evens - 1/1). £10 x 2.04 = £20.08 so if you bet £10 you would win £20.08
if Man United beat Liverpool.
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| 4. |
Betting exchanges charge commission on winnings. This is because no company wins when you lose. If you lose
then it means that someone else won.
Therefore, the normal commission is 5% on winnings only. So in the
above example you bet £10 on Man United, you won £20.08, but only the winnings - £10.08 are charged at 5% commission.
So your total return from your £10 bet is : £10 + (£10.08 x 95%) = £19.58.
5% commission may seem a little much and
this puts a lot of people off opening exchange accounts, but if you're getting 20% higher odds in the first place then it is
still much better than traditional bookmakers.
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| 5. |
If you do not think Man United will win the game then you can 'Lay' Man United. That is, you can be the bookie.
You can effectively bet on the result being a Draw OR a Liverpool win. The odds displayed in the pink column
are the latest lay odds. In this case the lay odds on Man United not winning are 2.06.
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| 6. |
Click the pink box with 2.06 in it. You will now have to type in the stake amount you are prepared to take from
someone else (another punter). If you type £10 then this means you are prepared to offer someone else odds of 2.06 on
Man United winning at a stake of £10.
If Man United win you lose, if Man United don't win you win £10 (you collect the other person's stake). To calculate your 'liability' - that is
the amount of money you are risking if Man United actually win : £10 x (2.06 - 1). So, if Man United win you lose £10.06. This is
because you have effectively taken a bet of £10 from someone else who will win £10.06 if they win at your offered odds of 2.06.
Laying is a great way to make money since you are betting against one outcome - a Man United win. So the game can be a draw or a Liverpool
win and you win.
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| 7. |
So, how can you use this to your advantage? Well, if you can lay something at lower odds than you back it you'll
be guaranteed to win! For example, you place a lay of £10 on Man United at 2.06. If Man United do not win you win £10.
Once the game kicks off it continues at a 0-0 scoreline and Man United's odds of winning the game increase up to 2.50. You are
already assured £10 if Man United don't win (the lay bet), so now place that £10 on them winning the game at 2.50. Now, if Man United win you
win £25.00 on the back but lose £10.06 on the lay. If Man United do not win you lose £10 on the back but win £10 on the lay. The secret is
to "Lay Low, Back High".
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Check out both
Betfair and
Betdaq
to see the betting exchanges in action.
When registering at Betfair, use this promotion code to get a £20 free bet! : 76AEKRLN6
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