Last Updated on:
Betting exchanges offer a form of sports betting in which customers back and lay bets against each other rather than with a sportsbook. The appeal of betting exchanges lie in the fact that they allow anyone taking part to assume the role of bookmaker for other users, and they frequently offer better odds than actual bookmakers, because those odds are controlled by the people using the exchange.
The basic principles of a betting exchange are relatively simple, although they can be used by those with more experience of sports betting in order to lock in a profit on a particular bet. Everyone taking part can either back, which means betting on events, or lay, which means taking other peoples bets. Backing a selection means betting that the horse, player or team you’ve chosen will win. Laying against a selection means taking the stake bet by another user in the hope that the selection they’ve made is going to lose. The odds on any given outcome will change as multiple bets are made.
When the odds on a result shift in a particular direction, experienced users of betting exchanges often take the chance to back and lay on the same selection. This means that a bettor can lay a bet on a horse at a certain price and then, as the odds get longer, they can back the same selection, meaning that they are guaranteed a profit whether the selected horse wins or loses. Betting exchanges also offer multiple in play bets on a huge variety of sports, and are an ideal vehicle for bettors who have a degree of experience of placing bets with bookmakers and now wish to hone their gambling skills in a more complex and varied setting.