Click here to open a Betfair accountMost punters will have heard of the 'betting exchanges�
by now, and many will have experienced them already. The �exchanges� are becoming increasingly popular, and
are matching more and more of punters� money every month as more people sign up and realise the benefits that
they offer � not least the fact that it is a chance for normal folk to act as the bookmaker.
Here
we shall briefly look at what the exchanges are, what they have to offer you, and also give you a
step-by-step guide to get you started on the exchanges.
Betting Exchanges are basically a tool to
bring punters together to bet against each other. It is person-to-person betting, using the �exchange� as the
go between.
Punters can back their fancies just as they would do at a traditional bookmaker, but
they can also now �lay� a price � i.e. bet AGAINST a team winning, rather than bet that they do
win.
There are many exchanges on the Internet now, but the biggest by far is Betfair, and should be the first stop for all new
punters. Also worth a look is Betdaq who are the next
biggest player, while several others such as Ibetx and ggbet are also starting to compete for a market
share.
What does an exchange offer you and how do you use it?
The
betting exchanges consistently offer the punter a bigger price about their fancy than the high street
bookmakers, and offer the extra advantage that you can ask for a better price than is on offer, and hope that
someone will come in and match your request.
Another advantage of the exchange is the ability to
alter your position during a long term event (as well as some �live� football matches). For instance, if you
backed Chelsea for �10 at 16/1 back in July, you could now lay them 2/1 (bet against them winning the league)
in order to guarantee a profit either way � you could offer �30 of your potential profit, in order to win �15
if they fail � thus covering you initial �10 stake.
- In this example, your first bet, at
16/1 would result in a �10 loss if Chelsea fail to win the league, while a �160 profit if they are crowned
champions.
- In the second bet, you are laying Chelsea for �15 of your opponents money, to
�30 of your. If Chelsea win the league, you would lose �30 from this bet, but if they fail, you would win
�15.
- When the two bets are both accumulated, Chelsea winning the league would return a �160
profit from bet 1, and a �30 loss from bet 2, thus a �130 profit. If they fail, bet 1 would lose you �10, but
bet 2 would win �15. Thus a �5 profit.
- As you can see, you would have made a win-win
situation in this example.
Successful exchange players also use the exchanges since they are not
punished for winning. If you take several big wins from a bookmaker, the likelihood is that your stakes will
be limited or your account closed. Not so with online exchanges - all players are more than
welcome.
The main advantage from the exchanges is simply the ability to lay a price rather than
back it. Suppose Leeds are 3/1 to win a game, but you think it is even more unlikely than that. You could
offer 7/2 about Leeds winning the game (effectively betting at 2/7 that they WON�T win).
You can
lay or back any market that the exchange offers, so you could offer the book about correct score in a
football match, England winning the test match or Tim Henman winning the tennis, or back a football team to
draw. In short, you are the bookmaker on the exchanges and can lay one or a number of runners in a market as
you see fit. The options are vast.
Explaining how to use an exchange can be
difficult, and new players often find it difficult to grasp at first. But believe me, once you master it, you
will find that the days of hanging around in smokey betting offices are long gone. They appear daunting at
first, but anyone can get the hang of the exchanges quickly.
I would recommend that new players
keep stakes to a minimum whilst they are learning to use the sites, since mistakes are easy to make until you
are familiar with the differences. I would also suggest sticking to �backing� prices for your first few bets
until you become familiar with the concepts.
Also remember, exchanges are all about competition, so
if you feel that a better price should be available, don�t feel that you must take the price on offer, simply
adjust your �ask� to a bigger price when backing, and hope someone lays you the bet.
How do
we recommend a bet?
We shall be looking at the exchanges regularly, and will be
recommending bets that are on offer from time to time.
When we suggest backing or laying a
selection, we will always mention both the players stakes.
For instance: One point back of
Manchester United at 2/1 to win two points profit.
For a lay we would advise: Two point lay of
Manchester United at 2/1 to win one point profit.
Need more
help?
Getting your head round a new concept can be tricky, so please feel free to email me
at [email protected] with all your betting exchange
queries.
Dave Pilgrim, readaBet.com
Article created on 3-/-0/2004 24: 1Send this article ( BETTING EXCHANGES GUIDE ) to a friend
