Exchange Betting at Mobile Sports Betting Sites
In Canada, the majority of wagers are placed at online sports betting sites where the bookmaker is responsible for paying out any winning bets. With the introduction of exchange betting, more and more punters are turning their backs on traditional bookies and choosing instead to lay or back bets on sites that facilitate this.
For those who are new to the concept, this is how it works:
With traditional online or mobile sports betting, the bookmaker will post the odds and punters can choose to back the bet at the agreed odds. If the bet loses, the bookmaker pockets the stake, but if it wins, the bookmaker is the one that pays out. With exchange betting there is no bookmaker involved and all the punts are placed between the punters themselves.
Getting To Grips with the Basics
An exchange site is there to facilitate the process and to provide a platform for punters and the means for transferring the winnings from one punter to the other. For their services, the site takes a cut of every winning wager. At this type of site you don’t have to play the role of the punter, you can also choose to lay bets and play the role of the bookmaker.
Let’s take a look at a simple example. The Soccer Wold Cup is coming up and you cannot quite put your finger on which team will win the tournament. You think it may be Brazil, but you are not sure. At this point it may be easier simply to lay Brazil and say that actually Brazil will not win, but any of the other teams have a chance of winning. You can set the lay odds at whatever you like, and see if someone will back the bet.
If you lay a punt at odds of 4.00 for Brazil to win and another punter backs it, you would have to pay out the agreed amount if Brazil does in fact win. If Brazil does not win and any of the other teams takes the cup, the person backing the punt would pay you the agreed amount.
With exchange wagers, punters are given the opportunity to create whatever wager they like at whatever odds they choose. Obviously posting ridiculously low odds will not attract any backers for the bet, as the reward would not be worth the risk. When laying a bet, it is important to suss out the market and find one that will appeal to punters while still providing some sense of security.
Since the site is filled with bets posted by punters and sports betting CA bookmakers, it is also possible to find extremely competitive odds, much lower than those found at regular online sports books. For example, there might be an upcoming rugby match between Ireland and Scotland where the bookies have Ireland to win at odds of 2.10, and Scotland at 1.90. In this case, there isn’t much money to be made from backing either team.
By checking the exchange sites, you might find someone has laid a bet on Ireland at 4.50. By backing Ireland, you stand a chance of making more profit if they were to win than you would ever make at the best mobile sports betting sites.
Whether laying or backing, this wagering option is about having more opportunities, more control and a greater variety of wagering entertainment open to you. Most of the exchange bets found online are fixed odds, as both parties are aware of the consequences should they bet win or lose. Once the bet has been finalised, the site will transfer the held funds into the account of the winner, much lie at your standard sportsbook.