How To Bet With Matchbook
Read this easy guide from Betopin to see how to bet with Matchbook and have the best experience on the site.
Matchbook is rapidly becoming one of the largest betting exchanges in the UK.
Betting here is a lot like betting on the other exchanges such as Betfair or Smarkets.
Some of the big reasons why you should check out Matchbook are because of the low commissions charged and because it is very reliable.
While it isn’t the largest, it is worthwhile to have an account on the site because it is capable of having some of the best offers on any given day.
Even though it is a smaller site, it is a very reputable company and is rapidly becoming one of the more popular betting exchanges in the UK.
The platform is very intuitive and easy to use, however, it does have a few key differences compared to Betfair and Smarkets. Perhaps the biggest difference is that you will pay commission at the time a bet is placed, whether you win or lose.
The good part about this is that the commissions are significantly lower than other betting exchanges, especially for horse racing.
Another major positive for Matchbook is that Live Chat is easy to find if you ever need help – Just click ‘Live Chat’ in the bottom right corner.
The other exchanges could certainly take a cue and offer more accessible support.
Keep reading to learn the ropes and get started on Matchbook.
What You Need To Know When Betting With Matchbook
Matchbook is a peer to peer betting exchange. That means you are placing a bet against other bettors, not against a bookie.
The benefits of a betting exchange are that you are never penalized for “winning too much” or face a ban for simply using the platform successfully.
The layout of the site is similar to other betting exchanges, but there are some key differences that you’ll need to get used to.
For example, odds are displayed as decimals and not fractions. This allows bettors to be more precise in their bets. However, if you’re used to fractions, this is something you’ll want to get used to.
The colour scheme is similar to that of Betfair – Blue to Back a bet, Red to Lay a bet, so no major difference there.
The other big difference is how your funds are displayed. At the top of the screen you’ll see three amounts:
My Wallet – This is the total amount of your Exposed bets and your Available funds.
Exposure – This is the total amount you have bet (in either back or lay bets) and represents the amount you could lose if all your bets went awry.
Available – This is the amount that is free to use on bets.
You’ll notice there isn’t a ‘Trade Out’ button, in contrast to the other betting exchange sites.
Simply Placing a Bet
Placing a bet is no different than on any other sportsbook.
Simply log in to your account and select your sport or event from the column on the left side of the screen.
You can also use the ‘Search Matchbook’ field at the top of the page which is very convenient if you already know which match you want to bet on.
You’ll see a grid listing all the offers. Blue means “back” and red means “lay.” Click on the box showing the best odds available and enter your stake, then click submit.
The amount displayed in $ / £ / € shows the current amount available at that price. This represents the liquidity of the betting market. One reason bettors may prefer other exchanges is because liquidity is not usually as high on Matchbook as on other sites.
You can only place a bet if the funds are available in your Available account. Each time you place a bet the amount in your My Wallet / Exposure / Available accounts at the top of the page will change. Refresh the page if you don’t see the change right away.
The amount you will need to pay in commission is automatically included in the calculation of your Available funds.
How Commission Is Calculated
Matchbook has two different commission rates that are used when calculating how much you will be charged.
If you accept an existing offer in a market then the rate will be a standard 1.5%. If you post an offer and another user then matches that offer the standard commission rate will be 0.75%.
There is a different commission for cricket, which is 2% net win.
For Specials (depending on availability) the commission rate is 5% net win.
How Commission Is Charged
First off, it’s important to note that a commission is charged on every matched bet.
This is because Matchbook uses a per-transaction revenue model, which is similar to how a financial institution charges customers.
This allows the site to give you lower commission rates compared to other sites, as well pass on more of the winnings to bettors.
This amount is less than what would be charged with a traditional bookie because Matchbook is a betting exchange.
A small commission is charged when you place a matched bet. If a bet is matched, then you would not be able to withdraw that bet because another bettor is betting for/against your bet.
If your bet is not matched, you would still be able to cancel that bet.
Backing vs Laying
There are two kinds of bets you can make on a betting exchange: A “back” bet or a “lay” bet.
What does this mean exactly? When a punter makes a bet they can choose to “back” an outcome or “lay” the outcome. That is to say, they are placing a bet for something to happen (back) or they can place a bet for something to not happen (lay).
For example, you could back Bayern Munich and bet that they will win their match.
If you lay Bayern Munich that would be a bet that they will not win their match.
When you lay a bet you are playing the part of a traditional bookmaker.
If your bet doesn’t work out as planned, you would need to pay out the way a traditional bookie would.
If you place a lay Bayern Munich for £100 at odds of 2.0 you need to cover the potential payout if Bayern Munich wins the game (£100). This is your liability on the bet.
If you lay Bayern Munich for £100 at odds of 2.1 you would need £110 to cover your liability.
In both examples, you could potentially win only £100 wagered by the backer.
It’s important to understand that the amount you owe can be greater than the amount you put at stake.
Matchbook allows you to place bets live, while the event is taking place. You can place bets up until the final whistle of the match, the last putt in a golf tournament, or shot in a basketball game.
During live betting events, there is a delay between the time you submit your bet and the time it becomes available in the market.
This short delay allows unmatched offers to be removed if there is a change in the market conditions. The bet is not available to be modified until after the short delay, which is typically 1 to 10 seconds.
This delay is in place to ensure an even playing field for everyone involved.
Even with this short delay, it is still exciting to be able to bet on live events and adjust your position as the game develops.
This also allows you to hedge your bets and reduce potential losses by backing or laying the other team if things are not going according to plan.
In some cases, this could even allow you to guarantee a profit in your betting position.
Matchbook is a great peer to peer betting platform and it is worth having an account here in addition to the other major betting sites.
There are just a few small, but important differences to understand such as the way odds are displayed, the commissions charged, and the way available and exposed funds are shown.
Some would see the lack of a “trade out” button as a negative. However, this can be managed by placing corresponding lay or back bets according to the current market conditions.
None of these differences are “deal breakers” since they serve to differentiate the site from the other major competitors out there.
Indeed, it seems like they’re always competing with each other and making better offers to attract more bettors on any given day.
If liquidity is important for you this site may disappoint because it does not have as many users and thus, fewer funds available to match any given back or lay betting position than the larger sites may have.
It makes up for this by charging low commissions and competing in niche sports.
For example, Matchbook is most competitive on horse racing and offers the lowest commissions compared to all of the other betting sites.
As a result, we recommend that you set up an account on Matchbook and get familiar with the platform.
The site has certain rules regarding payouts and payment methods that are worth reviewing before getting started. All of these details are clearly explained in the FAQs section of the site.
When other sites go down, or if you’re simply looking for better odds, it would be worthwhile to compare and take advantage of what is available here.
This betting exchange may just turn into your favourite site due to its unique and intuitive interface and straight-forward presentation.