You probably haven’t heard of betting exchanges if you’re unfamiliar with terminology like back and lay betting, matched betting, and other similar phrases. These platforms provide sports betting options that are a little different. You can really bet against other people instead of typical bookies on them. The fact that participants can choose to back or lay a bet is one of the most fundamental features of this betting system.
The following guide will teach you everything you need to know about various exchanges, including the well-known Betfair exchange. It will explain how they function and how you may use back and lay betting to improve your potential profit.
How Do Back And Lay Betting Work?
Betting exchanges are the total opposite of conventional sports betting and bookmaking sites. The biggest distinction is that these platforms operate as intermediaries to link two betters and wager against one another.
You can even consider it to be a match-making service, in which two players agree on the rates and stakes for an event and then wager one against the other. A betting exchange is also seen by some as a form of the stock market—but players utilize betting odds instead of equities. Regardless of what your view is of betting exchanges, the back, and lay bets make all their features possible.
Players can place a back bet solely on common betting sites. They can only bet on a definite result, in other words. However, on an exchange of bets, there is also the ability to place a bet. Lay bets are a kind of wager where you bet that a particular result will not happen and so assume the job of a traditional sportsbook effectively.
Contrary to traditional bookies who just offer odds that cannot be influenced in any way, betting exchanges are those who decide and agree on the odds.
The wagering trade is paid by a commission which they charge for the services they deliver, irrespective of whether you are a loser or a winner. Provision for the winning bets often varies from 2 to 5%.
Back and Lay Betting Explained
It is quite simple to understand the full notion of back and lay betting. Let’s just break it down.
What is Back Betting?
Players always support bets, which means they are wagering on certain outcomes at traditional sportsbooks. On the other hand, the bookmaker places or bets on the opposite result in the same game. Let’s show this further with Leicester City and Chelsea as an example of a Premier League encounter.
You can bring the assured profit of £20 back to your home if you want to win Leicester at the rate of 2.0 and invest £10. You lose everything to the bookmaker if Chelsea prevails. The same applies to all platforms of wetting. However, if you give not so high odds—or even better, those always in your favor—wagering sites ensure that they win all the time. You can alter the odds yourself via a betting exchange and if someone sets your odds, you will have a match.
What is Lay Betting?
Laying a bet involves betting that no result will occur and therefore assuming a bookmaker’s role. A lay bet is just as straightforward to place as a back bet. Take Barcelona and PSG as an example for a match. Say you wish to place Barcelona — whether PSG wins or the game ends at a draw, your wager is a winner. It is similar to double betting. It is similar.
However, several aspects of lay betting can be a challenge and one of them is the liability for lay betting. In other words, when you choose to support a bet, you are responsible for your stake, so you only lose the sum you went in the first place regardless of the chances. The bet liability takes account of the lay odds when placing a bet.
Let’s give an illustration of this. Say you want to wager on the peat, and put a horse with a 1.30 odds. This means that you offer someone the 1.30 odds for their back bet. You will be able to earn a total of £26,40 if you put the horse at £20. But you are responsible, if you lose, to pay £6.40 for your £20 bet to the supporter.
You can use a simple calculation to calculate your liability: Responsibility = stake Backers * (lay odds – 1) or by utilizing the lay bet calculator given on the site.
How to Make Money Using Back and Lay Bets
First and foremost, it must be emphasized that every time you bet, there is no safe way to gain money. However, there is more than one betting technique, which can help you maximize your chances of success when you support and place bets. These include sports and matched betting.
Trading in sport is a relatively contemporary betting method in which two bets are placed in one game, to ensure profit. You can make the most of wagering swaps — simply ensure that you’re low and back high and you’re assured to succeed.
Another approach to make money is by matching bets when you place bets or support them. Free bets and other promotions offered by betting sites are at the foundation of matching betting. Most of these sites offer their new customers free bet bonuses. You have the job of using them and supporting a winning squad. You can then go to a wagering exchange site and have the same result. Either at a sportsbook or on a betting exchange, no matter how the match ends, you will win. Another good thing about this betting approach is that you only have your own money to put on exchange because you may use the bookmaker’s bonus funds on a sportsbook.