Updated: November 2018
For years, betting exchanges have been a gambling haven for sports bettors worldwide. Don’t confuse betting exchanges with sportsbooks though. Think of betting exchanges as a sports betting stock market. Exchanges are made through online peer-to-peer networks, adding a whole new dimension to sports. Regrettably, USA residents do not have access to betting exchanges.
How does a betting exchange operate?
Betting exchange websites offer sports gamblers an opportunity to bet against other players. Almost all major sports are able to be wagered on, including games in the MLB, NFL and NHL. Betting exchanges process withdrawals and deposits no differently than how online sportsbooks do. Just like sportsbooks, you can use Moneybookers, Neteller and credit cards to make a deposit. Though it may seem overwhelming at first, betting exchanges become very familiar after you make a couple of bets. A player can wager multiple variations of a bet. They can pick the under/over of a game, or perhaps try to cover or beat a point spread.
A wager becomes a matched bet once it has been accepted. A matched bet is binding, and cannot be reversed or cancelled, as it is connected to another player’s bet. Unmatched bets become official once they have been paid for. Other players can match or bet against whatever you selected through the betting market. Should your wager not be accepted or unmatched once the game starts, your wager will be returned to your account. Sports bettors have an opportunity to save money by using exchanges for some of their bets, as bettors can accept wagers from other players, or even create their own. You’ll find the odds at betting exchanges substantially greater than your average online sportsbook. With this approach to gambling, bettors can see multiple odds and spreads in order to obtain the highest return on their wager. Since the exchange is offering an outlet for gamblers to make bets with one other, there is a percentage taken from each bet you make.
Commissions are generally taken from bets that win, but many betting exchanges charge fees on the bet itself, whether you win or lose. Additionally, at some betting exchanges, you may be charged a fee if you match another player’s offer. Be mindful of these commissions before placing any bet to avoid surprises, and to budget your bets accordingly. Some betting exchanges offer VIP registration, particularly to those who bet often. Such memberships offer lower commission fees or fixed rates. Some memberships allow you to remain off leaderboards, allowing you to bet against your peers anonymously.
What kinds of bets can I make with betting exchanges?
There are multiple wagers you can make using betting exchanges that typical online sportsbooks don’t offer. The most popular type of bet is the “back” option, where a wager is made according to a specific amount listed by the exchange if you want to match that bet. In contrast, a bettor can make a “lay” bet, which is where you are wagering against a particular outcome. If you mistakenly bet against the wrong team, the betting exchange will allow you to null and void your wager, assuming it hasn’t become matched. Such cancellations must be made immediately, as your wager can become matched very quickly. Most betting exchanges have a grace period placed on each wager, allowing customers to respond to any changes in game conditions. Should you make a mistake, and your bet becomes matched before you can adjust it, the best course of action would be to bet on the other team in that game. You can always check your status or in-play with cash bets, which is the sum of money to be used for bets matched and unmatched. Your bet will cost more if you have funds available, but you will be able to wager on the side you initially wanted to bet on.
Can betting exchanges be used to make middle bets?
Middling is when a bet is made on both sides of a game, with the intention of hitting the middle of the two bets. Middling is normally done when you're able to discover a two to three point gap between the spreads of a particular game. This is where betting exchanges really excel. If your bet was made with a bookie or a sportsbook, you can check the exchange to see what the odds are for bet middling. Middle bets can pay rather well on high profile games. Some call betting exchanges the poker of sports game wagering. Betting exchanges allow individuals to face off against each other for the same prize. Rather than competing with one sportsbook, you will be betting against other gamblers all over the world. The biggest benefit of using a betting exchange is that, should you do well and become a professional gambler, your bets would never be limited, nor will your odds change. With betting exchanges, you are obtaining the highest odds and profitable spreads online, especially when you are not playing against the house.