Betting exchanges are essentially person-to-person betting. They offer the best value for the punter, as there is no bookmaker in the background taking all the profit. Betting Exchanges also allow you to be the bookmaker and ‘lay’ bets. One of the most popular and reputable bookmakers in the UK is Smarkets.
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Betting Exchanges Explained
A betting exchange is where bets are placed and layed by individuals and then matched against each other.This means if one person wants to back a horse at 6/1 for £5 they can place that ‘Back Bet’ order and wait for someone else to take the bet. The person who takes the bet is called a ‘layer’ because they ‘lay’ the bet in identical fashion to a bookmaker. The layer is in fact being the bookmaker.
Because betting exchanges allow this person-to-person betting, anyone using a betting exchange is able to either back a selection, in the usual way, or lay a bet. It lets you become a bookmaker for your chosen selections, and as a result being able to achieve better odds than a traditional bookmaker.
Betting exchanges give you the facility to trade on sporting events and so lock-in a profit. It allows you to take advantage of arbitrage situations by say backing a horse at 10/1 and then laying it at 6/1 (assuming the price contracts) so as to ensure yourself a profit whether the selection wins or loses.