The Sports Bookie Blog

Betting Exchanges – Best Odds? Not Always!

February 9th, 2007

Person-to-person betting on exchanges is a relatively new phenomenon made possible by the Internet.

Betting Exchanges are sites where you can offer your own odds to other people. You can also accept the odds offered by others. Betting Exchanges comprise of a range of different betting markets (eg football, NFL, ice hockey, etc.).

No bookies are involved – the odds are offered by other punters just like you and the Exchange takes a fee (commission) for facilitating the deal. A straight win single bet is called a “back” bet. You can also place “lay” bets betting that an outcome won’t happen… and you can often bet while a game is in play. (In-running bets).

Betting Exchanges use a decimal odds system as they are easier to compare (so a few conversions for you UK and US punters!) – and you can get great odds if you know what you’re doing, but not always!

In general, Betting Exchanges are fairly complex – and not for novices as you really need to do your homework.

When you bet with a Bookmaker you’ll get ‘fair’ odds (as determined by the market) and you’ll also have a customer service team you can call on with any questions or problems. At a Betting Exchange you’re on your own – if you misinterpret the odds or make a mistake you wear it – there is no comeback and in any given wager you still may not be getting odds as good as those available through a bookmaker.

We hear the occasional ‘horror story’ where punters simply did not understand what they were committing to with their ‘great bet’ or had forgotten to allow for commission, etc.

A book we highly recommend as a good investment of a tenner: The Definitive Guide to Betting Exchanges by Paul Kealy

 

COMPARE THE BEST BETTING EXCHANGES

BetFair™  is the World’s largest Betting Exchange. Established in 1999 the UK licenced and based BetFair is owned by The Sporting Exchange Ltd. BetFair is only a Betting Exchange (although has extended recently into online poker)

COMMISSION:  Betfair charges a Commission on your net winnings on a market. 5% is usual with discounts applying for frequent punters (up to 60% discount – ie a minimum commission rate of 3%)

SPORTS COVERAGE: BetFair’s betting coverage is very good. It is global (ie includes NFL, NBA, etc even though they do not accept USA members) Coverage is not as deep as Betsson for lower division football bets. (Note: BetFair has been known to extend to a new market if there is sufficient demand – contact them!)

Betsson™ established in 2000 & is UK licenced. Betsson is part of the successful & rapidly growing Swedish Stock Market listed Betsson Group. They offer  betting exchange services in addition to a conventional sports bookmaker bets. (Plus Casino & Poker).

COMMISSION: Betsson deducts commission at a rate of four (4) per cent or lower calculated on your net winnings on any single Market when backing, laying or selling. Losing bets do not incur commission.

SPORTS COVERAGE: Betsson’s European football betting coverage is the best we’ve seen (if you want to bet on a Division 2 Polish side – Betsson is the betting exchange for you!)

Entry Filed under: Betting Tutorial,Sports Betting