Betfair is an online betting exchange that services users all around the world. It is the world’s largest online betting exchange, with customers able to wager on sports, football, and horse racing.

What is a Betting Exchange, and how does it work?

Unlike betting on a sportsbook, where clients gamble against the bookmaker’s preset odds, an exchange allows users to bet against one another.

You can back and lay bets on the result of discrete events on a betting exchange. By using matched betting, you can reduce your risk of losing money.

The odds on offer for a particular bet are determined by the number of clients backing and laying on a betting exchange. The better the liquidity is for a certain betting market, the more competitive the odds become. Customers can build betting markets on betting exchanges, which charge a commission on winning bets. So, how do you go about backing and laying? What is matched betting, and how does it work? Here’s everything you need to know:

Backing

A back bet is when you predict that a specific outcome will indeed happen. For example, if you bet on Liverpool winning against Arsenal in an English Premier League game. Your bet will be matched with that of another user who will bet that Liverpool will not win.

A betting exchange platform may match your Backed Bet against numerous opposing parties if a Back Bet market is very popular. Unlike traditional sports betting, the odds on offer for a Back Bet are determined by the market’s betting volume. You’re not betting against a bookmaker; instead, you’re betting against other people.

Laying

On a betting market, lay betting entails punters acting as their own bookmaker, offering odds to sell on a bet that they would like clients to back rather than back a bet. In a word, lay betting sites entail punters placing a wager on the outcome of which they hope does not occur during a contest.

Matched Betting

Using Free Bet bonuses and bookmaker incentives, matched betting entails placing numerous bets to cover all possible outcomes of a match and offer a risk-free strategy. A matched bet is one in which you place a Back Bet on Liverpool to win a match using a Free Bet and a Lay Bet on Liverpool to lose a match while betting enough money to ensure that you do not lose. You must be a member of at least two betting exchanges.

Sportsbooks vs. Sports Betting Exchanges

A sportsbook is a place where you may wager on interesting markets with odds set by a bookmaker. On betting variants, betting sites charge a profit margin known as the bookmaker’s margin, the popularity of which impacts the competitiveness of the quality of the odds supplied by a betting site.

The terms “backing and laying” are not used in a sportsbook. Players wager on the outcome of a sporting event via a betting site.

On the other hand, betting exchanges offer odds that are decided by the popularity of the betting market in question. The more liquidity there is in the betting markets, the more competitive the odds become.

Unlike Sportsbooks, which charge a margin of profit on all placed bets, betting exchanges charge a commission fee on winning bets. PIWI247 offers the lowest commission fee on betting exchange! Sportsbooks have complete control over bets placed, whereas betting exchanges are merely a venue for both backing and laying. Learn more about Betting Exchange and sign up with PIWI247 today!