Speaking of cricket betting odds, there’s one thing you must not miss–betting exchange. In this article, we will explain what the betting exchange is, how to use it, and what it’s for.
What is a betting exchange?
Betting exchanges allow punters to bet against each other, instead of betting against the bookmakers. This means that, basically, you yourself become the bookmaker, and wager against other users on the exchange.
Therefore, there’s a free market principle at work here that credits to the generous odds (which are, at least in part, determined by the demand of the various markets among players).
Unlike a typical betting against the bookmakers, a betting exchange doesn’t make money if you lose. There’s no ‘margin’ or ‘cut’ involved here. Instead, they charge a commission on the total winnings, so the more you play and win, the more betting exchange sites earn. That’s also why so many players prefer them to traditional sportsbooks.
How Does a Betting Exchange Work?
The main difference between this type of cricket betting is that lay betting is allowed. In other words, you can bet on a team to lose instead of winning. Every single bet that is placed during a betting exchange really has two bets – for instance, one bet backing a team to win and another bet backing the same team to lose.
Therefore, if you want to make a cricket exchange and stick a ₹1,000 bet on India to win at 3/1 which returns a profit of ₹2,000, you need to find a fellow customer who is willing to risk ₹2,000 at 1/3 for a return of ₹1,000.
As the punters are betting against themselves, the sportsbook doesn’t care who wins the bet. They are still earning money as they charge commission from the winnings.
Benefits of using betting exchanges
Being able to bet anyway
Using a betting exchange offers you a much greater choice as a punter. Before betting exchanges came into betting, if the sportsbook didn’t want to risk the odds or stake that you wanted, you had no chance to place your bet. With a betting exchange, you simply have to find someone who is willing to take the risk, or lay your bet. In other words, betting exchanges allow punters to find the exact markets and the cricket betting odds they prefer.
Get more profit
Secondly, with betting exchanges, you get more value. Bookmakers have to take fractions off of any odds that they offer in order to make some money. During an exchange, there is pressure on the punters to offer up fair odds because they risk nobody accepting their bet if they do not.
How to bet with betting exchanges?
If you have never heard of or used a betting exchange as your cricket betting odds before, you might want to know how it works.
Exchange Betting Terms
When using a betting exchange, you have the option to either back or lay a bet.
Backing a bet means you believe the outcome will occur.
Laying a bet means you believe it will NOT occur.
So unlike a regular cricket betting against sportsbooks, a betting exchange actually gives you the option to bet that a team will not win their match. This means you get rewarded if the opposite team wins, or if the match ends in a tie.
Arbitrage betting on an exchange
When using a betting exchange, it is possible to place arbitrage bets. That means you will earn money anyway no matter which team wins.
You are basically betting on both sides of an outcome. For example: Mumbai Indians will win their match AND Mumbai Indians will lose their match. This type of arbitrage betting is not allowed when using a regular sportsbook, however, it’s perfectly possible to do arbitrage betting on a betting exchange.
Essentially, this means that you have the opportunity to place a bet that only has positive/profitable outcomes for you (also known as a surebet). Finding a good arbitrage betting opportunity, and learning how to place arbitrage bets on a betting exchange may spend you some time.
Also, the profits are often gonna be quite limited before you really get to familiar with it. But if you want to give it a try, then arbitrage betting via a bet exchange is perfectly legal and possible.