How are Betting Exchanges Different from Conventional Bookmakers?
Up until recently, you could only bet through a traditional bookmaker or online sports betting agent. However, online sports betting exchanges have revolutionalised the way that punters can place their bets- online or offline. This page explains some of the differences between a traditional bookmaker or sports betting agent and an online betting exchange.
• Exchanges let you bet that something will or won’t happen- Unlike with a conventional bookmaker, with an online betting exchange you can bet on a win or a loss. Traditional online sports betting sites will only let you bet on a win, or a place if you are betting on the horses.
• Exchanges let you choose the odds- Unlike a traditional online sports betting site, or online bookmaker, who set the odds you can have, on an exchange you set the odds as you are betting against other exchange members of they wish to match your odds.
• Because of the efficiencies of the betting exchange model, you can often see odds that are generally up to 20% higher than a conventional bookmaker- The odds are better at a betting exchange because at an exchange they do not need to take a commission out of the pool and have staff to calculate odds. Those betting on the exchange set their own odds and pay a commission to the exchange out of the winnings.
• Betting exchanges let you bet whilst a game or event is in play- This is probably one of the most popular reasons that people are betting on exchanges online.
• Winners are always welcome at exchanges as are bets of any size- In fact, most online Betting Exchanges would prefer that you won, as they make their money on winning bets through commissions paid to the Exchange.
