Sports betting, especially betting in football is famous across many countries like America, the United Kingdom, India, Australia, China, Canada, South Africa, and many other places where sporting culture has captivated people’s interest. In many regions, betting is legalized and regulated, while in other places, it is generally not legal to indulge in betting. Though baseball and basketball are famous in the US, football is highly betted upon. Bet exchange has caused a revolution within the betting industry. We can explore an essential criterion by comparing betting exchange against more traditional fixed odds bookmakers, helping you decide which one works best for you.
What is Fixed Odds Betting?
Helping to demystify specific betting terminologies, let us look at the common term “odds,” which means price. When we say “odds in favor,” it refers to the ratio of the probability of some event occurring against the event not happening.
- The most popular form of betting and easy for beginners to get started.
- Works well both online and through physical contact with bookies.
- This is simple to understand and bet against.
- There are two parties involved, namely the wager and the bookmaker.
- The wager or the player bets on a specific event or outcome.
- The bookmaker accepts it.
- Both the parties agree on the odds before the event.
- After the event, the bet is finally settled amongst both parties.
- In the event of the wager winning, his returns are based on the agreed odds.
- In the event of the bookie winning, he takes the full stake of the wager.
Here’s a simple example to demonstrate the process. Let us say there are two teams, Team A and Team B, and the wager, based on their confidence level, decides to back Team A to win and places his stake of one lakh rupees on Team A. Consider that the bookie and you have agreed to the odds and if Team A wins, you take back a lakh and ninety thousand. This amount represents your initial stake, and the profit based on the odds agreed with the bookie. In the event of Team B ending as winners, the bookie gets to take the entire one lakh that you played with.
There are different variations of fixed odd bets:
- Handicap Markets
What is Bet Exchange all about?
- The role of a bookie is made redundant and eliminated from the scene.
- There are again two parties involved.
- The first player bets on an outcome and backs it.
- The other player expects the opposite outcome based on his instincts.
- The betting exchange provides the platform where players bet with each other.
- The bet exchange charges a small commission on the winning wager for the platform and service offered.
- The margins taken by betting exchanges are generally between two and five percent.
Let us consider an example in similar lines. A person could bet for Team A to win against team B at the odds of one lakh rupees. The other person who strongly believes Team B will win gets ready to match your bets with another one lakh rupees and accepts your wager. Now if Team A wins, you get two lakh rupees and a profit of one lakh. If the other party wins, he collects the total two lakhs, and you end up with nothing.
What works for any bet exchange is a good winning streak that does not get you banned, and you have better odds and no limits on the size of bets. However, watch out for a minimum bet and liquidity problems that may arise.
All of the above betting options are available for single or multiple bets. If you combine several different selections in one accumulator or game, all must win. Some systems involve multiple combinations and only some of your selections need to be successful for you to win.
Irrespective of the betting you are involved in, set budgets to ensure bad decisions never leave you a pauper. Study the game, statistics, and trends and watch many games before you take a plunge into betting. Many factors outside your control impact the accuracy of an outcome you expect to happen. Understanding apparent things like a team’s strength is essential, but you must focus on non-obvious stuff like injury, pandemic risks, motivations, coaching styles, public spats, dressing room fights, and weather and outfield.
It is important to remember the commissions involved, especially considering betting exchanges. When you bet against other players, the exchanges are the intermediary that makes a commission from the winner, generally around the five-percentage mark and slightly lower in specific cases. It is only fair to say that commissions and margins are the deciding factors when you must choose. Confidence in the team and player is more important than choosing a football betting practice. Overall, if you can land good deals and get relief from the commission, then bet exchange can throw up some great deals.