Betting exchanges are known as the best sites for sports betting as there you get the better odds in comparison to the traditional bookmakers. It is the place where you hardly see that the hard earn profits of yours goes into the pocket of the bookmaker. Hence, if you wish, you can call it as reduced juice practices of sports betting.
Fundamentally, in the world of betting exchanges you can either do the placement of a bet just like you are performing it through an online website of sports betting or you could be a bookie along with posting your odds and the stake and allowing people to match it. The earlier one known as the back or accept and the later one is an off or lay. You can think of it similarly like a stock exchange that seems to be a forum for the sellers and buyers of stocks. The sites of the betting exchanges keep a record of the backs and lays in the order of their matching.
Nothing comes for free in this world and for this service as well, you would need to pay something. However, the rates at the online betting exchanges are a bit lower than the traditional bookmaker. The popular sites of sports betting charges only 5% of the amounts from the winning bet, on the other hand, the bookmakers charge from 10% to 20% of the winning amount. This amount covers the cost to run the exchange along with rendering a small margin to the owners of the betting exchange.
As everything else, the process is needed to be understood, otherwise, you may unnecessarily suffer from the losses. However, accidents can also let you making significant amounts, but this seems to be a risky measure of earning money for making a bit of cash. Betting exchanges never accept the bets themselves; instead they provide a platform or forum to the punters on the either side of the bet. Additionally to paying fewer commissions over the winning, bookmakers tend to build huge profit margins as well into their odds. This profit margin is removed at the betting exchanges; hence, here the individuals get the better odds.
If you are interesting in making a bet with the betting exchanges, you just need to follow three essential steps including the selection of a game or event, selecting the price and choosing whether you wish to lay or back.
If you are not happy with the available prices, then you are free to enter the amount of your choice along with waiting for it to get matched or accepted. This should be considered as an order and you are permitted for creating your wish list so that if people wish then they can accept it. All the lays and the backs will get stored in the backend software driving the betting exchange along with matching them appropriately.
Finally, the betting exchanges give you a chance to become more than a professional punter. Just step into the game and win.