There’s no doubt that Betting Exchanges have created a new era in the betting world – but just How Do Betting Exchanges Work? Betting on Horse Racing via exchanges has revolutionised the way that we can place a bet and the types of bet we can place.
You’ve most probably heard about them and you may have even seen them, but why has there been such a buzz about betting on horses using Betting Exchanges rather than the traditional bookie?
In this article, I will explain the basics of What A Betting Exchange is and why I think that using them gives you a better chance of increasing your Horse Racing Profits.
A Betting Exchange is essentially a betting arena (Betfair being the most popular at this point in time), that enables individuals that have opposing views about a particular event to bet against each other.
This is very different to how it works with a traditional bookie where everyone is betting on horses with the aim to beat the bookie himself. Betting Exchanges are different and in a sense they have cut out the traditional bookmaker altogether – which in my estimation is already one step ahead of the game.
All bets placed on horses via Betting Exchanges fall into two categories generally; some bets are placed by users who may want to bet in the more traditional way – by backing a horse to win the race. Others think a horse will not win it’s given race and prefer to offer odds to other people, and this is known as Laying. I will explain how this works in a little more detail now.
Backing a horse to win works in essentially the same way whether you are using a Betting Exchange or a conventional Bookmaker. You are betting that the horse will win the race and if it does, then you win your bet.
If you feel that a certain horse can not possibly win it’s race then you can place what is known as a ‘Lay’ Bet on the horse in question. You are betting against the horse winning its race and you are also hoping that there are people out there that disagree with you – so they will back it to win.
It’s this type of scenario that has enabled Betting Exchanges to take betting on Horse Racing – as well as other events to a different level.
Remember, the fundamental difference between a classic bet at your local bookmakers and Placing A Bet Online with a Betting Exchange is with the bookie, you are betting against him only, whereas, with the Betting Exchange you are betting against potentially a large number of people in one single bet. This is where the fun can begin – since each bet involves many other people the odds available on a selection to either Back it or Lay it will change from one minute to the next, and often from one second to the next depending on how popular or not the selected bet is.
You can check out our How To Place A Bet On Betfair and What Is Lay Betting articles to find out more on How Do Betting Exchanges Work.
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