Betfair Exchange vs Bookmaker: Which Is Right For You?
ONLINE BETTING, one of the most popular pastimes for sports fans, has significantly grown into a billion-dollar industry. Thanks to the presence of all kinds of betting websites that have emerged in recent years, you can rightfully place bets on all your favorite sports online. However, for those new to betting, you perhaps won’t be aware that betting sites can be broken into two categories: Bookmakers and Exchanges.
With there being every chance that betting in India could soon be legalized, it is important to understand the difference and what is the right one for you.
Betting Exchanges, of which Betfair is easily the biggest, are marketplaces where you can trade the outcome of specific events, such as Indian Premier League (IPL) cricket matches. They differ from traditional bookmakers as they allow you to bet against your fellow bettor rather than a bookie. They make money by charging a small commission rate on net winnings on an event. The default Betfair exchange rate is 5% for example.
On the other hand, traditional bookmakers offer fixed odds for backers. This essentially means you play against the bookie. So, if you win a bet, you win by going up against the website.
Advantages of the Betfair Exchange over traditional Bookmakers
Lay Betting
Laying is one of the biggest advantages of using Betfair Exchange. Unlike a Bookmaker, here, you have the ability to both “back” and “lay” an outcome. You can accept the bet of other users’ back bets or offer your own odds to them, opening up opportunities to find value and make a betting profit.
Improved Odds
Bookmaking restricts you to the odds set by the oddsmakers. Sometimes, they offer unfavorable prices to bet to assure profit for their business. Fortunately, Exchanges do not depend on this model.
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With Exchanges, especially in the case of Betfair’s cricket exchange market, you can go head-to-head against bettors and create your odds. It’s up to other users whether they are willing to take them. If your set odds are within reason, you will likely match.
Active and Changeable Live Bets (During A Match)
Live betting (in-play) is a huge opportunity to increase profits. On the Exchanges, live betting is quite active and fluid. You can set foot in several hundred trading operations for a single event in-play. In addition, you can engage in tipping points on the stock exchange, as the responsibility of withdrawing bids is on players.
Taking the example of cricket, India’s favourite sport, since the odds keep changing throughout the live match. You can take advantage of the favourable Betfair live cricket rate (odds) by placing a series of back and lay bets.
Access To Betfair Live Video
The recently developed “Betfair Live” is a revolutionary tool to help punters keep track of exchange market movers as they happen.
You do not have to pay any Live Betfair price to harness the service, except for certain events. However, it is a must to place a minimum bet requirement to be able to watch the live stream.
Takeaway
The Betting Exchange model is a clear winner in terms of security, profits, and flexibility over the traditional Bookmaker. Whether you are a casual punter, a serious cricket bettor, or a trader, it is the best platform to strike a bet, with no more than 5% Betting Exchange Rate commission on net winnings.