Betfair Exchange Market
As you've already read on our previous tutorials, Betfair is the main betting house of DoubleBetting’s technique, for allowing players to place Lay Bets on sports events.
What makes Betfair an exclusive provider of Lay Bets?
The answer is quite simple: Betfair is a Betting Exchange.
In this guide you will learn through 5 different steps:
- What is a Betting Exchange;
- How players bet against each other;
- The differences between Back betting and Lay betting;
- How to place a bet at Betfair;
- How to find the best odds for Double Betting's technique.
There are other Betting Exchanges besides Betfair, like WBX and Betdaq. However, Betfair is the most important and biggest Betting Exchange on the internet.
1- Betting Exchange Markets
Traditional bookmakers allow players to place bets against the house. The match odds available are settled by the bookmaker exclusively. Players deposit money and place their bets, and the house collects all the money from the bets. Once the result is known, the house gives the winnings for those who got it right, and all the money from losing bets stay in the house.
A Betting Exchange works in a different way. Players bet against each other instead of betting against the betting house, settling the match odds themselves. Each and every bet placed require two players betting on opposite outcomes. Hence, every placed bet will have a loser player and a winner player.
The loser's stake pays up the winners profit, and the Betting Exchange gets a small commission from every winning bet.