An interesting way to wager where there are no bookmakers and one can lay a bet against another customer is knocking at your phone. Are you ready for it? Betfair exchange India offers you this and more. It is the world’s biggest sports betting platform or exchange which follows a model similar to stock exchange but for sports.
There are two parties to this wagering on Betfair online betting: the layers and the backers. Layers are the ones who support that the event will not happen or occur while backers are in support of a certain event happening. The backers and layers are matched based on the price point they both agree on. This cuts out the bookmakers and their margins, making this a great marketplace for getting better odds.
Understanding Backing And Laying Bets:
In Betfair exchange games, as you are the one choosing the odds to put the bet on, one can decide the stake; there is no guarantee that the bet will be matched. The stake will be refunded in case that happens. The odds change over time as the game progresses and more bets are placed. Post the match, Betfair verifies the results and payouts are made, it’s that quick.
Most people lay bets and the outcome could be the team backed losing or game draw. On the betting app there is an option to also lay multiple bets.
It is always suggested to gamble responsibly and start small to learn the bet placement before putting a lot on the line. Cricket betting is more complex than one gives credit to, thus also do your research before laying your stake.
When using Betfair, there is a commission charge only if you win and the commission rate lowers for regular users as a reward.
Betfair vs Bookmakers:
- In a traditional bookmakers case, one can only bet for a player or team to win but in Betfair exchange the choice is yours if you want to place a bet for or against an outcome.
- If you lose the money at stake, the betting margin goes to the bookmakers. While in Betfair, the money goes to the opposing person betting against you. Betfair only makes money through commission from the winner.
- The odds in a match are decided by the bookmaker while in Betfair exchange, you decide the odds at stake and will be matched with another better will to match the same odds.
- The betting limit is generally determined by a bookmaker while in a betting exchange the limit is determined by the liquidity – the available amount to bet in the market.
- Betfair exchange works on a similar concept as the stock market while bookmakers only give options to cash out on certain events which are restricted.
Betfair Premier League is where you want to try your hand to create an account and get started.
Also Read: How To Choose The Best Cricket Exchange In India For Online Cricket Betting