In a nutshell, betting exchanges offer punters the opportunity to both back horses to win and back horses to lose (known as laying). An easy way to understand betting exchanges and to think about backing and laying is when you go to a normal bookmaker and have a £10 bet on a 5/1 shot, the odds of 5/1 represent the horse’s chances of winning. On the bookmaker’s side that transaction is represented by him effectively betting with you at 1/5 that the horse will not win. Betting exchanges are merely adding in that other side of the transaction that has always existed but has been the domain of the bookmaker.
Our odds comparison service includes the odds from betting exchanges in the comparison, which are generally far better than those given at the bookmakers. However it is important to take commission into consideration, along with special offers.
The attraction of betting exchanges to punters is that they can get around the usual betting avenues with bookmakers, effectively cutting out the middleman. Betting exchanges are a purer way for punters to do business because the price of a horse is the medium between what people are prepared to back it at and what people are prepared to lay it at, without the inbuilt expenses that traditional bookmakers have to factor in.
Betting exchanges odds that are offered are neither those of a betting shop, nor a reflection of the on-course market. Because anyone can set the price, market forces dictate the odds. In fact on-course bookmakers now take their lead from the betting exchanges when they price up races because they are now the very best guide to what a horse’s price should be.
A couple of things to bear in mind if you are seduced by the sound of all this is that betting exchanges make money by charging commission on all winning bets. So when weighing up that mouth-watering price, consider how much percentage is cut from your winnings by the betting exchange firm.
Our favoured betting exchanges is Betfair. Betfair boasts odds that are on average 20% better than the traditional bookmaker.
Not only does BetNet provide you with reviews, tips, and free bets at these betting exchanges, we also work on our BetinBet software, which will be completely free to download. It sits on your home or office desktop and keeps you informed about the latest developments (e.g. new promotions, free bets etc), without having to open your internet browser. Visit our download page for more information.