A betting exchange horse racing platform is a place where people can bet against other bettors on horse races. They can set their own odds or accept odds already offered from other bettors. They can also place lay bets betting that a horse will lose. Horse racing betting in betting exchanges is different and offers more exciting ways to bet.
How Does a Betting Exchange Work?
A betting exchange is like a marketplace where some people offer bets and others accept them and match them. If a bettor places a back bet on a horse to win a race, another bettor must place an opposite lay bet and bet that this horse will not win the race. If no one accepts a bet, this bet does not go through.
As the odds are set by the bettors and not by a bookmaker, they change based on the user activity. If more people back a horse, the odds will go down and if more people lay a horse, the odds will go up.
Why Choose a Betting Exchange for Horse Racing?
There are many reasons to use a betting exchange horse racing platform instead of a traditional bookmaker. Usually the odds are better as bettors bet against other people and not against a bookmaker. The platform does not set the odds and it does not embed margins in the odds. It makes money with commission fee only on winning bets.
Bettors can make money by betting on horses to lose. Lay betting is very important because bettors are not just limited in placing only back bets. Bettors can also place in-play bets. This means they can trade bets before a race starts and adjust their bets during a race in real time before the race finishes.
How to Start with Betting Exchange Horse Racing
Choose a Betting Exchange
Bettors need to find a betting exchange that offers horse racing events. There are different betting exchanges available. Some popular ones are Betfair, Smarkets, and Matchbook. There are also powered by Betfair options, like Orbit Exchange, Winfair24 and more. Betting exchange that allow lay betting on horses are Betfair, Betnfair and very few others.
Create an Account
Bettors need to register with the betting exchange by filling up a sign up form and follow the verification requirements. Then, they need to complete their first deposit using one of the payment options offered, in order to have money to place bets. Then, they can use their credentials to login.
Select a Race and a Market
Players can find a wide range of horse racing events to choose from as well as live races. They need to decide on the races and the betting types they want to place. As soon as the event and the market is selected, they need to check the odds and decide to back or lay a bet.
Place the Bet
If they think a horse will win a race, bettors can place a back bet on it by clicking on the blue odds box of this horse. They can fill in their stake in the betslip window, adjust the odds or accept them and then place the bet. The same thing applies in lay bets. They only need to click on the red odds box and follow the same process. In lay betting they should be careful to not risk losing a lot of money.
Manage the Bets
After placing the bets, bettors can wait for the race to finish letting them run, or they can place an opposite bet to lock in a profit or reduce a loss by trading out the bets. They can also keep track of their betting activity by checking their betting history.
Common Mistakes to Avoid
When using a betting exchange horse racing platform, bettors need to keep in mind some pitfalls. First of all, bettors need to check the liquidity in the race they have selected. If a market has low liquidity, their bet may not be matched.
The odds change more quickly on betting exchanges, especially in in-play betting. Watching how odds change is important before placing a bet. Bettors should avoid betting too much. As liability is involved in lay betting it is essential that every bettor bet within their budget.
In Short
A betting exchange horse racing platform offers a new way to bet on horses. Bettors can get better odds, trade their bets and even act like bookmakers and bet against horses. By understanding how it works, bettors can improve themselves and be more successful. Avoiding common mistakes, they can make sure they win small profits and enjoy betting without risking losing too much.