Betting Exchange Features: In this blog article, you will not only know what is Online Betting Exchange. But also you will get to know this, What are the advantages and disadvantages of Betting Exchange, What are the features of Betting Exchange, How To Use Betting Exchange, and how to do Betting Exchange? Will get to know this.
So without wasting any time let us move to the main topic of the day:
In this digital world, almost all sectors are coming online, so it is not a big deal for Betting Exchange to come online.
According to Time Of India’s report, there are only about 40% of Smartphone users in India do online betting. From this, you can guess how much demand is there for online betting exchanges in the whole world including India.
What Is Betting Exchange?
The betting exchange is when any player places an online bet against any another player instead of placing a bet against a bookmaker. That means that the player can online bet against any other player supporting the opposite bet.
For instance, you online bet for KKR to win the match, and another player bets for KKR to lose the match. So, your bet will be stacked against a player who placed the bet.
Generally, when using the Online Betting Exchange, bookmakers take a small commission on wins.
History Of Betting Exchange?
Betting Exchange Software is relatively new compared to bookmakers. Bookmakers have been around for over 200 years.
At the same time, the first Betting Exchange Flutter.com, Matchbook, and Betfair were the 3 first online betting exchange websites in the early 2000s.
Betfair & Flutter.com merged in 2001 and after that Betfair was chosen as the primary betting exchange. In 2002, the functions of the www.Flutter.com platform ended.
After that, Betfair remained the prevalent betting platform in the online betting exchange market. After that, The BETDAQ was considered the 2nd largest online betting exchange website.
According to Wikipedia, in 2013 the BETDAQ had about 7 percent shares in the online betting exchange market. But in 2017 Orbit Exchange Betting Website gave a strong competition to other betting exchange companies including Betfair.
Currently, the leading online betting exchanges in the online betting markets are Orbit Exchange & Bet-Football operated by Betfair.
An online betting exchange platform is a fair marketplace for bettors who want to bet online on the outcome of a match/event.
Advantages Of Betting Exchange:
1. Fair Odds:
The Proposed Odds in Betting Exchange are more profitable than the Odds offered by Bookmakers. This is often the case with Longshot Online Bets, which are given more reasonable odds. In contrast, sportsbooks offer odds that reduce the risk of losing.
Hence, it is more beneficial to place the odds on betting exchange sites as they offer a better deal. Nevertheless, betting exchange sites charge a small amount as a commission from the winner of winning bets.
2. Guaranteed Profit:
In betting exchanges, punters can book their profits before the start of an event or match. In this way, punters can also convert their losses into winnings.
3. No Penalty For Winning:
Bookmakers sometimes ban punters when their bets win. This especially happens in offline betting. There have been many occasions where punters were banned without any reason.
But, users are not banned from Online Betting Exchanges. If someone has broken the rules of Betting Exchange or has done any illegal work, then only a user can be banned from Betting Exchange.
But, before banning that user is first warned, and if still he does not desist from his actions, then Betting Exchange Company can forcefully ban that user Permanently.
Disadvantages Of Betting Exchange:
1. Some Bonuses Available:
The major disadvantage of Betting Exchange Sites is that they offer limited Bonuses and Rewards. Whereas, Standard Online Sportsbooks usually provide Welcome Bonuses to new users, so that new users can bet comfortably. This is not the case with betting exchange sites.
2. Lack Of Betting Exchange Sites:
Even today there is a limited number of Betting Exchange Sites in the market. And those available are known to very few people. This is the reason why people, even today, prefer to bet on traditional bookies.
Features Of Betting Exchange Sites:
1. Attractive Bonus Vouchers:
The Bonus Offers made for New Users on Betting Exchange Sites are quite attractive.
2. Mobile Experience:
In Betting Exchange Market like India, most players prefer to use mobile phones for online betting. Thus, the Best Betting Exchange Sites usually have a good mobile experience.
When we talk about Excellent Mobile Experience, we mean that whether the user uses the Betting Exchange Site from a mobile or a computer, he gets the same betting exchange facility.
3. Payment Options:
The most important part of any type of betting is the transfer of funds from the player’s Bank Account to the player’s Online Betting Exchange Account.
Because players may have to make several payments to place different types of online bets. This is made quite easy by using Betting Exchange Sites In India.
How Does Betting Exchange Work?
Maybe the most unique feature of the online betting exchange is Lay Betting. Lay betting means that you can bet on the selection to lose. Let’s look at an example again, instead of betting on Mumbai Indians to win, you bet on Mumbai Indians losing.
There are two types of online bets you can place on the online betting exchange:
Back Bet: Back Bet means that you are placing a bet on the happening of an event.
Lay Bet: Lay bet means you are placing a bet for an event not to happen.
Let us try to understand again with the instance of MI: If you want to place a bet of Rs 1,000 for MI to win. So, you will need another player who is willing to risk his Rs.1,000 to bet on MI losing.
Generally, people like the freedom of Betting Exchange. Because, Bookmakers can’t ban you from placing any bet, as long as you have a player to bet against you!
Where To Do Betting Exchange In India?
Orbit Exchange This can prove to be one of India’s best betting exchange applications for Indians to bet in Indian Currency Rupee.
You can use a mobile or computer/laptop to bet on the Orbit Exchange site.
How To Use Betting Exchange Site?
So let’s know step-by-step, how to use Betting Exchange Sites. Its complete process:
1. Sign Up:
The first step to using Betting Exchange India is to sign up on one of the websites or apps. Generally, we know by the name of the process of registering on this betting exchange site.
Usually, the registration process asks for your personal information. Next, you have to enter your contact information, username, and password.
2. Deposit And Claim Bonus:
Once you have successfully Sign Up/Registration, you can now deposit money into your Betting Exchange account.
If in your mind how do transfer money to Betting Exchange Account? If this question is coming, then let me tell you, it is a very easy and simple process.
For this you can use the following Most Popular Payment Methods:
- Internet Banking
- UPI
- Paytm
- PhonePe
- Google Pay
- Cryptocurrency
3. Place Bets:
After successfully transferring money to your Betting Exchange Account Wallet, you can start using the Betting Exchange. After this, the first and foremost step would be to familiarize yourself with the betting exchanges available on the Betting Exchange Site or the Betting Exchange Application.
After this, you can check the available betting markets on the online betting exchange. You can watch Live Events/Matches for almost all the sports you enjoy to bet on. Once you open a match, you should place various types of online bets on that event/match.
For all types of online bets, you have to click on the option of Back & Lay. It depends on what you want to choose, you should add the relevant odds to Bet Slip. After that, You can enter your stakes & place bets as much as you want!
FAQs – How To Use Betting Exchange:
1. Is Betting Exchange Legal In India?
Answer: Whether Betting Exchange is legal in India or not, the answer is ‘yes’! Betting Exchange Sites Legal In India. This is because of the Public Gambling Act of 1867, which is followed by most of the states in India. It that, does not prohibit online betting activities of any kind, which include betting exchange sites.
2. How Do Betting Exchanges Work?
Answer: The Betting Exchange allows players to place bets against each other rather than against the bookmaker. In this, players can place two types of bets, Lay or Back.
A back bet means that the players are betting on the outcome to happen. On the other hand, placing a Lay bet means that the player is betting on an outcome that will not happen.
For example, a player betting on a match between Chennai Super Kings and Gujarat Titans can place 4 types of bets:
- Gujarat Titans will win.
- Gujarat Titans will lose.
- Chennai Super Kings will win.
- Chennai Super Kings will lose.
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