Betting Exchange Techniques and Tips
Online sports betting in Canada usually consists of visiting an online betting site or bookmaker. In most cases, this is the easiest and most convenient way to bet on any major sporting event or race both locally and worldwide. This does not mean however that it is the only option for bettors though. Betting exchange sites are becoming more and more popular with bettors opting to back and lay bets for better odds and higher profits.
For those unfamiliar with the concept of exchange betting, here is how it works:
Instead of sports betting online sites offering odds and paying out winning bets, exchange betting is where bettors place bets against other bettors. The betting exchange site acts as a type of hosting platform, but the betting itself gets done by the bettors, with the site taking a percentage of the winnings from each transaction. At betting exchanges, you can either back a bet, or lay a bet.
Backing and Laying Bets
If you back bet, you are placing a bet as you would normally do at any online sports betting site. If you lay a bet, you take on the role of the traditional online sports betting site in which you bet against the bettor and pay out the agreed amount if the bet was successful. This has its advantages for both the person backing the bet, and the person laying the bet.
If you are unsure of how to place a sports bet online, betting exchanges can be a great place to start. In general, you can find better odds and a more diverse range of bets at betting exchanges. For the novice bettor it is better to start out backing bets as is a “safer” route with only the initial outlay at risk. The exact odds and amount of the bets are agreed before placing the bet.
Laying Bets for Beginners
For anyone with a keen understanding of online sports betting, laying a bet can be extremely profitable, if you know what you are doing. By laying a bet, you are essentially saying that the backer is wrong and any one of the other outcomes will occur. You can then lay a bet at whatever odds and amount you want. However, bet laying is considered a riskier option in that you are responsible for paying out the agreed odds if the bet is successful.
If you want to try your hand at lay betting, a good tip is to start off with a low odds “favourite” in the region of 1.3 or 1.6. Even if you are laying a $1000 bet, you would be in for maxim loss of around $40. Being a lay bettor means you have to be more willing to gamble larger amounts of cash. Since you are taking on the role of the online sports betting site, you can stand to profit from your efforts in a big way. If for example, you lay a bet of 17.00, your profits would be significant, but if the backer is successful, you would be in for a serious loss.
Understanding Drifting Favourites
Lay betting is not for the faint hearted and requires a lot more understanding and skill than traditional sports betting. That being said, there are plenty of opportunities to increase your winnings with drifting favourites. In sports like golf or test cricket, the odds for the favourite can drift depending on the day’s play. Laying a bet on the favourite directly after a significant event where the favourite drops out can be profitable, since there is more action to come and the odds could drift back again.
Exchange betting is a great option for anyone with a little bit of betting acumen, or someone looking for an alternative to the more traditional online sports betting options.