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How to Bet on Sports Games Using Betting Exchange Software?

Sports Betting
Dec 01, 2022
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Sports betting has become a mainstream part of the sports culture. Even before the legalization of sports betting in 2018, sports fans enjoyed betting and gambling on their favourite teams and players. There was over $13 billion worth of legal bets in 2019 in the United States. While it is widely popular in all parts of the world, people new to it are still not aware of the ins and outs of betting on sports games.

There are a variety of sports betting websites that allow sports fans to bet on different types of sports. One of the most popular platforms for sports betting is betting exchange software. One of the most prominent factors that differentiate betting exchanges from traditional sports betting software is that these platforms allow punters to bet against each other instead of a bookie. 

Betting Exchanges are quite popular in the sports betting market but several people are still unaware of their advantages and how to use the platform. Fret not, we have made an in-depth guide on how to bet on sports games using a betting exchange software. But first, let us know more about betting exchange platforms. 

What is a Betting Exchange Software?

A betting exchange software allows bettors to bet against each other instead of the bookmaker. These platforms are more convenient and provide better odds and opportunities than traditional Sportsbook software solutions. With no bookmaker present, the bettors have the ability to set their own odds and bet against each other. In a betting exchange platform, you can bet on any sports event as long as there is another punter to take that bet. 

Unlike conventional sports betting platforms, these platforms also allow users to bet on events that are NOT going to happen. There are only types of odds in a betting exchange platform, namely WIN and LAY. One bettor backs the selection while the other lay the selection. 

Now that you are familiar with betting exchange software, let us learn how to bet on sports games and make money using a betting exchange platform. 

Step-by-Step Guide to Bet by Using Betting Exchange

The primary reason to bet on a betting exchange instead of a bookie is the ability to lay bets with them. There are several other advantages like better odds and prices because the margin of the bookmaker isn’t factored in the overall price. Let us walk you through betting on sports games using a betting exchange-

Bet by Using Betting Exchange

1. Choose your Preferred Betting Exchange

The first and foremost thing to do is to select a betting exchange provider. The best betting exchanges have lucrative offers and exciting welcome bonuses that can help you win hefty amounts. These are some of the top betting exchange websites-

  • Matchbook
  • Smarkets
  • Betdaq
  • Ladbrokes
  • Betway
  • Betfair

After you have selected a platform to bet on, the next thing to do is to enlighten yourself about the types of bets and how they work. 

2. Types of Bets

Unlike traditional sports betting, there are only two types of bets in a betting exchange software-

A. Win Bets

In a WIN bet, you are betting in the favour of the outcome. It is the most common type of bet on a sports betting platform. This bet allows users to stake their money on a specific outcome and they win the bet if the outcome goes according to them. For example, you are betting on a specific player to score a goal. 

In a WIN bet, you are backing that certain player to score a goal, you will win the bet if the outcome is in your favour. Moreover, these bets mostly provide the best odds.

B. Lay Bets

These bets are exclusive to betting exchange platforms. Lay bets allow you to step into the bookie’s shoes and bet on outcomes that are NOT going to happen. These bets include high risk as you are betting against the interest of the bettors.

One of the main disadvantages of these bets is that you always need another person to back your lay bet. For example- if you are betting on Chelsea not winning, there must be another person to bet on the opposite outcome. Lay bets are not valid if another player hasn’t backed the bet before the start of the match. 

Now that you have understood the types of bets and how they work, the next step is to choose your preferred sport to bet on. 

Read More:- How to Choose an Online Betting Exchange Website?

3. Choose a Sport

There are a wide variety of sports available on a betting exchange platform. The platform covers all major sports like football, cricket, hockey, baseball, etc. You can bet on the game of your choosing and bet accordingly. However, keep in mind that since you need another player to back or lay your bet, it is better to choose more popular sports so you get better odds and better opportunities in terms of betting. 

It is also important to have a deep understanding of a particular sport to properly bet on probable outcomes. Sports betting requires both luck and skill, if you lack the proper knowledge of the game, there is a good chance you might end up losing your money. 

4. Understand the Odds

After you have found a match on the betting exchange platform, you will be shown two color-coded columns under each outcome depicting the odds of the back and lay bets. The colors vary across different platforms. You can select the column according to the type of bet you want to place. The next step is to put in the stake amount. 

Suppose you are laying a bet on Chelsea to lose, the stake is the amount of bet you are willing to accept and it is also the amount you will win if the outcome is in your favour. However, you are also liable to pay out winnings in case you lose the bet. The sum you will pay to the other bettor is known as your liability. 

Your liability will always be shown to you when you are choosing your stake. You can only accept the stakes where the amount in your account can cover the liability of that particular stake. 

If you have understood the odds, the only thing left to do is place a bet and wait for the outcome to work in your favour. However, sports betting is way more complicated than just bets and odds. There are various factors you have to take into account. Here are some tips to ace the sports betting game and win hefty profits. 

Sports Betting Tips for Beginners

Sports betting can be quite alluring especially when you are a beginner. It is a lot more than just earning money. The single piece of advice for beginners is that don’t go for big amounts of bets. Keep in mind that the primary objective is to have fun and enjoy the excitement of betting. Here are some tips to help you bet efficiently on a betting exchange platform. 

1. Choose your Bets Wisely

If you bet on every single game or event, there is a good chance you will go bankrupt soon. The best research on the game, rank their potential picks and then decide which ones are worth wagering on. You as a bettor can choose the game you want to bet on. It is better to have an understanding of the game and the playing teams than blindly wagering on every match. 

2. Home and Away

An experienced bettor always takes the home/away factor into account before placing a bet. Some teams perform better on their home turf and some struggle to perform away from home. Where the match is being played is an important deciding factor in the odds of the bet. Make sure to take this factor into consideration while placing a bet. 

3. Player Injuries and Weather Conditions

Injuries to major players and weather changes can greatly impact the outcome of the game. Experienced bettors always keep a close eye on the injuries of key players and the weather conditions of a specific game. If you are betting on outdoor sports like cricket, football, or baseball, weather conditions like snow, rain, and wind can also affect the outcome of the match. 

4. Finance Management

One of the most important tips for beginners is to manage your finances effectively. Depending on your sports betting budget, you must allocate a set budget for each wager. Betting unnecessarily big amounts will only deplete your bank account. The basic rule of thumb states to risk between 1% and 5% of your total budget on a single bet. If you have $100 in your budget, you must spend only $1 to $5 on a single bet. 

5. Know When you are Done

Another important tip for beginner bettors is to know when you are done. Beginners are often tempted to make up for their losses by wagering more money, it is also known as chasing your bets. Bets fueled by emotions are not smart decisions and often result in more losses. If you are having a bad betting day, step back, take some time, and focus on tomorrow’s games rather than betting incessantly. 

Read More:- Sports Betting Exchange Software Provider: An Ultimate Guide

Final Words

A betting exchange software allows people to place wagers against other people. It provides better odds and more opportunities to the bettors because the odds are decided by the players themselves. Betting on sports games requires more planning and strategy than people think. There are various factors that must be taken into account. Implement this “how to bet on sports games guide” the next time you are betting on sports games and win hefty profits. If you want to develop your own Betting Exchange Software, you can contact BR Softech. We provide reliable and scalable Sports betting app development solutions.

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Frequently Asked Questions(FAQs)
Q. What is a betting exchange?

 A betting exchange software allows players to bet against each other and set their own odds. These platforms provide better odds and more opportunities than traditional sports betting websites.

Q. Is live/in-play betting supported in your betting exchange?

Yes, our betting exchange software solution provides both live and in-play betting options. 

Q. What is the best platform for sports betting?

There are various popular platforms available for sports betting. Some popular platforms are Matchbook, Betfair, Betdaq, etc.

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