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Hey everyone, I am currently betting with bookies, but am now looking into betting?
I would like to know what is the difference between a bookie and an exchange from someone that uses betting exchanges.
What are the advantages of an exchange, and also which are the top betting exchanges to consider?
Thanks!
If you are new to the concept of a betting exchange then here's some things to know about exchanges:
* Bet with other bettors
* Choose odds for other people to match your bet
* You get better odds
* Can back or "lay"
* When odds change you can lock in a profit.
* Pay a small commission on your wins at exchange
Top exchanges IMO are 1. Betfair, 2. WBX, 3. Betdaq, 4. Smarkets in that order.
Overall, if you like to bet on sports I'd recommend giving them a try. There's plenty of tutorials online for betting exchanges.
Best of luck, hope you manage to get the hang of it.
All you really need to know is where a bookie is generally better than a betting exchange and vice versa.
The great thing about this debate is that you don’t have to choose one over the other. It’s perfectly reasonable, sensible even, to pick a different option depending on your bet.
Betting Exchange
Peer-to-peer betting: On a betting exchange, you bet against other users, not the house. You can either “back” (bet on something to happen) or “lay” (bet on something not to happen).
Bookmaker (Bookie)
Against the house: Here, you’re betting directly against the bookie. They set the odds, and if you win, they pay out based on those odds.
Fixed odds: The odds are determined by the bookie based on their own calculations and margins, which can sometimes mean less favorable odds compared to exchanges.
Simplicity: Bookmakers tend to be easier for casual bettors, as there’s no need to worry about laying or setting odds.
