What Is Live Sports Betting?
Live betting is also known as live betting, in-match betting or in-play betting. Basically, this type of bet goes after a match starts.
With the availability of internet technology nowadays, bookie sites offer a choice where you can exchange your bets at any time before a match is over. This is in contrast to situations in the old days where you can only bet once before the match starts and then wait for the results only.
In addition to betting on the final results of a sporting event, you can also bet on certain events in the event, such as whether a footballer makes a goal, or a mid-match decision.
The advantage of live betting is that you can overestimate your chances and winning ways. This is a freedom that is not available on regular sports betting, i.e. you can change your initial betting results, or even make new bets.
Gamblers will also find it more fun to bet on unexpected events. For example, if a football match ends with a draw point and overtime is over. As a gambler you can now bet on the results of the penalty shootout section.
What is Betting Exchange?
Betting exchanges or betting exchanges are a platform where gamblers can bet on each other. This runway has no bookies, and all gamblers can offer probabilities or ask for probabilities from other gamblers.
There are two types of betting on Betting Exchange, which are lay betting and backing betting. A ‘lay’ bet is where gamblers offer a single probability of an event in a sporting event, say Manchester United will win the Premier League at 10/4 probability. If you support this probability, you can bet ‘lay’ and if you want to bet against this probability, you can bet ‘back’.
Betting exchanges have no risks and are a more independent system without the presence of an ingitent bookie profiteer. It’s a place where gamblers can directly fight each other for small wins.
Benefits of Betting Exchange
This betting exchange offers a variety of benefits. First of all, gamblers have a lot of probability options. In a regular betting bookie, one match has one fixed probability for each team or athlete involved in a match/race. However, there is no limit to the amount of probabilities that can exist on one side of any sporting event. Therefore, a team or athlete can have thousands of probabilities and you can make a backing or lay bet for any probability you want.
Secondly, betting exchange offers more freedom for gamblers who don’t need to be heavily controlled by bookies with strict rules and conditions. As a gambler you can make how many bets you want for an unlimited sporting event as well.
Betting Exchange Disadvantages
Since betting exchanges don’t work like regular sports betting sites, there may be gamblers who haven’t adapted to it. Overall, betting exchanges may not offer winnings as high as the typical sports betting sites because you bet against other gamblers instead of bookies.
Additionally, since it is not fixed bookie controlled, you may not be able to find your favorite sporting event or athlete, unless you yourself initiated a lay bet for it.
Last but not least, if you place a lay bet and need a gambler to make a backing bet for you to win something. However, there is no guarantee that there will be other gamblers willing to bet against you.
Betting exchange is an ‘open market’ where everyone is free to interact to have fun under certain rules. Among the popular betting exchange sites are Betfair, Smarkets and Matchbook.
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