Bookmakers Vs Exchanges - What's The Difference?
Entering into the word of betting, especially matched betting, would need knowing some of the technical terms and their principal features. When you are aware of the various attributes of the strategies and platforms involved in matched betting, you are more confident to become a successful punter and ascertain a continuous flow of earnings from the activity. On this note, you need to understand the differences between bookmakers and betting exchanges.
What is a bookmaking platform?
Simply put, a bookmaking platform is a site or a platform that you use to place the back bets. It provides you services where you get a list of events that have certain odds of occurrences. You choose an event or multiple events accordingly, see the odds, analyze and place a back bet. You get free offers from the bookmaking platform in lieu of placing a bet.
An example of using the bookmaker platform
Suppose there is a football match slated for the weekend, between team A and team B. The odds for the victory of team A are 2:1. The bookmaker would tell you that if you place a bet of, say £10, then you would be eligible to get a free bet of £30. When the deal seems lucrative to you, you go for it.
What is a betting exchange platform?
The functionality or scope of a betting exchange is similar to that of a bookmaker but diametrically opposite in nature. On a betting exchange, you are allowed to be a bookmaker yourself. The exchange platform provides you odds of non-occurrence of the event for which you had bet on the bookmaker site. In the website of a betting exchange, you place a lay bet. If you go by the previous example, then on the exchange platform, you would be betting for a loss or drawn match, of team A. Free offers or bonuses are might be available on betting exchanges, too, but they are not common.
Related article: Betting Exchange Sites - How Do They Work?
The differences in a nutshell
There are some clear differences, as you might have already pointed out, between bookmakers and betting exchanges. Take note of the following points:
- A bookmaker is a platform where you place back bets, whereas a betting exchange is a site where you place lay bets
- A bookmaker is all about occurrence of an event, but a betting exchange is about the non-occurrence of the same event
- Free offers, discounts, bonuses, etc are common on a bookmaking platform, but they don’t appear frequently on the platform of a betting exchange
Both converge in matched betting
The two bets – a back bet at the bookmaker and a lay bet at the betting exchange – balance each other and build a matched bet. This is the simple dynamics of matched betting. But keep in mind that you can’t place a lay bet unless you have placed a back bet on the bookmaking site. One comes after the other, in a sequence.
We hope that now you are ready to dive into the world of matched betting after knowing these basics!
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