For an experienced punter, the art of wagering on his favorite sport holds its own challenges and excitement. But never wonder what it’s like to be a bookmaker? For the punter who might want to try his hands on the bookmaking, there is now a way to increase his edge in the field of betting sports.
For example, in a race with more than ten horses, instead of choosing or determining the winning horse, the punter should identify a weak favorite and let him go. Going one step further by making the selection safe and intuitive is now possible. With the birth of Betfair, the United Kingdom’s first betting exchange, a new way of betting provided the scene for European and UK backers.
Betting exchanges are personal; since it works as a face-to-face meeting between the betting exchange and the punters. He is simply making bets and letting them hold punters money and allow them to place their bet against each other.
When the outcome of the bet comes out in the open, the betting exchanges deduct a small amount; just a percentage from the winning bet and the rest of the money will go straight into the punter’s account. The punter can either withdraw his money right away or he can choose to leave it in his account.
A good tip on how to choose a favorite before placing a bet on it is to understand that the favorites lose at about a 33% of the time. It is quite obvious and not surprising that most newbie punters have more chances of winning, since they usually place bets against weak favorites. Talk about hard luck, but it certainly works for these people.
Betting exchanges differ from bookmakers in terms of probability control. The odds offered by betting exchanges are 20% higher than what traditional bookmakers are expected to offer. A punter is more likely to bet on a betting exchange if this is always the case.
Punters can also suggest their ideal odds if in case they do not like the odds offered by the betting exchange. This is another feature of betting exchanges that one can never find with bookmakers. In suggesting ideal odds, punters should also have the amount they are willing to stake out. It is up to the betting exchange to accept or reject the offer.
Betting exchanges are now in the lead in the betting industry due to their high liquidity. He is setting a new trend in setting odds that bookmakers tend to follow in order to continue with the business.