Win only, each way, lucky 15’s. – These bets were the staple diet of the average punter in the late 1990’s. The bookmakers had the edge, taking generous margins from these bets, with only the very shrewdest operators being able to generate a profit from gambling. Enter the betting exchanges in the early Norties, and the landscape was irrevocably changed.
Betting exchanges have completely transformed the way that individuals are able to bet and have been met with consternation from the traditional bookmaking fraternity – primarily because there is now an option for individuals to bet against each other, bet on selections to lose and place live bets throughout the course of a contest. This wide array of options, coupled with the generous betting odds available has transformed the mind-set of the betting population.
As mentioned, betting exchanges allow individuals to bet on selections to lose (laying). This means that the customers can now act as the bookmaker; there isn’t the necessity to find the winner of a horse race, or a tennis tournament etc. A profit can be generated from simply finding a selection that you believe cannot win. In a sixteen runner horse race, by laying one runner, you have fifteen
running for you – a more attractive proposition for many.
Betting live and in running is a facet offered by betting exchanges, and this concept has opened up many new betting angles. On a wide range of events, the ability to trade throughout matches or races is an attractive concept – it allows the bettor to make an informed decision on an event after seeing how it unfolds early. Players, teams and horses tend to display patterns in their behaviour; some start slowly early and come on strong late, whilst others are fast out of the block and then tire late. Live betting allows customers to take advantage of these idiosyncratic tendencies to make a profit.
Greening up is a new proposition brought to reality by betting exchanges. By combining backing, laying and betting throughout the course of a contest, customers of betting exchanges are able to trade in and out of markets and guarantee profits when matches/events are in their favour and the odds become advantageous. This flexibility has opened up trading techniques which were more commonly seen in the financial markets, with users betting at certain odds and then striking the opposite bet (back/lay) when the odds dictate that a profit can be locked in. When a profit is guaranteed regardless of the result, this is known as a ‘green book’.
Of course, betting exchanges have been met with resistance from the traditional bookmaking world. They had the monopoly on betting on horses to lose etc. and now have to battle low margins and advanced technology which has been developed and now underpins betting exchanges worldwide. WBX is a top betting exchange, offering better odds, low commission rates, the option to trade in and out of markets and short suspension times in matches and events. When trading on events and locking in a profit with WBX, funds are released immediately allowing money to be freed up for other betting opportunities.