In New Zealand, online sports betting forms a significant part of the sports industry. For as many people who are watching the game, as many are trying to predict the outcome. Traditionally, a punter would approach a bookmaker or sign up with an online sportsbook in order to get the best odds for the race or event they wish to wager on. With the introduction of exchange betting, punters can take on the role of the bookmaker, create their own odds, lay a bet or choose to back one already posted.
For those who are new to the concept, exchange is a form of peer-to-peer sports betting. While the exchange site is used as a medium for the exchange, all bets are created, backed and paid out between the punters themselves. The most significant advantage that it offers is the opportunity to lay a bet. Essentially, this is like taking on the role of the bookmaker where you are betting against a certain outcome, rather than backing the outcome.
For example, if you are trying to predict which team will win the Champions League outright, the best football odds will give you an idea that it may be Manchester United or Real Madrid. The problem is that you are not sure. It is easier to say that Manchester will probably not win, and any other team will win. You can then lay Manchester at whatever odds you choose and see if someone wants to back them.
How to Lay a Bet
This type of betting can work two ways. Firstly, you can create your own bet, post it and see if someone wants to back your prediction; or you can lay a wager that someone wants to back. The first example is one we have already covered; where you decide to lay a particular team or individual at odds you create. The higher these are, the more likely someone will want to back the bet.
In the second instance, you can choose to place a wager that someone wants to back. It may be that the best sports betting brands are only offering odds of 4.00 or lower, and the punter wants to back this particular team at 6.00 or 7.00. In this case, you can accept the wager and set odds you both agree on for a specific amount.
Pros and Cons
The downside is that if the punter is successful, you are the one who has to pay out the winning amount. In the above case, if you accepted $50 at odds of 6.00, you would have to pay out $250 if the backer picked a winner. If the person backing chose incorrectly, you would pocket the $50 wager, minus the percentage fee that is taken off from the exchange site.
Whether placing a lay or a backing bet, the system works in the same way as online and mobile sports betting sites. You first have to sign up and make a deposit into your account before you can take any action. When you win, the funds go into your account, minus the fee taken off by the exchange site for using the facility. For punters looking for something different, it is a great option, and well worth a try.