Online betting has become a rage in India and many punters are participating in different forms of betting to win big. One of the most recent concepts introduced in the country is that of Betting Exchange.
Betting exchange sites do away with conventional sportsbooks, allowing the participants to bet against each other instead of the bookmaker themselves. Under this concept, you can set your own odds and markets.
Here is detailed information about Betting Exchange and why it has become immensely popular in the country.
What is a Betting Exchange?
A betting exchange is when the players bet against each other instead of betting against the bookmaker. This concept allows the punters to bet against the players supporting the opposite bet. For instance, you can place your bet on a cricket team to win a match, and other players can bet on the same team to lose the match. Your bet would be stacked against those who have made the opposite bet.
In general, when participating in a betting exchange, the bookmaker takes a small commission on the winnings. It is because they don’t win any money if the players lose. So, if you lose, your money goes into the pockets of the punters who have bet against you.
How Does Betting Exchange Work?
There are many betting exchange sites in India to participate in. The most unique feature of a betting exchange is a lay bet. Lay bet or lay betting means you can bet for a selection to lose.
For instance, you can place a bet on a cricket team losing a match instead of placing a bet on it winning. It means you can place two kinds of bets.
- Back a bet – You are betting for an event to happen.
- Laying a bet – You are betting for an event to not happen.
When compared to other concepts of betting, betting exchange offers more freedom to the punters. It doesn’t restrict you from placing any bet, as long as you have a player to bet against you.
Difference Between Bookmakers and Betting Exchange
With the popularity of online betting in India, many betting concepts have evolved. Earlier, the players only had access to bookmakers. However, after the introduction of the betting exchange, many people have driven their interest in this new idea of betting.
So, what is the difference between the two?
A bookmaker is traditionally the first place where a punter seeks to bet. A bookmaker accepts and pays off bets from their own money on sports and other events, based on the odds they provide. On the other hand, a betting exchange is a free market where punters can decide their bets and act as potential bookmakers.
Here are the other points to understand the difference between the two:
Back and Lay
When you bet with a bookmaker, you are restricted to merely backing the winner. But in a betting exchange, you are free to back and lay your bet, making you act like a bookmaker by setting odds for an event. You can trade positions as much as a broker in the stock exchange.
Setting your Odds
With a bookmaker, you are restricted to the odds available to bet on, which are generally set by the oddsmakers. But the concept of a betting exchange is entirely different. Instead of being limited to prices and only having the option to back the results, the betting exchange allows you to go head-to-head against other punters by setting your own odds – backing or laying.
Are There Any Downsides to a Betting Exchange?
When it comes to betting of any kind, there are risks. As against other concepts of betting sites in India, here are the downsides of a betting exchange.
- Betting exchanges have lower liquidity in the Indian betting market. Every exchange wager requires two parties to take place. You may not find a taker when creating a market you want in some cases. You will spot the type of bet you are looking for, but get odds you wouldn’t think of taking. In any case, exchanges do not always happen as you expect them to.
- Betting exchanges have no parlays and limited accumulators, depending upon the operator. That said, you may not get affected if you are not into parlays. But you certainly want to consider this matter if you are into either type of wager.
- No online betting exchange site in India has entirely taken the whole sports gambling world by storm. There are fewer betting exchanges when compared to bookmakers. Theoretically, exchanges are great, but they have not proven superior to affect the betting scenes in the country.
- Betting exchange gives more freedom to the match-fixers.
- If a betting exchange platform entertains bonuses for the punters, the numbers are very limited compared to bookmakers and other betting platforms. Some exchange betting sites offer bonuses, while others do not feature any promotions at all.
- Online sportsbooks are a little easier to use than betting exchanges. All you need to do is focus on placing bets based on the given odds with traditional bookmakers. But in the case of betting exchanges, a greater learning curve is involved.
Reasons to Use a Betting Exchange Site
Despite the few loopholes, we suggest you join the League of betting exchange sites in India. It is because the drawbacks are just one side of the coin. On the flip side, betting exchange sites will serve you with many benefits.
Here are the reasons to use them.
- Compared to a sportsbook or other betting options, betting exchange sites offer more choices. There is more to explore rather than sticking to only one betting format.
- When you play against the punter and not the bookmaker, there are chances of having better odds. This point is a reason enough to start betting with betting exchange sites.
- Betting exchanges give you more flexibility, for you can bet on anything and compete against anyone.
How to Use a Betting Exchange?
Now that you know the benefits of indulging in betting exchange, the next step is to use one. Here are the easy steps to follow to use betting exchange platforms in India.
Step 1 – Sign Up
Find a suitable and licensed betting exchange platform and register an account with it. You will be asked to submit the required details, such as your full name, address, email address, identity proof, and more.
Step 2 – Fund Your Betting Account
Like other betting platforms, a betting exchange site requires you to fund your betting account to start betting. You can check for betting payment methods and choose a preferred one.
Step 3 – Use the Welcome Bonus
Although the odds of getting bonuses and promotions on betting exchange platforms are rare, some of them offer their players welcome bonuses and free bets upon signing up. The best welcome bonuses are available on signing up with the bookie, while for others, you may have to make your first deposit. We urge you to use the free bets as they offer you some extra cash to play with.
What are the Types of Bets at a Betting Exchange?
A betting exchange platform in India will have the following types:
It is the most straightforward bet type offered by all the sports betting sites in India. Suppose you are betting on one of the top cricket tournaments in the world. Here, the win bet will win you bet when the best team wins the trophy. Under this type of bet, you put your money on a specific outcome and hope the event will pan out that way. This bet gives you the probability of landing higher odds.
A lay bet is entirely the opposite of a winning bet. It is also the main point of difference between a bookie and a betting exchange. While the former allows you to place a winning bet, you can place a lay bet on the latter. It means you can bet on a particular outcome of an event not happening. Upon doing this, you also take the bookie’s role.
But compared to win, a lay bet type involves risk, for it requires you to wager against the interest of your fellow punters. Hence, there is a lot to lose if you do not get anything right.
Tips and Tricks on Placing a Bet at a Betting Exchange Site
Are you new to the betting exchange party and do not know how to place your bets correctly? Fret not! We have got you covered. Here are the tips and tricks on placing a bet at a betting exchange site:
- You do not get fixed odds when using a betting exchange. Thus, it is okay to take your own sweet time and ensure you get the most value from the odds.
- When choosing which bet type to utilize, lay bets can be a bit tricky. We, therefore, recommend using a lay bet calculator before placing the bet so that you do not lose more than you have gained.
- It is a good idea to compare the different betting exchange platforms and draw an analogy between the features such as the commission they charge, bonuses they offer, and payment methods. The lower the commission, the higher will be the profit.
- Check if the betting exchange in question has an option for live betting. In general, the best in-play betting sites offer more handsome odds across some markets, creating an exciting betting environment.
- Bet exchange is the best option in gambling, but you still need to be a gambler for gamblers. Thus, it is a good idea to have more than one exchange account. The best betting exchange sites require you to place one or two bets on your account. Having multiple accounts can increase your chances to win a bet.
- We advise you to either choose draw or nil-nil on competitive matches while betting with betting exchange platforms. The good thing with this platform is that you can get a double chance if you lay a bet.
- Another way of making the most out of your betting experience is to lay likely to lose. Search for matches that are obviously one side stronger than the other and lay your bet on the weaker side. This strategy will give you a chance to increase or reduce your odds.
- Make use of in-play options and cash-outs when you bet. Not all betting exchange sites offer them, but most have the option of live streaming, in-play, and cash-out options. These features have benefits for freshers and tend to enable them to win the bet. The live-streaming option is the best, as it allows you to cash out before the game ends.
Deposit Methods at Betting Exchanges in India
While the exact range of options for payment may vary across the cricket betting exchange sites in India, many of them include the below-listed payment methods to help you deposit and withdraw your money with ease.
- UPI methods of payment, such as PhonePe and Google Pay
- Net Banking
Withdrawals can be processed using the same betting payment method as a deposit. But if you cannot see the deposit method as an option for withdrawal, we recommend you opt for Net Banking. Although it is the slowest in terms of processing time, net banking is available across all the online betting exchange platforms in India, making it an accessible mode of payment and withdrawal.
Popular Tournaments for Online Cricket Betting
India is a cricket-loving country, and online cricket betting has become increasingly popular in recent years. There are several popular tournaments for online cricket betting in India that attract a lot of attention from fans and bettors alike. Here are some of the most popular tournaments:
|Indian Premier League||Annual T20 cricket league in India featuring top players|
|Tamil Nadu Premier League||Domestic T20 cricket league in Tamil Nadu|
|Karnataka Premier League||Domestic T20 cricket league in Karnataka|
|Indian T20 League||Domestic T20 cricket league featuring teams from various states in India|
|Syed Mushtaq Ali Trophy||Domestic T20 cricket tournament featuring teams from various states in India|
Frequently Asked Questions
What are the best betting exchange sites in India?
The best betting exchange sites in India are ……
Are betting exchanges accessible on mobile phones?
There are many mobile-friendly betting exchange sites in India. You can also download their betting apps and indulge in betting through your phone.
How often can I win real money at betting exchanges in India?
The frequency of winning real money at the betting exchange in India is subjective, depending upon your strategy and the platform you choose.
Do I need to pay taxes on my winnings from betting at an exchange betting site?
In the betting exchange, the taxes are pushed through the commission. You have to pay some part of the betting exchange site as a commission.
Which sports are available for betting in India?
You can bet on sports like ……
The betting exchange may be a complex phenomenon for beginners, but once you are well-acquainted with this idea, there will be no turning back. Online betting exchange sites in India allow players to place backing and laying bets. The above-listed guide throws light on all the relevant information about this concept. Read it thoroughly and start betting with the best betting exchange site in India. Good luck.