The fastest growing sector of the online gambling industry today is undoubtedly betting exchanges and person to person betting. Unlike traditional bookmakers, betting exchanges such as Betfair and Betdaq do not offer their own sport betting.
Their approach, although simple, is nothing short of revolutionary - they provide a site which matches customers wishing to offer their own prices with those looking to place a bet. When you place a bet you are in fact betting with another punter.
Betting on exchanges over a bookmaker such as VCBet is advantageous for several reasons. The most important is that the betting available can be as much as 20% better than a bookmaker. This is mainly due to the fact that most users do not incorporate a profit margin into their prices like a major bookmaker does.
As the number of users has increased on such sites so has the amount of betting opportunities available and you can often find special betting which is unique to person to person betting sites.
Betting appears earlier, stays on the site longer (in-running horse racing is one example) and once many users experience what Betdaq offers they usually become frequent visitors.
The biggest selling point for a betting exchange though is simply that they allow any user to become a bookmaker themselves. In being able to offer your own prices you can begin to make money when other people lose.
If you don't fancy a certain team or horse - you can offer a price on them to get beat and make money if you are right.Although at first the sites may seem daunting and contain a lot of new features, after a few minutes using a betting exchange such as Betfair they become great fun. Basically using such sites is as follows:
Though you can offer your own prices much like a bookmaker you don't run the risk of being hammered on bad results. You can set your own maximum payouts and once this amount is reached no more money comes out of your account.
When you offer a price you are asked what you are willing to lay so you can manage your liability quick and easily. For example if you offer a price on an event at 10/1 and your only prepared to lose a maximum of £500 no more bets will be taken after you have had your first £50 matched. You define your own payouts!
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