Betting Exchange
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Betting Exchange

Betting Exchange (aka Peer-To-Peer betting) is probably the most revolutional gambling concept of all time. In a few words, betting exchange facilitates linking up between punters who want to make offers to each other. Thus, in essence, it allow punters to act as bookmakers. This form of betting is especially popular in Europe, Asia and Australia.

Betting exchange - the new way of betting
 

Who invented it?
Andrew Black, in 1999.
The man behind the betting exchange used to be a professional gambler, bridge player and horse punter.
Now, he is a remarkably successful person, the co-owner of the dominating betting exchange Betfair.  
 
How did the idea originate?
As a professional bettor, Andrew Black sought an appealing alternative to traditional bookmakers. 
 
What is so attractive about a betting exchange?
  • Better odds than those offered by traditional bookmakers.
  • Bettors can create their own odds.
  • You can "lay" selection which means that you predict that it will not happen. Effectively you "back" the remaining outcomes.
  • Betting exchange means that expert punters can actas bookmakers themselves.
What interesting facts should I know about Betfair and the remaining exchanges?
Betfair is the leading betting exchange, in spite of continuous competition from other betting exchanges and the opposition from the traditional bookmakers.
 
Betfair is growing rapidly all the time with 36 registered customers in the early beginnings in 2000, with moer than 1 million clients seven years later, 2 million customers in 2008, and crossing of the 3 million threshold in 2010.
 
Betfair has approximately 5,000,000 transactions a day which is ca. 90% of the betting exchange market and more than all the stock exchanges in Europe.

Betfair charges a commission on each winning bet (up to 5%), but the more you bet, the lower the commission. 
 
Betfair exchange accepts bets on a variety of sports including such highly popular disciplines as football, basketball or horse racing and such less popular sports as athletics, darts, chess, fishing, Gaelic games or futsal. With Betfair you can also bet on special events such as the general election, or X Factor.
 
Remaining betting exchanges improve all the time to have an offer which is as (or more) attractive as that of Betfair's.
 
How does the idea work in reality? 
 
1) One person thinks Manchester United will win against Tottenham – he backs ManU. Whereas the second person thinks Tottenham will win (he backs Tottenham). 
2) Exchange bookmaker automatically matches punters who want to strike a bet. Bettor number 1 is accepted and matched with the bettor number 2.
3) Whoever wins the bet, money is transferred from one account to the other, and the exchange bookmaker usually earns up a commission from the winner's takings.
 
To find out which online bookmakers offer Betting Exchange click here.
 
Good Luck with your sports betting!