Online betting sites have increasingly integrated betting exchanges, allowing customers to ‘trade’ bets. Instead of placing bets on odds that the online betting platform enables bettors to determine their odds, back these and hope for another punter to lay them.
Here we will go into further detail of what betting exchanges are and, most importantly, how they work.
In the broadest sense, betting exchanges are platforms offered by online betting sites where punters can ‘trade’ or, in an authentic sense ‘, exchange’ bets.
Let’s look at a simple example: you and a friend watch an IPL match of the Delhi Capitals vs the Chennai Super Kings. You disagree on which team will emerge as the winner and decide to bet on it:
This is how betting exchanges work. Instead of determining a specific amount you are willing to bet, you determine the odds you are ready to risk.
Two punters with disagreeing opinions of how a match will play out can use a betting exchange by backing one outcome or laying it – depending on who they believe will win.
Let’s look at the above example using the Satbet betting exchange and what we found there. This should give you a better understanding.
During the IPL 2023, the Delhi Capitals played indeed against the Chennai Super Kings, and we used the Sabet exchange to look at the odds punters backed there.
For this match, we found Match Odds in favour of either team winning or losing. Other punters had already backed various odds, which allowed us to take our pick. Alternatively, you can back your odds and wait for someone to lay them.
In the above example, we put INR 300 on a win of the Chennai Super Kings on odds of 1.67. All the other odds in the row were also available for us to choose from. In case of a win, we would have received INR 201 plus our initial stake.
In case of a loss, we would have had to pay the INR 300 we initially staked.
If none of the available betting odds were to our liking, we could have suggested our own and would have had to wait for someone to lay them. If nobody had wanted to do that, we would eventually have received our INR 300 back, which would have been the end.
Signup to SatbetFor the above match, there was also a market for “To Win the Toss”, with a smaller selection of odds. Using this as an example, here is how you back your odds:
It’s important to note that to back bets. We click on the odds in blue or on that side of the divide. If you want to lay bets, you must look to the odds in red or further on that side.
Returning to the Satbet IPL Odds, we bet on the Chennai Super Kings losing. Remember that laying a bet against the Delhi Capitals would have made little sense (unless you are convinced they will lose).
In keeping with the INR 300 we bet before, we now also laid a bet of INR 300 against the Chennai Super Kings. If we lost that bet (meaning the Chennai Super Kings won after all), we would have had to pay INR 261.
Successfully laying the bet, meaning the Delhi Capitals would win, would have yielded a win of INR 300 (plus our initial stake).
This may seem a little complicated or confusing at first, but once you have visited Satbet and tried it out, you will get the hang of it quickly.
Betting exchanges generally offer far fewer sports than traditional betting sites. At Satbet, we found the following sports for you to bet on:
We’ve seen Kabaddi betting in the past there, but no matches were available at the time of writing this article.
There are also far fewer markets available at betting exchanges. Often, you will only be able to find “Match Odds”, meaning you bet on the winner of a match.
Another market was “To Win the Toss”, of course.
In theory, plenty of other markets, so-called “Fancy Bets” (including Top Batsman or 10 Over Run), were available but not back yet. If you want to place bets like that, you will likely have to back bets yourself and hope for someone to lay them.
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