Ever since the first betting exchange has been launched, they have slowly become a staple in the online betting world. The original idea was to make and give it back to the punters instead of letting traditional bookmakers determine the odds at will. In the years since, the concept has been enthusiastically embraced by punters everywhere.
Here we want to give you a thorough overview of what betting exchanges are, how they work, why you might want to try them, and the best betting exchanges In India out there.
Welcome to our in-depth guide to betting exchange sites in India! If you have been curious about betting exchanges but don’t know where or how to get started, you have come to the right place.
Beyond explaining what they are and how they work, we also want to tell you how to choose among the online betting sitesout there, whether there are betting exchange apps, if there are cricket betting exchanges, and so much more.
We will also introduce you to the best betting exchanges in India. So, let’s get started!
Table of Contents:
What is a betting exchange?
How does exchange betting work?
Top 5 Betting Exchange Sites in India
How to choose a betting exchange site?
Advantages of betting exchanges
Betting exchange apps
Strategies to use on betting exchanges
Betting Exchange FAQs
WHAT IS A BETTING EXCHANGE?
Betting exchanges connect punters who want to place bets on certain outcomes at odds they themselves determine. The betting exchange operator provides the platform and ensures that the transaction between the bettor who backed a bet and the bettor who laid that back occurs.
For this service, the operator charges a commission on wins (never on losses) of 2% to 5% on average.
In other words, betting exchange sites such as Satbet Indiaenable punters who have opposite views on the outcome of a match or a competition to use their platform to ‘back’ a player, a team or a horse to win whilst the other gambler ‘lays’ the same player, team or horse to lose.
Such bets are only accepted if another gambler matches them. For example, if you are backing Afghanistan to beat Zimbabwe in an ODI match, there must be another punter who believes that Zimbabwe and not Afghanistan will win the match.
HOW DOES EXCHANGE BETTING WORK?
Let’s take the above example to explain in simple terms how exchange betting works. If you believe Afghanistan will beat Zimbabwe, you are the one ‘backing’ the bet, and the other punter is ‘laying’ the bet. On top of that, you get to choose the odds at which you want to back or lay the bet. All within reason, of course.
For this to work seamlessly, betting exchange sites such as Satbet or Fun88 use dedicated software that instantly matches bets.
As such, once you have backed a bet, it will appear as an available option among the markets for the match and outcome you backed. Now it is up to another punter to decide whether they want to ‘lay’ your bet because they believe that Afghanistan will lose.
Accordingly, they will accept the betting odds you determined and match your bet when they lay it.
Another thing to know is that on betting exchanges, odds are usually represented in decimal terms, and instead of the fractional 2/1, you would get the decimal 3.00. A stake of ₹100 would return ₹300 with the stake included.
Lastly, punters who lay bets must ensure they deposit enough funds to cover their bets. Using the previous example, if the odds that the layer is offering for Afghanistan beating Zimbabwe are 1.67 and another gambler backs this result with an INR 1,000 deposit, then the layer must make sure that he has at least INR 1670 in his account to pay out the backer if this turns out to be a winning bet.
TOP 5 BETTING EXCHANGE SITES IN INDIA
Online betting in India has seen a surge in popularity, and many international betting sites now accept players from India. However, betting exchanges still need to be more widely available. Only a few betting sites offer exchanges, but their number is rising.
Compared to a traditional betting site, a betting exchange is less profitable for a company, as the only source of revenue is a fixed commission.
However, once the volume of users increases, running an exchange becomes more profitable. With most Indian punters getting well-versed in online betting, the next natural step will be a rise in the betting exchanges, where they can find better value for their wagers.
Some of the most popular betting exchange sites in India currently are:
Fun88: Exchange Betting Site for Indian Traders
Fun88 India has been around for more than a decade now, being founded in 2009, and is now one of the most popular online sportsbooks in the Indian market. In addition to being an online betting site, the group now also offers a betting exchange, making it one of the very few available for Indian players.
Why you should choose Fun88 as your cricket betting exchange site:
Multiple preferably deposit options for India
Wide selection of bets in betting exchange
Solid trading volume on cricket markets
Great amount of promotions
The best part about playing real money games on Fun88, including the betting exchange, is completely legal in most parts of India.
Satbet is still a budding betting site in India, but they have offered a betting exchange, making it a great option for Indian punters wanting more.
Their Satbet exchange is not only accessible and easy to use, but they also offer more sports than we have seen at any other exchange thus far. If there is one argument to check them out, it is certainly this one!
Let us tell you why else you should choose them as your cricket betting exchange site:
Markets for cricket, soccer, tennis, basketball, rugby and boxing
CRICKEX EXCHANGE - THE NEWEST INDIAN BETTING EXCHANGE
Crickex is the newest betting exchange to welcome Indian customers. Indeed, they are primarily towards customers from India, and the name is just an abbreviation for cricket exchange.
Whilst they also offer a traditional sportsbook, the main action takes place at their exchange, which covers cricket, soccer, tennis and Esoccer. There is also an online casinoand live casino tables available to check out.
Here are the main reasons why you should give Crickex a try:
Exchange powered by Betfair
Great selection of bonuses and promotions
Some live streaming is available
Website easy to use
We also like that their support is available around the clock, and the Crickex app makes the services easily accessible.
If one or two of these need to be improved or more up to par, we are still looking at a pretty solid betting exchange. But we generally prefer high marks on all these points.
HOW TO USE A BETTING EXCHANGE?
How do you use a betting exchange? How does the betting exchange login work or place a bet? Are there huge differences in using a traditional sportsbook?
Not at all. For the most part, you will follow the same steps when using a traditional sportsbook. Let’s use the Satbet betting exchange app as an example.
Betting Exchange Login
Suppose you downloaded the cricket exchange betting app and registered an account. Then follow these steps:
Launch the app and click on “Login”
Enter your username and password
Then click on “Login” again
Placing a bet at the exchange
We start by explaining how to ‘back’ a bet on the exchange:
Launch the app or site, log in and click on “Exchange”
Click on “Cricket” to find an event you are interested in (such as the IPL)
Let’s say you want to do IPL betting on the overall winner event.
All teams are listed in the “Winner” category (if a team is already out, you won’t be able to back or lay a bet on them)
Pick the team you believe will win and click on the odds in the blue field
You can now adjust the odds if you like
Then determine your stake and click on “Place Bet” if you are satisfied
Wait for a player to lay your bet
Once a player lays a bet, you can wait for the outcome of the IPL to see whether you picked the right winner.
And how do you ‘lay’ a bet?
You start with the same steps as outlined above up until you see the list of teams in the “Winner” category:
All backed bets will show on the list
If you decide to lay a bet, firmly believing that the Gujarat Titans, for example, will not win and another bettor has backed a profitable bet, you can lay their bet.
As such, click on the odds in the red field and choose your stake.
You will be shown how much you will lose if incorrect, reflecting the amount you need in your account to cover your bet.
Once you are certain of your selection, click “Place Bet”.
If your account holds insufficient funds, you will be asked to make a deposit.
And then you wait for the outcome of the IPL.
The actual process of backing or laying bets isn’t overly complicated. But understanding what you are doing and why you should back or lay bets is something you will learn with experience.
When new to betting exchanges, start with simple bets and smaller stakes to gain that experience.
ADVANTAGES OF BETTING EXCHANGES
Let us introduce you to the two main advantages of using betting exchanges: getting real odds and trading bets.
The biggest advantage of betting exchange sites such as Satbet is that they are free markets and that the betting site does not set the odds. With traditional betting sites, finding the best odds means shopping around many sites and comparing their offers.
In the end, you will find that betting exchange prices are still higher than the highest prices that betting sites offer. This is because, with betting exchanges, there is no, what is known as a bookmaker margin.
The bookmaker margin is the adjustment of true odds into odds, ensuring that the betting site always makes a profit from a given wager. For example, when Afghanistan are playing Zimbabwe, the relative probability of an Afghanistan win is 60% (1.67), and the probability of a Zimbabwe win is 40% (2.50). As you can see, when combined, they add up to the expected 100%.
However, when a betting site adjusts the odds, they will always exceed the expected 100%. For example, an Afghanistan win will be priced at 70% (1.43) and a Zimbabwe win at 50% (2.00). The odds are much lower. Below you see a representation of your real winnings compared to your adjusted odds winnings with which the betting site always makes a profit.
Real Odds (Betting Exchanges)
Afghanistan to win - ₹60 stakes at 1.67 - to pay out ₹100
Zimbabwe to win - ₹40 stake at 2.50 - to pay out ₹100
Adjusted Odds (Bookmaker)
Afghanistan to win - ₹60 stakes at 1.43 - to pay out ₹85
Zimbabwe to win - ₹40 stake at 2.00 - to pay out ₹80
At a betting exchange, you can back a bet for Afghanistan to win on odds of 1.67 and be certain that these are the odds you will receive as long as someone lays the bet.
You will only pay a small commission on your win as determined by the operator, which is still far lower than the bookmaker’s margin in a traditional sportsbook.
A trader in betting exchanges is very similar to an arbitrageur in normal betting (a gambler who safeguards his bet by betting on the opposite outcome to minimize losses or to ensure profit). Betting exchanges give gamblers a chance to trade on sporting events to ensure profit.
For example, a trader can bet on Royal Challengers Bangalore to win the IPL at odds of 4.00 by placing a stake of ₹100.
However, if the chances of Royal Challengers Bangalore winning the IPL increase due to, let’s say, the Sunrisers Hyderabad or the Mumbai Indians not mounting a challenge, then their odds of winning the IPL will decrease to somewhere around 2.00.
In this situation, a trader can switch from backing the Royal Challengers Bangalore to win to laying them with ₹200 to lose at odds of 2.00 so that he can lock in a guaranteed profit of ₹100, whichever the final winner of the IPL is.
Back RCB to win the IPL
Lay RCB not to win the IPL
This means that the following situation will occur in which no matter which team wins the IPL you will still end the season as a winner with a guaranteed profit:
Possible Winnings from Backing
Total money invested (Stake + Money Laid)
Possible Winnings from Laying
Total money invested (Stake)
Again, trading requires a bit of experience. You very much need to be on top of things as the action unfolds. But if done successfully, you cannot limit your losses and always walk away with a profit.
BETTING EXCHANGE APPS
With mobile betting being far more used than betting via desktop or laptop computers, we will also take a look at the best betting exchange apps out there.
All mobile betting apps supplied by bookmakers that operate betting exchanges do include access to the betting exchanges. So, you can choose any of them. But we have our favourites listed below.
DAFABET EXCHANGE APP
Dafabet Sports is among the best Asian bookmakers, welcoming customers from India and Asia. This excellent betting site has a traditional sportsbook, online casino, live casino games and a betting exchange. Indeed, their betting exchange was one of the first Indian customers were able to use!
The Dafabet exchange app is available for Android and iOS users which you can download directly from their homepage.
Here is what we like the most about it:
Quick and easy download from the Dafabet homepage
Access to all preferred Indian banking methods
Sportsbook, casino, live casino, and exchange all in one app
Exclusive app promotions are available
Easy to use
Dafabet is trustworthy and one of the most high profile bookmakers in the world
Fairplay Exchange is a great Indian betting site that does its best to play fair. And offers fair play. We prefer their mobile betting app for its streamlined design and more intuitive navigation than you can find on the homepage.
And the fairplay app includes access to all products, which means you can also use their betting exchange on the mobile app.
Here are the main reasons we like the Fairplay betting exchange app:
The one-for-all app, including all sports betting and online casino games
Intuitive user interface
Push notifications available
Supported in several different languages
24/7 customer service
Fairplay is one of the easiest to use of all bookmakers out there!
WinDaddy exchange is another great cricket betting site in India that we like to use and can recommend to you. They promise to deliver one of the best betting experiences, and they are certainly giving their best to deliver.
This also includes their Windaddy app for Android, which you can download directly from their homepage. It includes their betting exchange, which is why they are part of this list.
Let’s take a look at what we like about their app:
Stylish design with a user-friendly interface
Access to all of WinDaddy products
Loads quickly and updates frequently during live betting
Customer service available in English and Hindi
You cannot go wrong choosing the WinDaddy betting exchange app.
Above, we have explained how to use betting exchanges using the example of the Satbet app, which is very much the same as for all mobile betting exchanges we have encountered.
Of course, there are always slight differences based on the layout of the app and the functions it provides. For example, let’s look at the WinDaddy betting exchange app:
You can download the app directly from the mobile page via a dedicated button.
Once downloaded, install the app by allowing your device to “install from unknown sources”.
After installation, launch the app and log in to your account (or register one).
You can access the exchange via the dedicated quick-access button at the bottom. Or you open the side menu and click on “Exchange” there.
Then check out the sports listed here. Click on “Cricket”, for instance, and find the event, match and market you want to back or lay a bet on.
It is super easy to do, and even though you use a much smaller screen than on a desktop computer, we have found mobile betting exchanges very accessible.
STRATEGIES TO USE ON BETTING EXCHANGES
Get our top tips on how to use betting exchanges by OCBs betting experts!
VERIFY THE ODDS
In almost all cases, a betting exchange will provide better odds for the same event than a sportsbook. But it is always advisable to look for `value odds´. One can also keep track of various Asian spreads to get a general sense of the direction in which the odds are moving.
WAGER THE CORRECT STAKE
One needs to divide the stake amount among different markets in such a way that one can earn a profit while taking minimum risks. Of course, the higher your risk, the more your returns could be. But one must remember that to pursue betting for the long term, one must adhere to strict money management rules.
USE THE CASH-OUT OPTION
Most exchanges, including Betfair, offer the flexibility of cashing out your bet without waiting for the entire event to finish. Using this option, one can walk away with a decent profit without taking too many risks.
Most online sportsbooks offer free bets as a promotion to their users. You can use these free bets for matched betting to essentially guarantee themselves a profit. Use the free bet to place a `back´ bet on the sportsbook and place a `lay´ bet for the same on a betting exchange. So, no matter the outcome, you will make a profit from these bets.
BETTING EXCHANGE FAQs
What is a `back´ bet?
A `back´ bet means you are `backing´ a certain team or a horse to win a match or a race. Bets placed on a typical bookmaking site are usually `back´ bets.
What is a `lay´ bet?
`Lay´ bets are wagers placed while predicting that a certain event `will not´ occur. If you place a `lay´ bet on a horse during a race, you predict that the horse will not win that particular race.
Do you pay a commission to the betting exchange if you lose a bet?
No, betting exchanges do not collect any commission on a lost bet. For every lost bet, there is a contrasting winning bet. The exchange will always earn a commission in each set of opposing bets. If you place multiple bets, you are liable to pay a commission only if you earn a net profit from all the bets.
What is sports trading in a betting exchange?
Sports trading is a trick punters use on a betting exchange to guarantee a profit, no matter the outcome. Trading takes advantage of the fluctuations in odds that may occur during a game or a tournament.
Are betting exchanges legal in India?
Betting exchanges are mostly not covered by Indian laws, just like most online sports betting is unregulated in India. As such, they are not illegal and are mostly safe to use. Only states already outlawed online sports betting would prohibit betting exchanges.
Can you make money on betting exchanges?
Yes, we believe that you can. Experienced punters often back and lay an outcome on favourable odds, ensuring they will return a profit no matter the result. The return may be smaller in the end, but it is still better than losing your entire stake.
What is Betfair?
Betfair is the original betting exchange, established in 1999 as a response to traditional bookmakers. It was the first time bettors were able to back and lay bets against each other with Betfair simply providing the platform to do so.
Is Betfair safe to use?
Betfair is licensed by the Malta Gaming Authority as well as the UK Gambling Commission. This means they are very well regulated and thus safe to use.
Is Betfair available in India?
Betfair is currently not available in India, though they have been in the past and may be again in the future if online betting gets properly regulated in India.
But you said some betting sites offer betting exchanges powered by Betfair. How is that possible?
Yes, quite a few betting exchanges we are introducing are indeed powered by Betfair, which is possible thanks to licensing agreements between the operator of the betting site and Betfair. You are not accessing Betfair directly when using these betting exchanges. Yet you still get the same excellent betting exchange experience that Betfair provides itself.