The Exchange

Betting Exchange

Next is the betting exchange. (Betfair, Smarkets etc). This where you LAY the bet. Laying a bet is basically when you bet against the game that you have backed. For example is you bet on Real Madrid to win at the bookies (This means you have BACKED real Madrid to win), you the go onto the betting exchange and get for Real Madrid NOT to win (this means you have LAYED Real Madrid NOT to win).

Now, don’t get spooked by all the numbers, colours and matches! I was! But again once you get started its easy. Also Oddsmonkey have a a tool that really helps with this side of it but its always best to know how to use the betting exchange.

Basically the only things you will be using will be the pink squares. As you can see the odds of that particular selection. So as you can see there are 3 columns marked ‘1 X 2’. This is basically:’

1 = Home team

X = Draw

2 = Away

So for example if we back Man City to win at the bookmakers we will come onto the betting exchange and lay Man City not to win by clicking on the the pink box in column 1 (home team) which as you can see has lay odds of 1.08. What this does is basically cancels out your back bet that you placed at the bookies by covering both outcomes of the event.