The betting exchange is a market of sports betting where users are trading bets at odds set by themselves.
It is possible to buy (BACK : for the selection) and sell (LAY : against the selection).
The LAY permit to put themselves in the situation of bookmaker, which is specific to betting exchange.
Another advantage of this system is that the commissions levied by the platform of trading is inferior than classics bookmakers who take margin on each odds proposed on their sites.
You can see on this page, all the advantages to playing on Easysportbet against a bookmaker like Bet365 in example : http://easysportbet.co.uk/benefits/
Some formulas :
PROFIT of BACK = STAKE x (ODDS – 1)
LOSS of BACK = STAKE
PROFIT of LAY = STAKE
LOSS of LAY = STAKEx (ODDS – 1)
Level profit of trade (BACK / LAY) :
GROSS PROFIT of trade = opening STAKE x ( opening ODDS – closing ODDS ) / closing ODDS
Example, you make a BACK of 100€ at the odds of @4.00
The closure when odds fell to @ 1.60 gives 150€ of net profit.
100€ x (4.00 – 1.60) / 1.60[box type=”info”] If you make a LAY @ 4.00 for 100€ and the odds fell to 1.60 the loss will be -150€[/box]
Propositions BACK or LAY :
A unmatched bet, that is to say not exchanged immediately, stays in proposition.
It’s possible to cancel it with manual action of the user directly, or with an automatic cancellation of Betfair following a SUSPENDED for example (after a goal, a red card, …).
Beware, some bets may not be canceled automatically by Betfair: these are bets launched with persistence “KEEP BETS”.
In this case of a bet with persistence “K” (keep bets), only the manual action of the player to cancel the proposal is possible.
Example : a BACK bet of 157€ at the odds of 1.26 is matched on over/under 3.5 market offplay. It is possible to propose a bet to close the trade in profit. This proposal will be matched in the 1st minute of the match if no goal is scored. Obviously the more you will be looking for an important profit, the more the odds must decrease … and the more likely goal is important. It is therefore necessary to enter the “Keep bets”, to avoid that the proposal not to be cancelled by Betfair at the start of the match. With the “what if” you can see the profit of the trade and adjust the setting according to your objectives.
It is possible for example to propose a LAY for 157€ at odds of 1.20
This odds will be quickly matched in the first minutes of the game.