Peer to peer (P2P) sports betting is a type of betting where the bettors place bets not against the bookmaker but against each other. P2P betting is a social and dynamic form of betting as it encourages interaction between players, where they can negotiate odds with other bettors. The betting exchange is a betting platform that allows players to indulge in peer to peer betting using back and lay bets on various sports events.
Let’s see how it works:
The basics of Backing and Laying
In peer to peer betting, there are two primary roles: the backer and the layer. For a bet to be formed both roles are required, one bettor to back the outcome of a specific event and another to lay it.
Backing: When a bettor backs an outcome of a particular event, they are betting that this outcome will happen. For example, if they back a team to win a football match, they will make money if that team actually wins.
Laying: Laying is the opposite of backing. When a bettor lays an outcome of a particular event, they are betting that this outcome will not happen. For example, if they lay a team to win a football match, they will make money if that team doesn’t win. This means that if the match ends in a draw or the win of the other team, then the layer bettor will win money.
This feature is very unique and it is applied on every betting exchange.
The role of a Betting Exchange Platform
Peer to peer betting takes place on betting exchange platforms. The most popular betting exchange platform to date is Betfair. Winfair24 is a Betfair clone created among other reasons to cater to the needs of bettors that cannot register with Betfair due to geographical restrictions.
The role of these platforms is to act as the middle man between the players, providing them with a marketplace to match their bets with one another.
Offers and Orders
Whenever you want to place a bet on a betting exchange, you can either:
Accept Existing Offers: Browsing the platform for existing bets placed, you can find a plethora of them and you can select those that interest you and accept them. These bets are listed with odds and you can also see next to them the liquidity.
Create your Own Offers: Another unique feature of exchange betting is that it allows you to assume the role of a bookmaker and make your own offers. The odds on a betting exchange can be modified (they can be increased or decreased) which allows you to create your bets by setting your desired odds at the desired stake. Then other bettors can accept your offer and together you can form a matched bet.
Matching Bets
For a bet to be matched, there needs to be a bettor willing to back an outcome of an event at the odds offered while another one is willing to lay the same selection at those odds. Once this match is made, the bet is placed, and the bettors are in a position to win or lose depending on the outcome of the event.
Prices and Liquidity
You might wonder how the odds are determined on betting exchanges. Well, on peer to peer platforms the odds are determined by supply and demand. The users set the odds. This often leads to more competitive odds compared to traditional bookmakers. The amount of money available to match bets is called liquidity. The liquidity is determined by the popularity of the events and the markets.
In-Play Betting
Most Peer to Peer platforms offer in-play betting. This allows bettors to place back or lay bets even after an event has started. This can be very advantageous, especially for the type of bettors that want to react to real-time developments during a match.
Commission
Now you might wonder, how do these exchanges make their money. Well, as we said earlier, betting exchanges act as an intermediary between the players offering them the environment for peer to peer betting. In exchange for their services, they charge a commission on winning bets, and this is how they generate their revenue. The commission varies from one platform to another.
Cash Out
Some betting exchanges offer the “Cash Out” feature, which allows bettors to settle their bets before the event is concluded. This feature can be very helpful, because with it you can secure your profits or minimize your losses.
Accessing Peer to Peer Betting Exchanges
To gain access to Peer to Peer Betting Exchanges, such as Winfair24, you will need the assistance of a broker who can help you register and manage your account, while also offering you customer support services.
Contact Winfair24 customer support today and get your account!
Peer to peer betting involves punters betting against each other on a betting exchange platform. This approach allows more flexibility and often leads to better odds due to competition among the bettors. However, it is important to understand the risks and opportunities related to this form of betting and to use it responsibly.