How to Modify the Odds
Betting Exchanges like Winfair24 allow bettors to bet against one another forming matched back and lay bets. A very unique feature is that bettors can modify their odds, which means that they can set the odds at which they are willing to back or lay a bet.
Let’s take an example of how you can modify your odds for both back and lay bets.
Modifying Odds for a Back Bet
A back bet is when you are betting on a particular outcome to happen.
We will pick the Premier League soccer match “Crystal Palace v Tottenham” and we will see how you can modify your odds for a back bet.
On the left side of the platform, go to the events list, click on Soccer → English Premier League → Crystal Palace v Tottenham (or the match you want) → Match Odds (or the bet type you prefer)
In our example we will back Tottenham to win. We will click on the blue box across the Tottenham row at 1.87 odds. Immediately the betslip opens at the right.
The current best available odds are 1.87. However, we believe that these odds are too low and want to get better value. We can modify the odds by offering to back Tottenham at higher odds, for example 1.95. We click on the odds and either we type 1.95 or we modify them using the upper bow. We place our stake (100EUR) and we can see our potential profit and loss.
By clicking on the Submit button we confirm our bet. If some other bettor on the exchange is willing to lay Tottenham at odds of 1.95, our bet will be matched and we will have a potential payout at those odds.
Modifying Odds for a Lay Bet
A lay bet is when you are betting against a particular outcome. For example, if you think Crystal Palace will not win the match, you would place a lay bet against Crystal Palace.
On the left side of the platform, go to the events list, click on Soccer → English Premier League → Crystal Palace v Tottenham (or the match you want) → Match Odds (or the bet type you prefer)
In our example we will lay Crystal Palace to win. We will click on the pink box across the Crystal Palace row at 4.6 odds. Immediately the betslip opens at the right.
We can either accept the odds offered or we can modify them at which we are willing to accept the bet. This means that we can set the odds at which we are willing to take the risk of someone backing the opposite outcome.
The current best available odds for Crystal Palace not winning are 4.6. However, we believe that these odds are too high, and we want to minimize our potential losses. We can modify our lay odds by offering to lay Crystal Palace at lower odds, for example 4.0. We click on the odds and either we type 4.0 or we modify them using the lower bow. We place our stake (100EUR) and we can see our potential liability and profit.
By clicking on the Submit button, we confirm our bet. If someone on the exchange is willing to back Crystal Palace at odds of 4.0, our lay bet will be matched, and we will be accepting the risk at those odds.
Modifying odds is a strategic decision in betting exchanges. It allows you to seek better value or manage your risk, but there is no guarantee that your bets will be matched at the odds you specify, as they depend on other bettors on the exchange willing to take the opposite side of the bet.
It is essential to understand the dynamics of the exchange and how odds fluctuate based on the market demand and supply.