Sportsbooks and Betting Exchanges – What’s the Difference?
If you’re like most people in the sports betting world, you’ve probably heard the term betting exchange. However, you may not be completely sure what it means. How is it different than a traditional sportsbook? Which is better? More importantly, which one is for you?
For years, sportsbooks have been the method of choice for betting. This is how the word “bookie” originated, meaning the person who takes the bets. In a sportsbook, you are betting against this bookie, and your bets are almost always placed to win.
In a sportsbook, you can combine unrelated bets (usually bets on different games in different sports) to earn yourself a larger win. Sportsbooks have also been known to offer very attractive incentives. Getting your money back on a bet if the game ends in a tie is a popular incentive, although new incentives and bonuses are being thought up and implemented all the time!
The largest difference between a betting exchange and a sportsbook is that in a betting exchange, you can bet against other individuals just like you. This adds an exciting new dimension to betting that many people find very attractive.
Betting exchanges allow bettors to places bets for losing and winning. This means that your betting possibilities are essentially doubled. It also allows you to bet on a game even if you’re not really sure who will win. If you feel that a certain team has absolutely no chance of winning, you simply place your bet for that team to lose!
A betting exchange operates on odds which are set by the bettors themselves. However, this depends on others taking your odds. Make the odds reasonable, otherwise your bet won’t attract anybody else and you won’t have a chance to win anything.
These institutions operate by taking a commission on the winning bets. While this tends to lead to better odds, it also means that the familiar bonuses and incentives offered by traditional sportsbooks are usually not offered.
Which is Right for You?
When you’re choosing between a traditional sportsbook and a betting exchange, the only opinion that matters is your own. Different people have different tastes and preferences, and those preferences should be your guide. Do you enjoy going after bonuses and incentives? Is the traditional structure of betting against a bookie something that you’ve been familiar with for years and truly enjoy? If so, then you may be happiest sticking with a traditional sportsbook.
However, if you like to try new things, you enjoy the idea of betting against other individuals and setting your own odds, and if you like the novelty of betting on a loss, you may love betting exchanges.
No matter which method of sports betting you choose, you’re sure to have fun. After all, people have been placing bets on sporting events since the beginning of sports! Betting makes the game, race or meet much more exciting to watch, and the competition and camaraderie that comes from betting can be a draw in and of itself.