How does Gambyl Betting Exchange Work?

What is a Sports Betting Exchange?

A sports betting exchange is a platform for bettors to trade or bet against each other on the outcome of certain events. It is very similar in many ways to a traditional sportsbook in that you can place a bet and win money. It differs by allowing bettors to bet against each other instead of betting against the house or, more accurately, against a bookmaker, because bettors can pick several line options to back or lay, you are acting as a bookmaker by setting odds for an event and playing against other users on the exchange.

At Gambyl, we want you to win — you’re only charged fee based on your winning bets. If your bet doesn’t come through, you don’t pay a thing.

Unlike Sportsbooks, we’re not trying to beat our customers.

How do Betting Exchanges Work?

The Bookmaker is taken out of the equation. In a sports betting exchange, bookmakers play no role.
Exchanges have much lower commissions and fees. You keep more of your money in YOUR pocket.
We want you to win because we only make any commission when you win.
If you lose a bet, you are not charged anything.

A betting exchange is a marketplace allowing bettors to bet against each other with much lower fees than traditional sportsbooks offer.

Players agree on the odds and stakes for a game and bet against one another.

One player might offer, or BACK, a $50 bet on the Buccaneers -3 against the Cowboys, and another player on the exchange can accept my offer and bet against or LAY the Bucaneers (which is the same as betting on the Cowboys to win at +3).

When this happens, it’s called a matched bet. This is how Gambyl is a peer-to-peer betting exchange, meaning you’re actually betting with or against other players.

Betting exchanges have low overhead because we don’t need oddsmaking teams, so we charge a small fee on each bet — much less than the Vig (or Vigorish) a sportsbook takes.

You won’t be worrying about your winnings and potential payouts, once you win your funds are instantly available in your wallet and ready.

Why are Betting Exchanges Better Than Sportsbooks?

A sports betting exchange is a platform for bettors to trade on the outcome of certain events. It differs by allowing bettors to bet against each other rather than a bookmaker – so bettors can act as a bookmaker by setting odds for an event, or the customer by backing the odds set by other users on the exchange.

Betting on the Gambyl exchange gives you an exciting and fairer way to bet on sports, politics and other events. The fairness of the Gambyl exchange is that most markets are close to 100% – known as a fair book – whereas bookmakers have a builtin over-round, resulting in tighter prices and less value.

As an example an eight runner horse race will be very close to the previously mentioned 100% on the Gambyl exchange, but with a sportsbook, their inbuilt over-round will have the race somewhere around 112%.

Playing “the old fashioned way” gives sportsbooks their profit margin and also gives bettors much less value.

A betting exchange is a platform for bettors to trade on the outcome of certain events. It differs by allowing bettors to bet against each other rather than a bookmaker – so bettors can act as a bookmaker by setting odds for an event, or the customer by backing the odds set by other users on the exchange.

The technology of a betting exchange like Gambyl allows players like yourself to instantly identify the odds they are looking for to place the bets they want.

Importantly, the prices on a betting exchange are determined by the wisdom of the crowds, rather than being determined by a bookmaker.

Back Bets and Lay Bets

Sports betting exchanges are platforms that allow bettors to place bets on various sporting events, including soccer matches. One type of bet that is available on these exchanges is a back bet and a lay bet.

A back bet is a bet that is placed on a specific outcome occurring. For example, if you think that Manchester United will win a Premier League match against Arsenal, you can place a back bet on Manchester United to win. If Manchester United does indeed win the match, you will win the bet and receive your winnings.

On the other hand, a lay bet is a bet that is placed on a specific outcome not occurring. Using the same example, if you think that Manchester United will not win the match against Arsenal, you can place a lay bet on Manchester United not to win. If Manchester United loses or the match ends in a draw, you will win the bet and receive your winnings.

It’s important to note that when you place a back bet or a lay bet, you essentially act as the bookmaker. This means that you accept bets from other users, in reality you don’t have to do a thing, by placing your bet at Gambyl. The best part: you are not responsible for paying out the winnings, that what we do (well our platform does) at the Gambyl Sports Betting Exchange.

Platforms like Gambyl, BetFair Betting Exchange, Matchbook and Prophet Betting Exchange allow bettors to place bets on various sporting events, including soccer matches.

One type of bet that is available on our exchange is a back bet and a lay bet.

On the other hand, a lay bet is a bet that is placed on a specific outcome not occurring. Using the same example, if you think that Manchester United will not win the match against Arsenal, you can place a lay bet on Manchester United not to win. If Manchester United loses or the match ends in a draw, you will win the bet and receive your winnings.

It’s important to note that when you place a back bet or a lay bet, you are essentially acting as the bookmaker. This means that you are accepting bets from other users and are responsible for paying out the winnings if your bet is successful.

Not to worry! There’s nothing else you need to do when playing on the Gambyl Sports Betting Exchange, we handle all of the payouts to other players whether you win or not.

In summary, back bets and lay bets on sports betting exchanges allow users to bet on the outcome of a sporting event. A back bet is a bet that is placed on a specific outcome occurring, while a lay bet is a bet that is placed on a specific outcome not occurring. By acting as the bookmaker, users have the opportunity to win money by accurately predicting the outcome of a sporting event.

and lay bets on sports betting exchanges allow users to bet on the outcome of a sporting event. A back bet is a bet that is placed on a specific outcome occurring, while a lay bet is a bet that is placed on a specific outcome not occurring. By acting as the bookmaker, users have the opportunity to win money by accurately predicting the outcome of a sporting event.

The Advantages of a Betting Exchange

When exchange betting was first introduced, many players and operators believed it would revolutionize sports betting and lead to the death of the sportsbook. While it’s had a major impact on the sports betting industry, and it’s proved to be very popular with bettors, it hasn’t yet replaced betting with bookmakers and online sportsbooks.

Exchange betting is also known as peer-to-peer betting, which is actually a more accurate description of what it is. It’s basically about betting against other individuals, rather than a bookmaker, which is why so many thought it would kill off traditional bookmaking.

On this page we’re explaining the basics of, and how to use betting exchanges. We even looked at the advantages and disadvantages of exchange betting when compared to traditional sports betting.

Even though our CEO doesn’t like this part, let’s dive into the advantages and disadvantages of a sports betting exchange.

Advantages of a Betting Exchange

A betting exchange is more flexible than a sportsbook because it allows you to bet against other people instead of against the house.

This means that you can set your own odds, which can be more favorable than the odds offered by a sportsbook. In addition, exchanges typically offer more markets than sportsbooks.

Reasonable odds

Betting exchange sites offer better odds as opposed to standard online betting sportsbooks.

This is more often the case with longshot bets, which generally carry better odds at exchanges. Such exchanges look at longshot bets as easy money and offer fair odds to attract more gamblers. In comparison, standard sportsbooks provide unfair odds in order to reduce the risk of losing money. Hence, it is better to place odds at betting exchanges as they offer good deals. However, one must keep in mind that a minimum commission needs to be paid in case one wins a bet.

Laying bets

This can’t be done on standard bookmakers, which provide a more traditional sort of betting experience But with lay bets you can make money not only by winning bets but also by losing ones – which means if Real Madrid win or lose against Liverpool then one could make money off their opponent too.

Guaranteed profit

In case of betting exchange sites, one can book profits before an event has even started. For example, one bets on Manchester United to beat Liverpool at 2.5. However, before the start of the match, if you find out that the top three players are ruled out of the game, the odds could rise significantly and you can lay off the bet at 5.

No punishment for success

Bookmakers banning successful bettors is a fairly common practice in sports betting. Betting on multiple or all possible outcomes frequently leads to bettors being banned. Being sharp or good at placing your money on the right bet is another reason why bettors get banned, effectively making them a victim of their own success. However, betting exchanges don’t restrict bets or place bans on you for being successful, making them the go-to platform for skilled and professional bettors who are immersed into the sports betting industry.

Disadvantages of a Betting Exchange

There aren’t many drawbacks to playing on a sports betting exchange, from transparent, low fees on winning bets only to blockchain and smart contract tracked bets, the pros out weigh the cons.

The lines on a betting exchange depend on the number of players backing or laying a bet. This mean you’ll need players to bet against so the market has liquidity.

The liquidity is the amount of money available for you to bet (back/lay) at the corresponding odds on the corresponding selection. The liquidity that you see available at each odds increment can be a combination of one or more different users’ unmatched bets. You can bet all or part of that amount.

If there isn’t enough liquidity, your bets won’t be matched.

It’s unlikely this will happen often if you’re betting on popular sports leagues like NBA, NFL or Liga MX, but it could happen with less mainstream ones like motorsports or eSports.

Differences Between a Sportsbook and a Betting Exchange

Even though there are some similarities between betting exchanges and sportsbooks, the two are not the same.

The main difference is that traditional online sportsbooks make profits by offering less efficient odds. Even if you covered all the outcomes of an event in a sportsbook, you would never make money.

The odds and the fees (or the Vig) are always set in a way that the house will always (eventually) win.

Betting exchanges are quickly rising in popularity, with many players preferring them to traditional online sportsbooks.

But there are differences between betting exchanges and sportsbooks that you need to understand in order to avoid confusion and ensure you make the right choice where to play.

Commission vs. Betting Margin a.k.a The Vig

When you bet with a sportsbook, you are betting against the bookmaker and betting against the house. The bookmaker sets the odds and if you win, they pay out your winnings.

With a betting exchange, you are betting against other players. This means that the odds are set by the market and are usually better than those offered by a bookmaker.

There are two important mechanics to understand in a sports betting exchange: backing and laying…