Understand the Difference Between Bookmaker Betting and Exchange Betting
This blog is very insightful for people who want to clearly understand the difference between bookmaker betting and exchange betting (also known as traditional betting and modern betting).
What is Bookmaker Betting?
This is a traditional style of betting where a bookmaker (bookie/keeper) is the person or organization that sets the odds, accepts bets from people, declares the winner, and pays the prize money.
This traditional betting is known as a fantasy market, which mostly revolves around simple “yes” or “no” based bets.
What is Exchange Betting?
This is a modern style of betting where you can place bets as back (blue) or lay (pink). You set your own odds and decide how much you want to bet. There is no third party involved.
This modern betting is known as fantasy market 1, which is based on back and lay bets.
The Difference Between Bookmaker Betting and Exchange Betting
Here is a clear explanation to help you understand what makes them different:
Bookmaker Betting:
- Bet market works on simple yes or no outcomes.
- Requires a third person (the bookmaker) to handle withdrawals of winnings.
- Odds are mostly set by the third party.
- Limited market variety: usually cricket, football, horse racing, and tennis with fixed odds.
- You compete against the bookmaker to win the bet.
Exchange Betting:
- Bet market works on back and lay betting options.
- No need for a third person; you can withdraw your own money from your wallet.
- Odds automatically change based on the match progress.
- Large variety of markets for many sports and games to explore.
- You compete against other players to win the bet.
Conclusion
This short informative blog explains the definitions and key differences between bookmaker betting and exchange betting to help new players understand the basics clearly.
