The internet allows players to place their wagers anytime and anywhere they are. As a result, the sports wagering industry has grown in popularity in recent years. However, many beginners don’t know the difference between betting exchanges and sportsbooks.
At present, sportsbooks are the top choice when betting on sports. However, using betting exchanges is gaining popularity. If you want to learn how to become a bookie, you need to know the difference between the two.
Know More About Betting Exchanges and Sportsbooks
When you want to open a sportsbook or wager on sports, you need to know about betting exchanges. They work differently from sportsbooks. Also, players don’t go against the bookie. Instead, players go against each other.
An individual can offer odds on a sporting event that other players can accept or reject. The two common types of bets wagered on betting exchanges are Lay and Back. Placing a Lay wager means you are going against the odds. Thus, you are betting on the other athlete, horses, or team instead of the one supported by the maker. On the other hand, Backing means you are wagering on the odds offered by the other player.
Another advantage of using exchanges is that they don’t add vigs or juice to the odds. However, they do charge fees for the transactions. Wagering exchanges charge commissions as low as one to two percent.
On the other hand, sportsbooks have vigs in the odds. That is how bookies make their money. Also, bookies decide the odds that are usually in their favor. As a result, most bookies enjoy making money from both winning and losing wagers.
If you want to profit from sports betting, exchanges can make you a lot of money. However, sportsbooks remain the most reliable sports betting platform today. So, make sure you find a bookie pay per head that is fair when it comes to vigs.