Which other betting sites are like Betfair?

In today's ever growing world of internet betting, the use of sports betting exchanges is becoming more and more popular.
Because of how they differ from standard online sports books, betting exchanges have transformed the betting experience for many punters. The revolutionary opportunity to ‘lay’ bets, provides users with more betting freedom than ever before.

‘Backing’ and ‘Laying’ simplified

For even the occasional punter, ‘backing‘ is a fairly straightforward concept. To ‘back‘ a selection is simply betting on a selection ‘to win‘, unsurprisingly the most common type of bet.

‘Laying‘ a bet on the other hand, is something that perhaps the less serious punters will not be as aware of. Laying a bet is exactly what regular bookmakers do every day, when you place a bet with as ports book, they are laying the bet.
Essentially a ‘lay‘ bet is betting on something to lose, by offering odds on a particular selection to someone else who wishes to bet on the selection to win. Thus, adopting the role of the bookmaker.
On the right picture: Horse racing is popular betting market. It seems much easier to lay one of the favourite horse than back the winner.
Don't you think so?

Laying on the exchange, not to be confused with what bookmakers do

It is foolish to assume that laying bets is a short cut to profit just because you are assuming a similar role to the bookmakers. Although opting to lay a bet on the exchange allows punters to go through a similar practice to the one bookmakers do, it is still very different.

It is important to understand that bookmakers lay all of the runners/entrants in a particular market and are aiming to price up the event in a way which allows them to make a profit regardless of the outcome.

For punters achieving a similar thing on an exchange is simply not plausible. Exchanges run on a person to person operation and therefore the odds (particularly at the outsider end of the market) are a much more accurate representation of the entrant's realistic chances, thus making it almost impossible to lay each entrant at odds which would guarantee a profit no matter the end result.

On the left graphic: The typical view of horse race market at WBX betting exchange. You can back or lay the particular horse, using in-depth odds market information.
If you are not satisfied with the odds available currently on the market, you can place your unique bet with your own odds and stake.

Laying, a different opportunity

Particularly on sports such as soccer, being able to lay bets on the exchange opens up potentially lucrative new opportunities for punters.

For example, your opinion of an upcoming soccer match is that the favourites who are priced at 1.80 may struggle to break the opposition defence down and as a result will not have the game their own way.

You are convinced that they will not win the game. So, using the sports betting exchange you decide to lay the favourite's at odds of 1.80 for a £20 stake.
Effectively, what you've done here is place a bet on said favourites NOT TO WIN, by offering the bet at odds of1.80 to someone of the opposite opinion for a £20 stake.

If you are correct and the game finishes in a draw or a win for the other team you have won the £20.
If it turns out you were wrong you would have lost £16 (with laying the liability is; the stake, multiplied by the laying odds, minus the stake).

It just so happens that as you suspected the game is played out in a dull fashion before ending as a 0-0draw.
Thus you have profited as a result of laying the bet. It is easy to see how having the opportunity to lay bets, offers an interesting new dimension to betting.
A potentially profitable one at that. As I'm sure a lot of people will agree, it's sometimes easier to say that one team really ought not to win, as appose to saying one team will win.

Alternative to Betfair

It is no secret that Betfair are the current market leader in the world of betting exchanges, but simply because Betfair are the biggest or most known does this make them the best?

Aside from perhaps the markets, or a variety of markets offered, generally the best selling point of any betting exchange, is the commission charged on winning bets.
Betfair charge a base commission rate of 5% on the net winnings (but can be as high as 7.5% in some countries), whilst offering a discount for regular users.

Having said that, what is less known perhaps, is that Betfair also operate a premium charge for those punters whose account is in profit. Although Betfair has stated: “a small number of our most successful customers will incur premium charges”, it is nonetheless a factor which has left some successful punters with cause for concern.

Betfair also charge what they call "inactivity fee". If (for any reason) you do not log in to your account, for a specific period of time, Betfair is going to charge you inactivity fee on monthly basis, which could eat up money you left in the account.

Additionally, this is an area competitors can potentially exploit, by simply choosing not to lay down a premium charge. Exchanges such as WBX (World Bet Exchange) who charge a standard commission rate of 5% and as low as 3% on specific three entrant markets such as soccer.

WBX are also able to boast the fact that they offer their customers the promise of no premium charges, regardless of whether a member's account is in profit or is turning over regular winnings. WBX offer great odds, with live betting available on a wide selection of sports.

We are sorry to announce WBX closed betting exchange website.
If you prefer, please visit our dedicated page about WBX betting exchange, available at our site. Enjoy!