Betting on the exchanges stands out from the typical bookmaker for many reasons, but there is a specific one making the punters’ wagering experience so much different and unique, that have made the exchanges a must for every player out there. The fact that you can become the bookmaker is the one intriguing the bettors so much more than placing a bet on a typical sportsbook. This is the time when your knowledge is going to go head to head with another player’s with the prize being more and higher profits.
It is not easy to succeed in becoming a bookmaker, as you will need to master the league you are interested in, the understanding of the odds, the art of researching every single detail and more. But the final outcome is so much satisfying that leaves no room for doubt that the betting exchanges are the epitome of your transformation from a recreational punter to an advanced one and from there to a pro bettor. In the following lines you will have the chance to see how you can use the lay betting feature to successfully become a bookmaker, so keep on reading and you can thank us later.
Becoming a bookmaker by placing lay bets: How to do it
Everyone placing bets has the dream of becoming a bookmaker one day, to be the one to set the odds and the others should place their bets on them. That wait is over, as the betting exchanges brought to the punters the possibility to become the bookmaker themselves through the lay betting feature. Essentially, the lay bet is a statement that a specific outcome will not happen on the event of your choice. You are the one to set the odds, so you literally become a bookmaker, you place your bet and then you wait for another punter to come and match your bet.
When you will enter a Betfair powered betting exchange like OrbitX, Winfair24, Whitehorse or Fair999 among others, you will find the layout you might have encountered on your days on Betfair, so it will be probably be easier to understand which are the lay and which are the back odds. The first ones, the ones that will help you become a bookmaker, come with a pink color, while the latter ones come with a blue color.
As you understand, the pink ones are those to serve our purpose, so you click on them and then you tweak the odds. You will see a starting price and the amount of bets that have already been matched. This is the time you become the bookmaker, as you set the odds on this specific outcome, you place the bet and you next wait for another punter to come and buy your odds, backing the outcome you layed.
In the case you win, you double your money, but in case the punter that matched your bet wins, you will lose double! From the one hand you will lose your placed bet, but since you have become the bookmaker you will also have to payout the winnings to your opponent. Note that in case you have decided to become a bookmaker, you must have available at your account the money of the liability, which will have to be paid in the case of your lost lay bet, otherwise the system will not let you place that lay bet.
So, how exactly can you make more money by becoming a bookmaker? There are some strategies that could help you do your thing. But before we jump into some of them, always remember that knowledge is power in your quest of becoming a bookmaker. That means that you should always make informed decisions, based not only at your hunch, but on data like statistics, team news, the way each team plays on every match, even the weather conditions or the referee of the match.
Having said that, let’s get to the most popular strategies. One of them is trading, or as it called, the back to lay betting system. You start by placing a back bet just like you would normally do on any betting exchange or bookmaker. But you should make sure that you buy the odds as soon as they are published, so you have the possibility to shop around the best possible prices.
Then you just have to wait for a movement of the odds and as soon as that becomes a reality, you will go on becoming a bookmaker on the same or on a second exchange by laying the same outcome. Make sure that you have made the correct calculations through an arbitrage calculator, so you can end up with a certain profit at the end of the day.
Another way to go is using a cross market trading system. You go on becoming a bookmaker not on one, but on two separate but similar outcomes and as long as you get the correct odds you will end up getting a profit. For example you back a 0-0 draw and at the same time you will go on becoming a bookmaker by placing a lay bet on the draw. As you understand you have managed to cover many possibilities with that strategy and it could possibly lead you to huge winnings.
As a conclusion, remember to place your lay bets on the best Betfair powered betting exchanges, like OrbitX, Winfair24, Fair999 and Whitehorse, which can only be found on the top betting broker in the world, Brokerstorm. Register your new Brokerstorm account now and handle 5 different operators through a single account and wallet!