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| Exchange |
Score |
Tax |
Deposit |
Freebies |
Review |
| BetDaq |
9½ |
2-5% on Net |
£20 |
£30+ |
2012 |
| BetFair |
?? |
2-5% on Net |
£10 |
NO |
To come |
| WBX |
9 |
2-5% on Net |
£15 |
£25 |
Closed |
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Bookmakers and
Spread Betting firms are companies designed to take your money. If you could
only find a real person who has the same interest in betting as you do but with
the opposite viewpoint, then you could bet with them instead. There would be no
tax or bookmaker's vig.
Well now there are services designed to do just this and they
are called Betting Exchanges, only they will be charging you between 2 and 5
percent of your winnings. There is no commission on losing bets.
Decimal Odds
Bet Exchanges use decimal odds for their main
markets although they do now offer traditional fractional odds should you wish
to have a traditional bookmaker style bet with the Exchange operators
themselves. Decimal odds are quoted as you would expect, e.g 3.5 instead of 5/2
in tradiional fractional odds.
At first glance decimal odds look more
complicated than fractional odds but when you get used to them they are easier
to understand as all you have to do to find the probability, or percentage
chance represented by the decimal is to divide 1 by the decimal odds.
So
decimal odds of 3.5 in percent is 1/3.5 or 28.6%. This is equivalent to 5/2
which would be calculated as 2/7. Another example is Evens, which represents a
50% chance and a decimal odds of 2.00. So 1/2 equals 0.50 or 50%.
How
Does It Work?
You think of the bet you would like to make and look
through a bet exchanging web site to see if anyone has listed their intention
to take such a bet on. If not then you can list your desired bet and hope
someone else looks at it and chooses to accept it.
What to bet
on
The sites usually concentrate on Racing, Sports Betting and World
Events. However you can dream up any bet you fancy, like 'how many shows before
someone wins the £1million in "Who wants to be a millionaire"'. Each site
explains how to formulate the wording so that it is easy to read.
How
to Pay
Before taking or posting a bet, punters must deposit money with
the website. As soon as a bet is struck the amounts staked are immediately
taken from the accounts and placed in a holding account until the bet is
resolved.
How does the site make money?
Bets have a percentage
deducted in the range 2.5-5%. It depends on the site you are in and
there is also a difference in the way you are charged. For instance some take
money from the total payout (including the returned stake) and others from the
net profit.
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