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Betting Exchanges

Exchange Score Tax Deposit Freebies Review
BetDaq 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

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 thereBet exchanging 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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