Betting Exchange
20:15 Luke Humphries v Michael van Gerwen- Match Betting (Mon) Chelsea v Everton- Match Odds (Mon) West Ham v Leeds- Match Odds. Man City v Southampton- Match Odds. 20:00 Athletic Bilbao v. A betting exchange allows members to bet against each other rather than a bookmaker. Customers can offer odds to, or request odds from, fellow bettors. Check out our guide to the Betfair Exchange. Betting Exchanges, on the other hand, make money by charging winning bets a commission – the actual rate varies by exchange but is usually around 5%. Betfair vs Betdaq. Betfair was the first betting exchange. Why take a Betting Exchange course. Doing a Betting Exchange course is a direct investment in yourself with the aim of growing professionally and humanly by learning a profession and drastically. Betfair’s Betting Exchange lets you bet against other people and get great odds on thousands of markets every day. Best Odds Bet In-Play Cash Out. Join Betfair Now ».
The biggest and most well known exchange is Betfair, and after a 7 year long battle to break into the US market they finally launched the first US betting exchange in May 2016. Betfair US have been providing the service to American punters at the New Jersey Monmouth Part racetrack from May, in partnership with Paddy Power and Darby Development.Initial exchange operations are focused on horseracing, though it won't be lost on US punters that exchanges cover the full range of sportsbetting options.
Up to now Betfair have been running a betting operation using 4NJBets - a sportsbetting site who's Customers have got first try at the new exchange in a closed beta trial. Betfair also runs an online casino in New Jersey in conjunction with Atlantic City’s Golden Nugget casino.
Although initial results have reportedly been strong, it may take US punters some time to catch on to the big value that can be obtained. To help, Betfair are setting up an exchange simulator to help punters learn about the offer.
The full list of tracks which have made agreements to offer Exchange betting include Monmouth Park, Woodbine, and the tracks running live in Louisiana and West Virginia. In Canada, Woodbine racegoers can also use the service.
One element that might disturb prospective Customers is the 12% commission which will be charged on the win that comes out of any positive return exchange bet. In the UK, this figure is significantly lower, though we need to recognise that the liquidity in the US market may initially be low. Betfair need to cover their costs.
Liquidity In The Exchange Markets? What's That?
Clearly the understanding of how exchanges work needs to be built up in the heads of US bettors. Unfortunately this presents somewhat of a chicken and egg situation. To be successful an exchange needs to have plenty of cash being wagered - plenty in the pools to build up the chances of higher odds being available.
If there are not enough takers of the odds on offer (the exchanges Customers), then the layers will be prevented from offering higher odds. Everyone's out to make a profit, right? This is what's known as liquidity - essentially the volumes of money that make the betting markets viable.
Betfair obviously have a task on their hands to build up solidly and hopefully quickly - get as many US punters on to the Exchange as they can and show everyone the value.
So Really - What Value Do Betting Exchanges Give?
All of this talk about extra betting value for US sportsbetting fans is great of course, but it's worth knowing exactly how betting exchanges deliver that value. It's a big subject, and one which is already covered in many online articles so let's take a look at a few of the best:
The most obvious place to start is on the Betfair US exchange site itself, where you'll find plenty of info that'll help you get started.
Another option is to visit Wikipedia, the online encyclopedia which covers pretty much everything. The Wikipedia betting exchange article offers a great introduction.
Next up is a short BBC article on exchange betting which gives a clear description of how it all works. It's nearly ten years old but still worth a look.
Lastly this lengthy write up on betting exchanges at BettingMarket.com will take you deeper into the intricacies of the subject, explaining in specific terms how exchanges work and more importantly, how they deliver great value to betting fans.
For some more visual explanations there are dozens of useful betting exchange videos on Youtube channels.
These below specifically give a good - although basic - visual introduction. The first is Betfair's first promotional video for the new US exchange, the second comes from BetAngel and gives an introduction to exchange betting in general.
William Hill is a betting and gaming company, which employs approximately 16,000 people.
William Hill was founded in London in 1934 as a telephone bookmaking business and created its first licensed betting offices in 1966.
In June 2002, William Hill was floated on the London Stock Exchange. In 2005, it acquired Stanley Leisure plc’s licensed betting offices in the UK and Ireland, which resulted in William Hill becoming the UK’s largest bookmaker.
William Hill’s business strategy is based on these pillars:
- Multi-channel: capture an increasing share of customers’ gambling spend across both the retail and online channels in the UK.
- International diversification: leverage the company’s expertise in international markets to grow non-UK revenues and profits thereby diversifying and reducing business risk.
- Technology: use technology to provide a competitively differentiated product suite.
William Hill’s believes sports betting, which it considers one of its main areas of expertise, is the most important product for attracting and retaining online customers in the UK. This is because it targets the largest single segment of the online gambling population, has a relatively low cost per acquisition, the longest customer lifespan and the best cross-selling potential along with the greatest opportunity for product differentiation.
William Hill is comprised of four businesses:
- The high street-based operation in the UK, with approximately 2,370 licensed betting offices, which provide betting opportunities on a wide range of sporting and non-sporting events, gaming on machines and numbers-based products including lotteries.
The UK is William Hill’s primary market.
- Digital betting and gaming via www.williamhill.com providing customers with the opportunity to access William Hill’s products online.
The UK online market, including mobile, is the fastest growing segment of the UK gambling industry.
- William Hill Australia, which offers online betting in the Australian market.
- William Hill US, which operates sports books in Nevada and is the exclusive bookmaker to the Delaware state sports lottery.
William Hill’s betting products are divided into two categories: sports betting and betting on other events. The most popular sports betting products are horse racing, football, tennis and greyhound racing. William Hill also offers odds on many other sports such as rugby, cricket, golf, motor racing, darts, snooker, American football, Australian Rules football, baseball, basketball and ice hockey.
William Hill accepts a range of different types of bets from simple bets on the outcome of a single event to more complex bets, such as accumulator bets on the outcome of a number of different matches or sporting events.
Other events include bets on non-sporting events, such as the outcome of political elections, television competitions and popular music chart results, as well as high profile novelty bets.
William Hill’s gaming products, whose outcome is dependent on chance, include slot machine games (played either on physical machines or online), casino games, bingo, poker and other skill games. Skill games, are games, it is argued, where the odds can be changed over the long run based on the application of skill (for example, games between customers such as poker).
With William Hill’s gaming products, the customer bets against the house and the William Hill makes its profit based on probabilities in the long run of different events occurring and uses “house” rules and procedures to apply risk limits.
William Hill has extensive experience in the following risk management and bookmaking procedures, which it believes are essential to operating a profitable betting operation:
- Imposing bet acceptance limits.
- Hedging.
- Expert odds compilation.
Betting Exchange Australia
In addition, the breadth of betting opportunities that William Hill offers to customers, enable the company to spread its risk over a large number of events.
William Hill’s gaming products (casino games, slots, poker and bingo) increase the company’s opportunities to cross-sell multiple products to customers, maximising the customer spend across channels. Profits from its gaming products gaming are more predictable than sports betting margins, which fluctuate, and provide a more stable source of revenue for the company.
William Hill has rolled out self service betting terminals in its high street betting shops. The goal of this is to bring the massive product range that it has created for its online customers available to its retail customers.
List Of Betting Exchanges
In the UK, in-play betting and mobile gambling have been the key drivers of growth in the past few years. William Hill, along with much of the gambling industry, relies on third party software suppliers for its online offerings. William Hill’s intention is to develop more of its software in-house, in order to bring customers a more differentiated offering and to deliver innovations to customers faster and more frequently.
Betting Exchange Odds
Part of William Hill’s online offering provides destination-themed gaming. Alongside its Vegas product suite, William Hill provides a Macau casino along with a “Mayfair” branded product offering.