How to bet with your own odds on Orbit Exchange? December 2, 2022 – Posted in: Featured Articles

How Do Betting Exchanges Work?


A betting exchange is a marketplace that enables gamblers to compete against one another at prices that are less expensive than those provided by a conventional sportsbook.


Two customers place a wager against one another after deciding on the odds and stakes for a particular game.


Since betting exchanges don’t require large oddsmaking teams, they have low overhead and may charge significantly lower fees on bets than traditional sportsbooks, which often take 5–10%.


You may actually acquire NFL point spreads closer to -101 or even money on an exchange rather than betting them at -110.


A more user-friendly experience is also promised by several exchanges that employ straightforward percentages rather than American odds.


And because they won’t be constrained, exchanges appeal to high-stakes, professional bettors. No matter how skilled a bettor is, the exchange doesn’t care because it generates money by collecting a percentage of transactions, not by outperforming its customers.


Read More: Who are the Best Betting Exchange site and How to pick the Best Site?


Benefits of Sportsbook Exchanges

  • Lower Costs: Peer-to-peer betting means there are no sportsbooks to take their significant commissions. As the winning bettor, you will pay a few pennies per dollar as opposed to 10 cents. Exchanges are highly accommodating to customers.
  • Every market is a two-way one: Conventional sportsbooks frequently only offer one side of a wager. There must be someone willing to accept -700 if you want to wager on the Chiefs to win the Super Bowl at +700 on an exchange. As a result, you have the choice to accept “yes” or “no” for the majority of bet types.
  • You cannot be restricted or banned: If you’re a seasoned bettor who has encountered limitations at every conventional sportsbook, an exchange might be your best alternative. Simply locate someone who will support the other side of your activity. Since the operator is unaffected by your success, it won’t restrict you. Another issue for betting exchanges is the protection against manipulation.

Problems with betting exchanges

  • On smaller sports, you won’t always have your bets matched: You can always find someone to take the opposing side of a $100 NFL point spread wager on a well-known, liquid betting exchange. However, your bet might not always be matched if you’re attempting to wager on unusual sports or bet kinds.
  • Absence of bonuses: The same free-money or free-bet promos that traditional sportsbooks offer are not available on betting exchanges.

Determining your own odds

Setting your own odds is possible through a betting exchange. Even though there is no assurance that your bet will be matched, offering odds that are better than what the market is currently offering will improve the likelihood that your bet will be accepted.

You decide the odds

  • Use the arrows in the “Price” box to change the odds, or manually write the odds you want. In the example below, even if the current back odds are 1.54, a back bet with odds of 2 can be made.
  • Your wager will be added to the market and made available to other players should they decide to wager at the same odds as you.
  • Your wager will be added to the market and made available to other players should they decide to wager at the same odds as you.


Read More: What is an Orbit Exchange account?


Important Point: The specificity of the odds you can select is constrained. Odds can be changed in 0.01 increments for odds under 6. The increments grow in size as the odds rise. A wager cannot be placed if you try to do so with incorrect odds. To navigate to the closest set of legitimate odds, use the up/down arrows on the price box.


Read More: Orbit Exchange Commission


Reasons to Use the Betfair Exchange and Set Your Own Odds


1) Why not accept better odds? We all agree that the best odds are ideal, and if you set the odds a little higher than what is currently being offered, there is a chance that the other side of the bet will take the risk and match your wager. It makes sense to try to get better odds on the Betfair Exchange because they mean more money for us when our bets win.


2) Advanced in-play betting – If you enjoy betting on sporting events in real time, you’re probably already familiar with the approach of waiting for odds to reach a certain point before placing your wager. For instance, you may be aware that a horse travels poorly in the early going of a race and may be thought to have a lower chance then than before the race. In this situation, you can just “put an order” at the odds you wish and wait for the wager to be matched rather than waiting around for the odds to rise.


3) Advanced cash out – In a similar vein, you can cash out before reaching a specified reward. This can be helpful if you are betting on strong traveling horses that often appear to be significant threats during a race but may not have the strongest finish. As an illustration, you could wager on the horse at 8.00, watch the odds start to decline to 4.00, and then lay the wager off to earn money. It can be manipulated in a variety of ways to benefit the gambler.


Betting with your own odds FAQs

  • What are some of the benefits of Sportsbook Exchanges? 

Lower markets and every market is two-way. 

  • What should be kept in mind while deciding your own odds? 

You are limited in how specific odds you can choose. For odds under 6, odds can be altered in 0.01 increments. As the probabilities increase, the increments increase in size. If you attempt to put a wager with the wrong odds, nothing will happen. Use the up/down arrows on the price box to move to the closest set of reliable odds.

  • What are some of the disadvantages of betting exchanges? 

Absence of bonuses and not having your bets matched.