NBA Betting Exchange
If you’ve been following our continuous and ever-evolving NBA betting guide, you will know that we encourage each and every bettor to try out the unconventional and expand their area of expertise since there are other methods they have yet to discover. One example is the NBA betting exchange–a new betting platform that eliminates the need to face the house edge.
If regular sportsbooks only allow you to bet against the house edge, NBA betting exchange sites offer a very different approach. These platforms don’t limit your choices. Here, you are allowed to bet against other bettors, with the exchange only acting as an intermediary. This means that you can either act as a bettor or a bookmaker. You can “Back” and “Lay” an NBA event.
Backing is betting that an outcome is going happen (the role of a bettor), while Laying is betting that an outcome is not going to happen (the role of the bookmaker). Take note that Lay bets work differently with back bets since you are expected to function as a banker. If you lay a bet and you lose, you need to pay out the backer like how a traditional bookmaker would.
In this Backing and Laying process, the betting exchange has the following functions:
- Organize the market and selections for betting.
- Choose and pair up the backers and layers.
- Put on display the unmatched bets.
- Keep the backers and layers’ money while the game is on-going.
- Hand over the winner’s payout with the loser’s money (while taking a 2% – 4% commission from the winner’s profit).
ADVANTAGES OF NBA BETTING EXCHANGE PLATFORMS
Given the definition and explanation for NBA betting exchange, we can see that the model has two main advantages: the bettor can expect to encounter better odds in all markets at all times, and take advantage of the ability to lay in certain situations. Betting exchange sites only take a small commission and it is clearly more competitive than the sportsbook’s overround discussed previously. A 2% commission is equivalent to a 1% overround, giving you a selection with virtually better odds. As for your ability to lay, this grants you more options and control over the situation. You can set your own odds and put trading or hedging into practice.