Betting Exchanges (1) – Cyril’s betting advice (part 10)

Trading at Betting Exchanges

I could spend many hours describing Betting Exchanges and their many many good points and their very few bad ones. I will explain things to the best of my ability but should there be something I miss or which needs further explanation, do let me know.
Using the Betting Exchanges to place you bets, is by comparison to Betting Shops, the new kid on the block.
The concept is a little older than many people realise. BetEx was the first exchange about 8 years before Betfair. Betfair however, is the company that really started to get the bandwagon rolling. The brainchild of Andrew Black, aided and abetted by Edward Wray, Betfair started trading in 2000. The revolution had begun. Of course it didn’t take the detractors long to get their voices heard. "Unfair competition" , "it’ll never work", "they should be taxed the same as us". The voice of the hard-done by bookies. (Me included, at the time). All to no avail.

It did work, of course, and threw open a door to better pickings than offered by the bookmakers. (well 99% of the time, anyway). Betting with the exchanges will almost always give you a better crack of the whip, odds-wise. Not always the 20% that Betfair claim in their ads, but the difference will be there.
The beauty is that you’re pitting your wits and choices, against a fellow backer. Also if the price you think your selection should show at isn’t there, then you can request for it to be "offered". Provided you’re not asking for the moon, you’ll more than likely be matched.

There are around half a dozen exchanges, Betfair, Betdaq and WBX the three most favoured. If you take your betting seriously you should have accounts with at least  two of them. Having an account with an exchange will give you the ability to "chop and change" your strategies and, hopefully give you that "edge".

The biggest boost from the exchanges, is of course, the chance to back at the enhanced odds. Closely followed by being able to bet "in-play" on football matches.( Or in-running if you’re a gee-gee backer).                                  
There are of course other "goodies" to be had.  Back your team to win,  or if you have that  little doubt about them, back your opponents not to win, (i.e. LAY THEM), instead.  This is just the start. 
You can expect to see twenty, or sometimes more, markets on an "in-play" football match. There’s something there for everyone. Match odds, correct scores, half-time/full-time results, over/unders, ( a goal count bet) number of corners, etc etc. You name it, there’ll probably be a market to meet your needs. 

Of course, with football being a world-wide game, you’ll find coverage worldwide too. How exotic to be able to have a double on say, Flamenco of Brazil and Real Madrid. They’re there for the backing.

Ultimately, you’ll find yourself  with three choices. Back, lay or trade. The purists throw up their hands in horror when you mention trading, but there is good money to be made trading, especially if you can give yourself a "Green Book".  ( More about this later). The main thing to do when you decide to trade, is to find your strategy.  There are many bandied about but most have lost their "edge". Due too being aired too widely. Hence too small profit that was there has been eroded. "Too many cooks" springs to mind.                                                 
If you’re content with a small, but often, profit, then trading might just be your thing.  Many people who make a living from their betting are quite happy to make between 5 and 7 1/2%. I know it doesn’t sound a lot but do you know anybody who does even this well?
So finding a strategy to suit your needs is the first goal.