When it comes to the gambling industry, the betting exchanges are the most popular methods for people who want to bet on sports. This is due in part to their huge variety of markets and their easy-to-use interface. However, there are a number of reasons that you should consider using these services over traditional bookies (or even other online betting sites).
Here are some of those important reasons
- Lower Commission Fees
One thing that sets betting exchanges apart from traditional bookmakers is how much they charge for handling your transactions. Traditional bookmakers typically charge around 10% of what you win or lose. Meanwhile, betting exchanges often charge less than 1%.
This is because betting exchanges operate on a pay per transaction model. In other words, they don’t take any money up front. Instead, they charge only when someone wins or loses money. This means that if you use an exchange to place a single bet, you won’t be charged anything. And if you place multiple bets, you’ll usually only have to pay a fraction of what you would at a traditional bookmaker.
- Better Security
Online casinos, poker rooms, and other types of gaming establishments rely heavily on security measures to protect customers’ personal information and finances. Bookmakers are no different. When you make a bet with a bookmaker, you give them access to credit card details, bank account numbers, and other financial information. They then store this information on their servers so that it’s available whenever they need it.
However, this doesn’t mean that your data is completely safe. After all, hackers can easily break into a server to steal your info. That’s why many betting exchanges offer better security features. For instance, most do not keep your financial information on their servers after you’ve made a bet. Instead, they send the information directly to a third party payment processor, such as PayPal or Skrill. This way, your information remains secure.
- More Market Variety
Bookmakers are limited in terms of the types of markets that they offer. Most will only allow you to bet on English Premier League matches, for example. But betting exchanges provide a wide range of options. Some betting exchanges will let you bet on everything from professional football matches to horse races. Others will cater specifically to gamblers interested in sports like tennis or boxing.
This wide market selection allows you to choose exactly which type of wager you’re looking to make. It also gives you more control over where your funds go. For example, while a bookmaker might require you to deposit your money through their website before you can start placing bets, betting exchanges let you deposit your money via almost any form of digital wallet. As long as you use one of these wallets, you can begin placing bets immediately.
- Easier-To-Use Interface
Some people find that the interface offered by betting exchanges can be confusing at first. But once you learn how to navigate the different sections, it becomes fairly straightforward. Plus, most betting exchanges offer a live chat feature, so you can get help from customer service representatives if you ever run into problems.
Another benefit of using betting exchanges is that most of them offer free accounts. They simply ask you to create a username and password before allowing you to start making bets. If you decide to upgrade to a premium account, though, it’s usually very affordable.
If you already know how to play sports and/or gamble, you may be wondering whether you should try betting on your own. There are definitely advantages to doing this, but you must remember that betting exchanges aren’t perfect. Sometimes, the odds offered by a betting exchange may be inaccurate. Or you could risk losing your entire stake in case you lose. These are just a few examples of things that can happen during the course of a game. In general, it’s best to stick with betting exchanges unless you have a lot of experience playing sports and/or gambling.
So now that you understand some of the benefits of using betting exchanges, let’s explore the drawbacks.
- No Instant Access To Your Funds
One drawback of betting exchanges is that they don’t always allow you to withdraw your funds immediately after you place a bet. Because they operate on a pay per transaction basis, they need to hold onto your money until they get paid. So, if you lose, you won’t be able to cash out right away.
As a result, you may need to wait several days or weeks before you can retrieve your money. While this isn’t too big of a deal if you’re planning on placing lots of small bets, it can become problematic if you plan on cashing out large amounts of money.
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- It Can Be Harder To Find A Good Match
Because betting exchanges tend to specialize in certain types of bets, you may find that your options are somewhat limited when it comes to finding a good match. Because they cater mainly to gamblers who like to bet on specific events, they don’t offer nearly as many markets as traditional bookmakers.
And since they don’t handle all major sporting events, you’ll probably find yourself searching for matches on more obscure leagues or teams. This makes it harder to find a good match for your needs.
The Bottom Line
Now that you understand some of the pros and cons of betting exchanges, you should feel a lot better about investing your time and money in this exciting new industry. With plenty of markets and competitive odds, you’ll never have a hard time winning at these types of games.