The Exchange Explained
Imagine not needing to predict who will win a horse race or an event to make a profit from betting.
Sometimes it’s much easier to work out that the 100/1 shot isn’t going to win the Cheltenham Gold Cup than trying to decide which one of the favourites is most likely to romp home.
In football you may not know who is going to win the league, but you’d be certain that it won’t be Arsenal if they can’t work out they need a whole new defence in time for the start of the season.
These types of bets still carry risk, but it is a different consideration of risk that many who place the occasional bet might not understand immediately.
Being a customer of the BETDAQ exchange effectively allows you to be a bookmaker, on a risk scale that suits you and with the wonderful ability to pick your markets rather than accommodate all.
It can be explained simply as follows, using the mythical and well named sprinter Slow Joe
Matching the bet and “Laying a horse”
You have realised the often slow starting and generally disappointing sprinter Slow Joe is currently priced at 25/1 to win the next 5f sprint at Lingfield.
On the BETDAQ exchange, 5 minutes before the off, there are several customers wanting to back it at 26.00 ( 25/1 ) for a total of £82. This total amount is made up of several players fancying Slow Joe will win and willing to back it for different stakes which all added together total £82
That means if you fancy betting that Slow Joe will lose then you can offer to take some of the £82 at 26.00 ( 25/1 ) and play the role of the bookmaker for these Slow Joe supporters. This is commonly known as laying a horse.
Quick way to work this out is the price(odds) of the lay – 1 then x (multiply) the stake you are willing to lay.
26-1 = 25
25 x 4 = 100
The £100 is your liability.
You don’t know who you are playing against and you don’t have too as BETDAQ is the middle man here. Like a sturdy oak table in the local ale house between a group of passionate sports fans.
Remember though if you lay this bet then in the spirit of all fair wagers, the exchange platform at BETDAQ will only allow it if you can pay out should Slow Joe defy the odds and win.
So you will need a sufficient balance in your BETDAQ account that can settle up the total liability after the race if the outcome isn’t as you predict.
Ok back to the race I hear you say!
With just a couple of clicks you decide to LAY the odds of 26.00 for a total £4 stake to one of BETDAQ’s customers and BETDAQ lock away the total payout from your account – £100 – and keep it aside until the race is run.
You can’t bet with those set aside funds, you have promised them to another BETDAQ customer should Slow Joe win. You can’t therefore withdraw it or use it until the race market is settled.
If you have more funds available in your BETDAQ account you can of course place more bets, lay more bets or look at other events but that is a different discussion…
This is you against Slow Joe …
…. and remember every other horse in the race is running for you here. It’s post time…and they’re off!
Slow Joe starts like his name suggests and is trailing at half way, there is a brief moment at the 4f pole when his jockey starts to get busy aboard the sprinter and he does move through the pack to finish in the midfield, promise for next time maybe, but for today Slow Joe never looked like winning and you have won your LAY bet.
By predicting the outcome for poor old Slow Joe and backing your judgement against another BETDAQ customer that £4 stake they offered up is now yours. BETDAQ immediately release your £100 and add £4 to the total into your balance.
Lay Betting – It can’t be that simple can it?
There are surely loads of Slow Joes running every day and most of them lose don’t they?
Well playing bookmaker is that simple on the BETDAQ exchange but it’s is important to remember that 25/1 shots do win. In fact all sorts of long priced horses or sporting teams win all the time and at the end of the day your judgement is crucial, your commitment to discipline and an element of luck are some of the key ingredients to making it pay or not.
Never ever bet or use the exchanges with money you can’t afford to lose and when you do play make sure to do it responsibly.
Finding a loser is much easier than finding a winner and with the BETDAQ Exchange you can mix things up to make it pay.