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A betting exchange is a place the handles the offering and placing of bets,
and manages the odds and the subsequent payouts to the winners of the bets
placed. Online betting exchanges operate in the same manner as the traditional
high-street bookmakers, only they allow you to place a bet from anywhere
that you have Internet access, and will often offer you additional options
on your betting.
Betting Exchanges:
Many online betting exchanges will not only allow you to back a result,
such as a horse winning for example, but will also allow you to bet that
a particular result won’t occur – such as the horse not winning.
This is known as laying, and gives you a wider range of bets that you can
place, traditionally if you wanted to bet that a contest would not end in
a draw for example, you would have needed to bet that both teams would win,
however with a lay bet you are able to bet against the draw.
It is worth noting that with a lay bet you are betting against a standing
bet, and the liability you face is that of the back bet amount – in
general you face a greater liability with a lay bet than with a traditional
back bet.
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