The sports industry is one of the biggest entertainment industries in the world. Football alone has fans exceeding 3 billion all around the world. Apart from football, other sports with over a billion fans include cricket (with 2.5 billion fans globally), basketball (2.4 billion followers), hockey (2 billion fans), and tennis (with just over a billion fans in the world). As you can see, all of these sports are hugely popular in terms of viewership, but the fame does not stop there. It is the betting scene where these sports truly shine.
Online Betting
Sporting events can be traced back all the way back to the ancient era when humanity first started building large civilizations. The most famous, and still-remembered sporting event of that era, without a doubt, are the Olympic Games, played in the Temple of Zeus in Olympia (which is where the name is derived).
Interestingly enough, archaeologists and historians have discovered evidence that betting on sports can be traced back to Ancient Rome, however, many believe that it dates back much further back. Whatever the truth may be, there is no doubt that betting on sports is a tradition going back much further than the modern era. However, in the modern era, betting has changed quite a bit.
Online betting is the biggest change that the world of betting has experienced in the Information Era. No longer are sportsbooks and betting shops a necessity. Today, punters can access a betting site from any electronic device, and place a bet on their favourite sport. But, even within the world of online betting, there has been a huge shift in recent years. Betting exchanges are the newest trend in the world of online betting. In the following section, we will explain what betting exchanges are, compare them to traditional betting, and talk about the best betting exchange sites on the internet.
What is Betting Exchange?
Betting exchange is a relatively recent form of betting, which can be dated back to the start of the 21st century. However, it has only begun to truly garner popularity relatively recently (in the 2010s or so). What betting exchange entails, is offering punters a number of the same services as typical bookmakers, with a few added on twists. So, let us look at a few differences which make betting exchange unique.
Differences between Bookmaking & Betting Exchange
The main difference, and the most important, is that with betting exchanges, punters bet directly against each other, rather than against the odds that the bookmaker has set up. In doing so, the need for a middle man (the bookie) is removed, and the player, in theory, could win a heftier sum of cash.
Some might hear this and think “What is the downside?” But don’t be too hasty. Just like how it is possible to win more, it is also very possible to lose a lot more money. Most bookies will, usually, limit the stakes, but the same is not true for betting exchanges.
Another difference between betting exchange and bookmaking is that, betting exchange punters can trade, sell, and buy their bets. Basically, what this means, is that a punter who has made a bet on a certain team, and has, prior to the game, or during it, changed their mind, can offer their bet up for trade/sale. In many ways, betting exchanges work like stock market trading.
Conclusion
We will conclude this article by mentioning that the betting exchange industry has seen a pretty big increase in popularity in the past few years. More and more betting exchange sites are popping up online, and many punters are transitioning from bookies to betting exchanges, especially the high-stake bettors.
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