Cricket Exchange is a unique betting that enables customers to bet against each other instead of a traditional bookmaker. By matching customers, rather than taking the risk itself, the Exchange provides the option to ‘lay,’ which is betting on something not to happen.
How does it work?
The Cricket Exchange is the world’s largest sports betting exchange. It follows the model of a stock exchange, but instead of share trading, it offers betting odds on events in the world of sport, politics, and entertainment.
Two sides of the bet
On any betting market, there are two sides of the bet. On one side, there are those who think an event will happen (backers) and on the other, those who think it won’t happen (the layers).
Bets matching process
Backers and layers get bets ‘matched’ as long as they agree on a price (the odds) that an event will or won’t happen. In February 2021, Cricket Betting introduced a new product called ‘MatchMe’ that makes it easier for customers to get their bet matched even if there is a small odds movement.
No need for bookmaker margin
Betting against other customers removes the need for the margin that fixed-odds bookmakers incorporate into their prices. This provides the opportunity for a more efficient marketplace, which is why customers can often get better odds on the Cricket Exchange.
Small commission on winnings
Instead of incorporating margins into their prices, customers on the Cricket Betting Exchange pay a small commission, but only on winnings.
In conclusion, Cricket Betting Exchange is a unique and efficient platform that offers customers a chance to bet against each other, with no need for bookmaker margins, resulting in better odds. With the introduction of ‘MatchMe’, customers can even get their bets matched more easily.
