You already know that we encourage each and every bettor to try out the unconventional and expand their area of expertise since there are other methods they have yet to discover. One example is the NHL betting exchange. a new betting platform that eliminates the need to face the house edge. If you feel trapped with the limited options traditional sportsbooks offer, try backing and laying in NHL betting exchange sites and use your Bitcoins to your advantage.
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WHAT IS A BETTING EXCHANGE?
If regular sportsbooks only allow you to bet against the house edge, NHL betting exchange sites offer a very different approach. They don’t limit your choices because you are allowed to bet against other bettors, with the exchange only acting as an intermediary. This means that you can either act as a bettor or a bookmaker. You can try Back bet and Lay bet on an NHL event and adjust the conditions to your liking. From time to time, you can even try an accumulator or in-play betting if the exchange offers this type of bet.
Backing is betting that an outcome is going happen (the role of a bettor), while Laying is betting that an outcome is not going to happen (the role of the bookmaker). Take note that Lay bets work differently with back bets since you are expected to function as a banker. If you lay a bet and you lose, you need to pay out the backer like how a traditional bookmaker would.
In this Backing and Laying process, the betting exchange has the following functions:
1. Organize the market and selections for betting
2. Choose and pair up the backers and layers
3. Put on display the unmatched bets
4. Keep the backers and layers’ money while the game is on-going
5. Hand over the winner’s payout with the loser’s money
(while taking a 2% – 4% commission from the winner’s profit)
Given the definition and explanation for NHL betting exchange, we can see that the model has two main advantages: the bettor can expect to encounter better odds in all markets at all times, and take advantage of the ability to lay in certain situations. Betting exchange sites only have a small commision and it is clearly more competitive than the sportsbook’s overround discussed in our odds and probability page. A 2% commision is equivalent to a 1% overround, so you will have a set of selection with better odds than regular sportsbook. As for your ability to lay, this grants you more options and control over the situation. You can set your own odds and put trading or hedging into practice.
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