The Twenty20 World Cup has reached the Super8 stage and competition is becoming quite fierce for those spots in the finals – and it’s supposed to be a gentleman’s game! Test cricket maybe, but Twenty20 is fast, action packed and certainly designed to thrill the crowds. When it comes to betting on results, your fortunes can sway on the swing of a bat, or a fumble in the outfield. If you’re looking for some reasonable odds on these Super8 matches, I suggest you check out the betting exchanges.
Australia take on India today and this game is followed by Sri Lanka against the West Indies. Bookmakers have Australia at 13/15 (1.87) to win and India 11/10 (2.10). If you were to bet against either of these teams on the betting exchanges (at those odds), Australia would be at 1.91 and the India at 2.15. Now I know the differences between the two are only fractional, however, if you’re betting in larger amounts – for example, a £100 bet – the differences start to mount, especially since you can get even better odds than those used for this example.
Betting exchanges are an interesting concept. The main feature is that the bookmaker is totally removed from the equation. It is the betting public that become bookmakers. You can choose to set up a bet, for example, if you feel that Australia may win then you will be wanting people to back India – to achieve this, you can create a bet and offer reasonable odds. Those that support India can choose to take some or all of what you are offering. To see this at work, check this example.
You place £100 on the table and offer odds of 1/1, which are slightly worse odds than most other betting outlets. A punter can choose to take you on at those odds for an amount up to £100. At £100, a losing bet will pay £100 – your maximum loss. If India loses, you walk away with a £100 profit (less a small commission for the betting exchange). You have secured a bet on Australia at 1/1 rather than 13/15 on offer by other bookmakers.
Betting exchanges can be an interesting way to gamble – you really do need to know your sports and to have the latest knowledge.