The art of betting is not new news and since times ago we had witnessed this in every sort of sports events. But as new technology appeared in the form of the internet, offline booking has shifted to its new chair-online. Cricket exchange betting is a popular one among the betting that had earned widespread infamous name through various culprits who were caught for booking. Let us here dive into detail to know about how this betting exchange works in cricket.
What is a cricket exchange?
There is an application called Cricket Exchange which is an essential app for cricket lovers to get updates on the schedule of game, team and player standing beside the news and scores of the matches. While there is also cricket exchange betting, this is the betting component in cricket but mediated by an exchange.
The presence of exchange acts as a common platform to get together all the punters for a game. In a betting, while there is a better who is for one team’s win there is another who is against this win. So betting exchange can exist when there are individuals of two different perspectives. The existence of betting exchange is powered by the commission that they get through a win, no matter who wins.
How does the exchange work?
The presence of a bookmaker in cricket exchange betting is only as a mediator who assures the fair transaction upon winning, and for that are paid with the commission that could be around 2 to 5%. ‘Back’ and ‘lay’ are the two poles of betting in exchange. When a gambler backs a team (that is for their win), the other lay not to win.
Once a gambling pair is met, they set the odds and stake for the betting. An advantage of exchange betting is that they can get high odds compared to the traditional one where bookmaker can control this. So that means you can earn more with an exchange. Transactions for exchange betting can be done by cards and it is made sure that there is enough bet money in the account of the players before they go and gamble.
A paradigm transformation has occurred through the years in booking and Cricket Exchange brings up another perfect example of this where they have avoided bookmaker control the game in the whole. The applications available for betting could be downloaded from app stores and while there do exist such platforms, the version of legality always lies within the limits of territorial laws.