A betslip is an essential part of a betting exchange like Orbit Exchange. It is a virtual tool where bettors can build and review their bets before placing them. There are various types of betting exchange betslip all of which will be explained in this article.
What is a Betting Exchange Betslip?
A betting exchange betslip is a virtual form where bettors can build their bets before placing them. A betslip can be likened to a shopping cart on an e-shop. As soon as a bettor adds at least one selection, the betslip opens and the odds and are displayed. As soon as the bettor decides on the odds and places their stake, the betslip calculates the potential profit or liability of the bet. When the bet is placed, the betslip shows a receipt of the bet which is always available from the bettor’s Bet History section.
What Are The Components of A Betting Exchange Betslip?
The betting exchange betslip typically shows:
1. The Event and Market: it will show the specific event the bettor has chosen and the outcome they decided to bet on. For example, it will show a football match between two teams where the bettor wagers on Team A to win.
2. The Odds: The odds are numbers expressed in decimals that show how much a bettor can win for every unit they bet. The odds in betting exchanges are more favorable because they are not set by the exchange platform, but by the players themselves. If a bettor does not agree with the odds offered for a specific event and market, they can modify them and offer their own odds waiting for another player to take on the bet.
3. The Stake: The stake is the amount of money bettors are willing to wager.
4. Type of Bet: It shows if the bet is a back bet or a lay bet and if it is a single bet or an accumulator.
5. Potential Profit: In back bets, the betslip calculates based on the odds and stake how much a bettor can get back if their bet wins.
6. Potential Liability: In lay bets, the betslip calculates based on the odds and stake how much a bettor is risking losing if their bet does not win.
Betting Exchange Betslip Types
Single Betslip
This type is the simplest form of a betting exchange betslip and it shows a bet type with just one selection.
Selection: A bettors chooses a sports event and picks the outcome they want to bet on.
Back / Lay Bet: The bettor decides whether they want to place a back or a lay bet for the outcome they picked and they click on it. As soon as they click on it, the back or lay betslip opens.
Odds: The bettor either accepts the odds already offered or they can modify them using the up and down arrows and offer their own odds waiting for another bettor to match their bet.
Stake: the bettor decides how much money they want to bet on and they place it on the stake box.
Potential Profit / Liability: for back bets, the betslip calculates the potential profit if the bet wins, while for lay bets, the betslip calculates the potential liability if the bet does not win.
Accumulator Betslip
Accumulator betslip is also known as “acca” or “parlay”. This type of betting exchange betslip is more rare to find and it combines multiple single bets into one betslip. In order to win the accumulator bet, all selections must win. This type of bets is more risky but the potential profit is higher.
Bettors follow the exact process as with the single betslip with the difference that they can add more selections and pick several outcomes to bet on.
Accumulator Betslip Example
Bet 1: Football match, Team A to win at odds of 2.00
Bet2: Tennis match, Player B to win at odds of 3.00
Bet3: Football match, Team B to win at odds of 4.00
Stake: 10€
The betslip will calculate the potential profit for this accumulator bet combining the odds and multiplying them with the stake.
Combined Odds: 2.00 x 3.00 x 4.00 = 24.00
Potential Profit: combined odds x stake = 24.00 x 10€ = 240€.
Always keep in mind that in exchange betting a commission fee is charged on all winning bets.
Assuming the exchange charges a 5% commission, the bettor needs to calculate how much will get in total in the end.
Net profit: profit – stake = 240€ – 10€ = 230€
Commission: commission x net profit = 5% x 230 = 11.50€
Total Return: profit – commission = 240€ – 11.50€ = 228.50€
So, the bettor, if the 10€ stake accumulator bet wins, will receive 228.50€ back instead of 240€, because of the commission fee charged by the exchange.
Key Points to Remember
The betslip shows only the gross profit
The betslip does not include the commission fee in its calculations about the profit or liability. Bettors need to take into consideration the commission in order to understand their true profit or risk.
The Commission Varies
The commission fee in exchange betting is not the same in every platform. It can wave between 2-7% depending on the platform. The lower the commission, the higher the true profits.
The net profit is what matters
Always consider the commission when calculating potential profits. The net result is what matters after the commission is deducted.
In Conclusion
Mastering the use of a betting exchange betslip can help bettors make wiser decisions. Whether they are placing single or multiple bets, understanding each component of a betslip and never forgetting about the exchange commission charged is very important and it prevents bettors from risking to lose significant amounts of money.