A betting exchange app is a popular tool that sports betting fans require for easier betting. Before starting with using apps, there are a few things to know, like how these apps work, how to place bets and what to keep in mind when betting through a mobile phone.
What is a Betting Exchange App?
A betting exchange app is a mobile application that lets people bet on an exchange platform against other bettors. The app works as a platform where bettors can offer and accept bets. The users can accept the odds that are already offered by other bettors or they can modify the odds and offer their own, waiting of other users in the app to accept them and form matched bets. The app earns money by taking a small percentage fee called commission from the winning bets.
How to Place Bets on an App
In order to be able to place bets on a betting exchange app, bettors need to visit the app store on their mobile phones search for the app they want and download it. Upon installing it on their mobile, they need to follow the sign up process and put money on their account using one of the payment methods available in the app. As soon as their account is set up and their balance topped up, they can use their username and password to log in.
The process of placing bets using a betting exchange app is almost the same as using the exchange through a computer desktop with a few changes in the layout. There are two main ways to place a bet. Bettors can either back a bet or lay a bet.
Backing a bet is when a bettor bets that something will happen. They click on the odds they want to back and they either accept them or offer their own. They choose the amount they want to bet and they confirm the bet waiting for another bettor in the platform to lay it and match their back bet. For example, in a football match, a bettor thinks the first team will win and they decide to place a back bet on it at a specific stake and certain odds.
Laying a bet is when a bettor bets that something will not happen. They click on the lay odds and they can either accept them or modify them and offer their own. They choose the stake amount and they confirm the bet waiting for it to be matched. For example, in the same football match, this bettor believes that the first team will not win the game and they decide to place a lay bet on that team to not win. Back bets will show the potential profit from the winning bet, while lay bets will show the potential liability from the losing bet. The betting exchange app will use technology to match these two bettors and the winner will take the money, minus a small commission the exchange app will charge.
What Can You Do with a Betting Exchange App?
Using a betting exchange app allows bettors to benefit from all the key features of a betting exchange as if they were using a desktop. They can place bets from the comfort of their home or on the go, wherever and whenever they want. Mobile betting gives plenty of flexibility while using same features.
Bettors can enjoy peer to peer betting, and use the app to bet against other bettors. they can find better odds and more opportunities to win. They can even set their own odds. If they do not like the odds being offered by other users, they can create their own and have more control over their bets.
Some apps allow live betting, which means bettors can place bets during a game. In live betting the odds change as the game goes on, and bettors can jump in with new bets at any time. They might use the cash out option when using a betting exchange app. This means they can close their bet early and take a smaller profit or loss before the event finishes. It is very useful if they think the outcome might change but they still want to secure some profit.
Things to Consider When Using a Betting Exchange App
All though there are plenty advantages in using a betting exchange app and enjoy all the benefits of mobile betting, there a few things to consider.
Not all betting exchanges are available through a betting exchange app. Orbit Exchange for example is not available via an app. While many betting exchanges do not have an application version, they can still run through mobile phones.
Many betting exchanges might run very smoothly through a desktop, but in their app version there might be speed issues. Many bettors report problems regarding the use of the app versions, as many of their bets cannot be settled or cannot even be placed because speed issues due to overloading traffic.
Another issue when using a betting exchange app is that some features may not be available, like the cash out option for example. While bettors could use this feature to cash out early their winnings in order to lock in their profit or minimize their loss, they might not be able to do so via the betting exchange app version.
In Conclusion
Using a betting exchange app can be an good way to bet on sports because it allows bettors to place their bets through their mobiles anytime, anywhere. They can enjoy all the benefits from peer to peer betting and use all the features a betting exchange has to offer. Sometimes a betting exchange app might not be available, but the betting exchange could run as well via a mobile. In addition, not all features might be available in an app version, like the cash out option for instance, and many bets could not be placed due to technological issues.