The Indian Premier League (IPL) is a professional Twenty20 cricket league in India contested during April and May of every year by 8 teams representing 8 cities of India. The league was founded by the Board of Control for Cricket in India (BCCI) in 2008, and is regarded as the brainchild of Lalit Modi, the founder and former commissioner of the league. IPL has an exclusive window in ICC Future Tours Programme.
Cricket is a big business in many countries and the request to launch your very own betting exchange with our turnkey betting exchange software have gone from a a couple requests per month to a daily conversation.
Betting exchanges have been around for over a decade, but there are still people who don’t understand the concept as it is quite different from regular betting at bookmakers which we have become accustomed to.
WHAT ARE BETTING EXCHANGES?
Betting exchanges are transactions made between gamblers, where the bookmaker is only there to make sure that the transaction occurs and for that it charges a small commission which can be anywhere from 2% to 5%.
The popular Softbroke betting exchange uses Betfair api data feed to obtain the odds.
What our software does is to connect punters who have opposite views on the outcome of a match or a competition. In its simplest form betting exchanges enable one gambler to ‘back’ a player, a team or a horse to win, and the other gambler ‘lays’ the same player, team or horse to lose.
A bet can only be accepted if it is matched by another gambler. So for example, if you are backing Afghanistan to beat Zimbabwe in an ODI match, there must be another customer who believes that Zimbabwe and not Afghanistan will be the winner of the match. In this situation you are the one ‘backing’ the bet and the other gambler is ‘laying’ the bet.
Sites like the Softbroke betting exchange use advanced technology software which matches bets in an instant. If there are four figure bets, then the likelihood is that these bets will be matched – ‘laid’ by more than one gambler.
In betting exchanges are usually represented in decimal terms and instead of the fractional 2/1 you would get the decimal 3.00. A stake of $1 would return $3 with the stake included.
Most of the betting exchange business happens using credit or debit cards, provided that you have opened an account with the betting provider which provides you with a username and a secure password.
Finally, gamblers who lay the bets must make sure that they deposit enough funds to cover their bets. For example, if the odds that the layer is offering for Afghanistan beating Zimbabwe are 1.67 and another gambler backs this result with a $100 deposit, then the layer must make sure that he has at least $167 in his account to pay out the backer if this turns out to be a winning bet.