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What is P2P Betting?
Person-To-Person (P2P) betting or sometimes called "exchange betting" allows bettors to bet against each other on the outcome of a sporting event. It gives punters the possibility to create their own betting events, set their own odds and become bookmakers themselves!
Bettors bet for or against any selection and have the option to accept an offer that has already been made, or make their own offer at their own requested odds. By allowing individuals to set their own odds and bet against other bettors, it brings about much better value as there is no bookmaker's margin.
In short, exchange betting is the best value betting available anywhere in the world today because you are betting against another person instead of the bookmaker. Exchange websites such as Betcruise are already matching around GBP50m worth of bets each week
Back or Lay
When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with conventional bookies.When you "lay" it, you are betting against it winning. For example, if you're betting in a market on which team is going to win the Premiership and you lay Man Utd, you offer odds to other punters who wish to back Man Utd. If Man Utd don't win, then you pick up the backer's stake. If Man Utd win, then you pay out. This is what bookmakers traditionally do.
Take a look at the odds before a game and you will see them change as visitors back and lay their bets. The odds often improve nearer to the off, as there are more people in the market.
Number of MarketsA traditional bookie has to accept the risk himself when he puts up a price on a football game, so he just isn't able to offer odds on everything because he needs to make sure the price he's setting is the right one. The beauty of P2P sites is that because it.s punters who set the prices, there's no restriction on the number of markets they can host, so you should be able to find the league and the type of bet you're after.
Payout
The way that P2P sites work is they wont let any punter have a bet with you unless he can cover it with the money in his P2P account. In that way you are guaranteed payout.
How do P2P Betting companies make money?
P2P Betting companies make money by taking a small margin or 'commission' from the profit which a bettor makes in any particular market (typically 2%-5%)
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