Oh how things have changed. Until the turn of the century, if you wanted a bet, it would be visiting the local bookmaker, writing out a betting slip and handing it to the cashier. If successful, you could return to the counter and collect your winning. Then came the internet. Then came betting exchanges. Significant advances in technology have transformed the way that consumers are able to have a financial interest in sports, politics and novelty events; thanks to betting exchanges, there is now the option to back, lay and trade.
Betting exchanges facilitate peer to peer betting and enable individuals to act in the same manner as bookmakers, offering odds on a range of events. Taking a bet on an occurrence not to be successful, is known as laying, and was previously confined to bookmakers, but the rise of exchanges has enabled anyone to participate in laying. Being able to back and lay has also created the opportunity to ‘trade’ on events, much in the same way that financial traders and city boys do. The same strategies and methodology applies.
‘Greening up’ on the betting exchanges, refers to having a profit figure next to every possible selection in an event. It is called ‘greening up’ as when the returns are positive on the betting exchanges, they are displayed in green, simple really. So just how do you green up? Well as eluded to above, this process can be achieved through trading. Backing a selection as long odds and then laying that same selection at shorter odds can result in a profit regardless of the outcome. Alternatively, laying a selection at short odds, and backing it when the odds increase, is also an avenue to green up.
Live betting has expanded the options to ‘green up’ as the odds will change through the course of an event. Live betting on football is popular and to illustrate how to green up, we use a hypothetical match of Manchester United at home to Southampton. United have been poor this season, but are still offered at short odds as they are perceived to be difficult to beat at Old Trafford. In this hypothetical example they are available at odds of 1.50, but have found it difficult to score early. The following strategy could be employed:
LAY Manchester United pre-match for a stake of £100. At 1.50 the means the liability on the bet is £50.
At half time, the match remains 0-0 and the odds on Manchester United winning, have increased to 2.0. The following bet can now be struck:
BACK Manchester United at odds of 2.0, with a stake of £75. The return if they win is £150.
By placing these bets, a guaranteed profit of £25 can be achieved. If Manchester United go on to win the game, the loss of £50 on the pre match lay is offset by the £75 profit made at half time.
If Manchester United fail to win, £100 profit is achieved from the pre match lay and is reduced to £25 overall profit when subtracting the £75 back stake which was placed at half time. We have greened up for £25 guaranteed profit.
Greening up can be done on any event, and can be a strategy implemented prior to an event starting, through a combination of pre event and live betting, or solely in the live markets. All that is required is a change in odds and catching the odds at the right times.
WBX are an up and coming betting exchange with a number of advantages over their rivals. With an ever-increasing number of markets, low commission rates and increasing liquidity, WBX is an excellent alternative for your exchange betting. Customers can build up loyalty point which can result in up to a 60% discount on commission rates, with some markets going as low as 1.2%. Unlike Betfair, WBX does not impose and will not impose a premium charge on winning customers.