Not like the traditional bookmakers and betting houses now there is a new concept called betting exchanges which operates though the internet and in a complete different way to how traditional bookmakers operates.
In online betting exchanges you are not betting against the betting house or bookie but you are betting
against another person. Not only that, these online betting exchanges allow you to define your own odds.
Back Betting and Lay Betting.
In online betting there are two ways to bet. The Back bet is the typical bet you place on something to happen.
This can be a cricket team to win the match, a horse to win a race, a player to win a tennis match etc. In a back bet the chances for you to win when the game is balance can be like this. If you are betting for a horse
to win a race which has 5 horses running the race the probability or chances of your horse winning the race is 1/5. This means there is 4/5 chance that you will loose the bet. In online betting you have the chance to bet against something will happen. This is called Lay Betting. When laying a bet you can easily bet on particular horse will not win the race. If you do so your chances of winning a bet is high which is 4/5 in this example.
However your liability for placing this kind of bet is high. This means you always have to place a stake more than how much you want to win and if you loose you will loose this lot. Nevertheless lay betting is considered the most profitable betting method by the professional betters. This is because lay betting is the way of making money from losers.
Lay betting may sometimes sounds complicated and may require some training as well.
However there are few nice books which offers information on making money from lay betting.
If you are interested please visit following.
http://www.bettingebooks.com/easy-money-from-losing-horses.htm
Sites which allows you to do online betting and supports Back betting as well as Lay betting:
http://www.betfair.com/
http://www.888sport.com/bet
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