How to Place a Bet on BetEx Pro
BetEx Pro allows you to place bets on a variety of different sports like Cricket, Football, Tennis etc using the traditional exchange concept. You have the option to either Back (something to happen) or Lay (something not to happen) a team/player at the given odds. To place a bet click on either back or lay next to the selection you are interested in. You can see in the following example you are backing Manchester United at odds of 2.14. Enter the stake you wish to bet and your potential profit will be visible on the right side. When you enter a stake of 100 points, your potential profit would be 114 points at odds 2.14 while your liability would be 100 points.
You can then click on “Place Bet” button. This is called your bet offer. The next step would be to wait for the bet to get matched. The following highlights difference between Matched and Unmatched bets:
Matched Bets and Unmatched Bets
A bet on an exchange is usually complete when it gets matched with another person who holds an opposite opinion about the event result.
When you place a bet, it is either Unmatched, Partially Matched or Fully Matched. If you place a bet on the market price (price shown on screen), you will be matched directly while you also have the option to place a Limit Bet at different odds. Limit bets usually are unmatched at first and it waits for another person’s opposing bet to match. When your bet matches another bet of less amount, your bet will only partially match equal to the amount of opposing bet. This is Partial Matching.
Note: You can edit or cancel unmatched bet but once bet is matched, you cannot edit or cancel.
Example of an unmatched bet.
Exchange Terms to understand:
1. Back: To 'back' a selection in a market is to place a bet for something to happen. This is similar to a bet that you would place with a traditional bookmaker
2. Lay: To 'lay' a selection in a market is to place a bet for something NOT to happen, or in other words, bet against something happening
3. Bet: Laying money on the successful prediction of the outcome of an event
4. Bookmaker: A bookmaker is the organisation that provides odds on the outcome of events in order to accept bets based on predictions by customers
5. In-play betting: In-play betting is a form of betting that has become hugely popular through online betting sites, which involves placing a bet on a particular outcome after the event has started