Due to the online betting market in India being shrouded in complexity and legal contradictions, India has remained a young and untapped market when it comes to online betting.
However, in the past 5 years, online betting has seen a massive surge in India with millions of new players signing up due to the widespread availability of the internet and smartphones.
But alas, India still remains far behind countries such as the UK when it comes to everything from regulation, to safety, as well as betting features.
But this trend is changing, and India is now seeing an influx of some of the most modern betting features. The most recent one to hit the Indian market is the so-called betting exchange.
So what is a betting exchange, and how may it affect the future of online betting in India?
What is a Betting Exchange?
A betting exchange is a feature which allows players to exchange bets with other players. Essentially, this allows players to act as “the house”, and be their own betting site.
Betting Exchange provides the platform for making exchanges and payments. The betting site where the exchange is hosted does not gain money when players lose, like they do on a conventional sportsbook – instead, the betting site earns money on commissions charged on each bet that is exchanged.
On the betting exchange, you have the option of either backing a bet, or laying a bet.
When backing a bet, that means you believe a certain outcome will occur. This is similar to betting on a conventional sportsbook, the only difference is that you are taking this bet from other players, not from the betting site.
When laying a bet, this means you are betting on an outcome not to occur. In this case, you are the betting site, and the other player will have to pay you if the outcome does not occur.
The betting exchange does not limit players on the types of bets they can make. Therefore, you can actually place arbitrage bets on both outcomes of a certain match, and thus minimise your risk of losing money.
Bettors have the freedom of placing bets on the outcome of their choice with a betting exchange.
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Why are Betting Exchanges becoming more popular?
Betting exchanges are becoming more popular because they allow players to apply certain exchange betting strategies, which may help players place more profitable bets and minimise losses.
Although the betting site charges a minor commission on bets placed via the exchange, this commission is not really felt by the player because it is automatically calculated into a players’ winnings without the player really noticing it.
Also, by using a betting exchange, players may feel like they actually have a higher chance of success. After all, when you are using a conventional sportsbook, you are betting against a corporation with teams of analysts that have access to tons of betting data and research. This is an opponent you simply can’t beat in the long run.
However, using a betting exchange, you’re just betting against random players on the internet, and this gives you a much higher chance of being consistently successful.
For these reasons, betting exchanges have become widely popular in the last couple of years, and we expect that the adoption of betting exchanges will only grow in the near future. Betting sites in India that offer exchange betting will therefore become increasingly popular among Indian players.
Betting Exchanges in India
A handful of betting sites now provide access to betting exchanges in India. Fun88 is one of the most recent betting exchanges in the country, but you can also find exchange betting on the more well-known household names such as 22Bet and 1xBet.
Unfortunately, the biggest betting exchanges such as Betfair and Smarkets are not available in India yet, but we can only assume that as the Indian market grows and becomes increasingly liberalised, these betting exchanges will also open their doors to Indian players.
The future is looking bright for betting exchanges in India, and any exchanges that open up in the next couple of years will be able to corner a large part of the expanding online betting market!