Did you know that the global gambling market reached a value of nearly $540.3 billion in 2023? This is following the unprecedented number of users flooding into the betting industry in the past 10 years, thanks to the widespread development and adoption of mobile sports betting exchange apps.
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However, in all of this success with adoption and growing users in betting, a question begs; who are the ideal users of sports betting exchange?
Well, first of all, sports betting exchanges are betting platforms that offer key features like user-driven odds, flexibility, the potential for higher payouts, etc to give punters the best betting experience.
In this blog, we will be discussing the ideal users of sports betting exchange apps, including, seasoned bettors, casual fans, and aspiring bookmakers.
You can learn about the essential features of sports betting exchanges here
Traditional Betting vs. Betting Exchanges
Traditional Betting
It is a betting category that has to do with predicting sports and events outcomes. These sports and events may include;
Sports betting:
- Association football
- American football
- Basketball
- Baseball
- Hockey
- Track cycling
- Auto racing
- Mixed martial arts
- Boxing
These can be at both the amateur and professional levels.
Event betting (non-athletic)
- Reality show contests
- Political elections,
- Horse racing,
- Greyhound racing,
- Illegal, underground cockfighting
Some common types of bets are;
- Moneyline Bets
- Spread Betting
- Total (Over/under) bets
- Proposition Bets
- Parlays
- Teasers
Betting Exchanges
While traditional betting systems and apps offer punters great opportunities, betting exchanges are attractive alternatives. Punters are now exploring them for their great odds, lay betting and better-winning chances.
According to the betting expert, “the main difference between a betting exchange and a traditional bookmaker is that, with an exchange, you are betting directly against other players.” Therefore, betting exchanges have two players, the one who places the bet (the back bet) and the other player who bets against the outcome. This player lays the bet.
Someone who benefits from a sports betting exchange enjoys betting against other players.
key differences that benefit exchange users:
User-driven odds: Set your odds (backing & laying) vs. Accepting bookmaker odds.
Flexibility: Back events to happen (backing) or lay bets against them (acting as a bookmaker).
Potentially higher payouts: No bookmaker margin means potentially higher returns.
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Who are the Ideal Users of Sports Betting Exchange Apps?
Every industry and business has its customers and audience. So, for any betting exchange to be successful, it must have the ideal users as its main customer base.
Ideal Users of Sports Betting Exchange Apps: The Seasoned Bettors
These are the most experienced folks and are one of the ideal users of sports betting exchanges. They possess several betting skills including a combination of experience, knowledge, and discipline.
Now the thing is that betting exchange features offers that help experienced bettors overcome many challenges of profit-making. For example, their odds are user-driven and with improvement, they offer even sharper odds. This also means that betting exchanges target sports gamblers who are attracted to odds that truly reflect probable outcomes.
Ideal Users of Sports Betting Exchange Apps: Those Seeking Better Odds
Also, of the idea users of sports betting exchanges are bettors who seek better odds.
As opposed to traditional bookmakers, betting exchanges offer sharper odds and the ability to exploit inefficiencies. For example, it features longshot bets which is seen by bettors as an easy way to win.
Also, such target audiences for betting exchange platforms, are attracted to exchange platforms due to the offering of fair odds. Their preference for patronising exchanges is to reduce the risk of losing their money while increasing the chances of winning.
Lay Bettors
Still on the question of “who are the ideal users of sports betting exchange”, which takes us to the lay bettors. According to SportsAdda, many bettors prefer using exchanges because they can explore “lay betting” and opportunities to bet on an outcome that will not occur.
Lay betting gives exchange gamblers a unique opportunity to make money off other bettors. For example, bettors may choose to play that PSG will lose against Real Madrid in the UEFA Champions League when another bettor has bet on Madrid to win.
Bettors Who Want Great Flexibility and Control:
If you take another critical look at traditional sports betting applications, you will notice that bettors can only wager. However, some people want other flexible options such as lay bets.
Lay bet allows bettors to play the bookmaker role and open up more chances of winning because probability increases.
Ideal Users of Sports Betting Exchange Apps: The Casual Sports Fans:
Casual sports fans can also be ideal users of sports betting exchanges but for different reasons than seasoned bettors. This group may even bring benefits to betting exchanges in the following ways;
Exploring Opportunities & Benefits of Sports Betting Exchange App
Increased Engagement with Favorite Teams & Sports:
When such people sign up and start using sports betting exchanges, the excitement and engagement improve as well. As their excitement continues, they can easily place bets on any events as their interest keeps growing.
Learning and Exploring in a Controlled Environment:
Since sports betting exchange apps offer different betting markets and options, casual betting fans can easily begin practising and wagering. There are a lot of them who are seeking such opportunities to jump on gambling and this is excellent.
Also, many exchange apps offer tutorials, FAQs, and educational resources to help newcomers understand the basics of betting and exchange mechanics. The use of sports betting simulator apps will also be excellent for learning and safe betting.
Ideal Users of Sports Betting Exchange Apps: The Aspiring Bookmakers (Laying Bets):
Aspiring bookmakers also form part of the ideal users of sports betting exchange apps for a couple of good reasons;
Setting Their Odds
In the traditional betting system, bettors place their wagers against odds set by bookmakers. However, in betting exchange apps, bettors lay bet which means setting their odds. This is one of the very empowering features of the betting exchange app as it attracts new gamblers, especially from the traditional betting market.
So, if you feel like you need a betting platform to explore some new skills, and new opportunities and analyse different options, betting exchanges are your sure plug.
Risk Management & Profit Potential:
Although Laying bets involves calculated risk management, aspiring bookmakers must know how to create opportunities from it. One of the ways of doing this is setting odds that leads to profit making.
In betting exchanges, the profit-making potential should always be higher than that of traditional betting.
Learning & Refining Skills:
Betting exchanges are an ideal place for learning and skill refining and aspiring bookmakers must take it seriously. It has enough tools to give them a good and insightful experience. for example, they can easily set their odds, analyse market trends and learn from the outcomes.
This will go a long way in refining their skills and strategies.
Challenge & Control:
It is challenging to set betting odds, analyse the market trends, perform risks management, however, all of these are strong controlling tools. Aspiring bookmakers only need know how they can utilise them for best outcomes.
Check out the top tech stack for a sports betting exchange app.
Getting Started with Ideal Users of Sports Betting Exchange Apps
This section will highlight important things to put in place (in-app) that will serve as guide and resource to your ideal users.
Briefly explain the signup process for your app
It is good to give users a clue of how easy your sports betting exchange app sign-up process is.
We recommend you take your time to make this visually appealing, simple and straightforward.
Everyone who comes across the content should easily grasp the actual meaning without any hassle. Ideal users of P2P betting apps who know that the signup process is easy and fast will most likely sign up.
Highlight resources for new users
Another important step to take is to highlight helpful resources for your new users. For example, you prompt your exchange app to offer these resources via in-app pop-ups which take them to your official blog or FAQ page.
Emphasize responsible gambling practices
As you share useful resources and explain your sign-up process, you also need to explain the need for responsible gambling. You can include this in your terms and conditions page, create a special page for it or add it to your resources page.
Best Practices for Compliance with Sports Betting Exchange App Regulations
Do you want to attract and engage the ideal users of sports betting exchanges? We can help you if you reach out to us now.
Conclusion
As you have learnt in this blog post, sports betting exchanges offer a variety of opportunities
for a diverse range of users. The seasoned bettors can leverage their knowledge to find sharper odds and utilize flexible betting options.
Casual fans can discover a new way to engage with their favourite sports and explore betting in a controlled environment. Aspiring bookmakers can test their skills by setting odds and acting as bookmakers on the exchange platform.
Ultimately, the ideal user of a sports betting exchange is interested in sports betting and looking for a platform that offers more control, flexibility, and potentially higher payouts. Whether you’re a seasoned gambler, a curious fan, or an aspiring bookmaker, a sports betting exchange might be the perfect place to enhance your experience.
