Another form people are making money online using bet is called bet exchange which not all betting site do offer the service.

Bet exchange is a service offer by betting site where by customers bet against each other rather than the normal betting ways with the bookmaker. In normal betting you place your bet against the bookmaker while in bet exchange you place your bet against another customer. The exchange (bookmaker) provide the option while a customer lay it bet on thing not to happen.

Just like stock exchange or forex, bet exchange follow it model by replacing shares or currents trading with betting odds on events in sports, entertainment and politics. Just as in stock market the is those that buy and those that sell so it is with bet exchange. There are two sides of a bet in the market. Those that think something will happen who are called “backer”, and those that think it will not occur who are called “layer”.

On an event in the market, the backer and the layer get a betting match as long as both of them agree on the price or odds that an event will happen or not. For instance in premier league where Chelsea at away is playing against Aston Villa, a backer will create an offer on the event that both teams will score and a layer will go against it saying both teams will not score. They will reach an agreement on how much the event will cost or on the odds. If the agree on sticking N5000 at the end of the match one of the them will be going with N10000.

The good thing about this kind of betting is that you make bigger percentage of your return than placing your bet through the normal bookmaker. The winner of the match pay some commission depending on the bookmaker.