Betting exchange questions
Back bet, Lay bet, what does it mean?
If you have ever enquired on what is a betting exchange (such as Betfair, Matchbook or Smarkets), you most probably heard about back and lay bets.
Back bets are the traditional and most common type of betting. Most bookmakers or betting brokers are built around this concept. Placing a back bet on a horse simply means you are staking money on it to win. If the horse wins, you win the bet, if it does not, you lose the bet.
Lay bets are the opposite of back bets. Lay bets are the same as saying an outcome will not happen. Placing a lay bet on a horse means you are staking money on it NOT to win. If the horse does not win, you win your lay bet. If the horse wins, you lose your bet.
On an event with only two outcomes possible, a back bet on selection A should be the same as a lay bet on selection B, unless odds equivalencies say otherwise (see the two articles: odds equivalencies (1) / odds equivalencies (2)). However, a lay bet proves to very convenient when three or more outcomes are possible. This is why lay bets are very popular on horse racing or on football (lay the draw strategy, correct score betting, etc.).
What commission will I pay when I place a bet?
We offer two different modes of commission, once you activate your Betkeen account you will need to choose the commission mode you prefer. You can change this commission mode at any time but not on an event you already placed a bet on.
Gambling mode: 1.50% on winning bets / 1.50% on losing bets.
Trading mode : 1.70% on winning market / 1.70% on losing markets.
The minimum commission to pay in trading mode is 0.15 euros, there is no minimum in gambling mode.
What is gambling mode / what is trading mode?
In gambling mode, the commission (1.5%) is applied on every bet placed on our platform, regardless if it is winning or losing. Every bet placed on a given market is independent. Therefore, the commission is applied on each order and not on gross earnings obtained in a single market, unlike in trading mode.
In trading mode, the 1.7% commission is applied only on your gross profit/loss obtained on one market. Unlike in gambling mode, no commission per bet will be deducted. This system allows you to apply your favorite scalping or offplay trading strategies.
Should I choose gambling mode or trading mode if I want to be more profitable?
It depends on your betting or trading patterns. In short, if you like to place several back and lay bets on a single market, trading mode is recommended. If you just want to bet on a match and do not want to trade or cash out your bet, it is better you select gambling mode. Below is an actual example of a football trade.
On the event Real Madrid vs. Barcelona Match Odds market, your bets are as follow:
- Back Real Madrid @ 2.60 for 200 euros.
- Back Real Madrid @ 2.80 for 200 euros.
- After Real Madrid scores the first goal, you place a third bet (Lay bet this time): Lay Real Madrid @ 1.50 for 400 euros.
Real Madrid wins the match 1-0. Your result is as follows:
- 320 euros won on the first bet
- 360 euros won on the second bet
- 400 euros lost
Therefore, your overall total gross profit is 280 euros.
In trading mode, you pay 1.7% only on 280 euros which is your total profit (commission paid: 4.76 euros).
- 1.5% on 320 euros
- 1.5% on 360 euros
- 1.5% (loss) on 400 euros
If you need assistance on how to use these modes according to your different betting or trading strategies, please let us know through our support media (Twitter) or by email: [email protected]
Can I cash out my bet at any time?
Yes, just like on Betfair, you can use the cash out function to trade your bets inplay or offplay. With this option on our betting exchange, we guarantee the best payout possible as there is no extra margin applied on the odds, unlike on the different sportsbooks offering this possibility.
To cash out your bets, just click on the LP (level profit) button, on the original Betkeen version, or the C button, on the beta version. With this function, you will balance out your total profit or total loss on a market.
Can I dispute the settlement of a bet?
All bets matched on Betkeen are settled by our provider. As an intermediary, Easysportbet never take any action in bet settlements. However, you can of course contact our support if you believe a bet was not settled correctly. Regarding voided bets, you can read more on the following page: About Voided Bets.
As different markets can be subjected to different rules, we strongly recommend you to check the rules of the specific market you place a bet on. These rules are available once you open a market and click on the whistle button (next to ID market) on the original Betkeen version, or on see rules on the beta version.
What is the Betkeen reserve (when can I withdraw my profits)?
The Betkeen reserve is the total profits you made since the start of the week (Monday 0:00 UTC). Let's suppose you deposited 100 euros on Tuesday, and had a nice winning run that brought your balance to 500 euros on Friday. In that case, your reserve is 400 euros and will be available to be withdrawn on the next Monday morning (0:00 UTC). The initial 100 euros deposit can be withdrawn at any time.
If you have questions, please contact us through our support media (Twitter) or by email: [email protected]