What are p2p bookies

The term "p2p" is commonly used in financial environments or in transactions where there are two parties involved. In the world of sports betting, we usually talk about exchange betting or cross betting. Does the term ring a bell? Well, we're talking about the same thing, but in different languages: that's p2p betting.

P2P bookies: what are they and how do they work?

A p2p bookie is the same as a bookmaker. Basically, we are talking about platforms focused on sports betting that act as mediators between users for the placement of bets. In the financial field, a parallel would be the stock exchange, only that in this case what is exchanged are bets.

And what is a p2p bet or a cross bet? Betting exchanges are forms of betting in which each user acts as a bookie: setting prices, establishing profit margins associated with the bets and so on.

In these cases, users are usually players who wish to place some kind of bet not allowed or restricted in a bookie, so they turn to betting exchanges to place them. These bookies, therefore, take advantage of the lack of offers from other bookies, expanding the range of games that users can find.

Note that we are not talking about prohibited types of bets, but about a complementary offer for alternative users. For technical reasons or for reasons beyond the users' control, bookies' managements limit the types of bets that their members can place. However, this does not mean that there is no demand. Bookies allow to offer these restricted types of bets.

How does betting exchange work?

Users who want to enjoy restricted bets can resort to cross betting on these p2p platforms to enjoy their hobby. But there is one requirement: there must be at least one other user willing to match the bet.

Considering that bookies generate revenue when they charge a small commission per transaction from each customer, it is logical to think that there should at least be a requirement to set a minimum number of users to encourage betting.

How can betting exchange be used? Very simple:

• Through a bet for or against. This is also known as layback bets or back / lay bets, which allow betting in favor (back) or against (lay) that a team will win. It is a very common type of bet on cross betting platforms.
• Through an offer to bet at high odds. This is usually reserved for those who have a larger bankroll (remember that BRM, bankroll management, is important in sports betting), but it gives the user greater control over the odds he expects to accept.

P2P bookies: advantages and disadvantages

The advantages of cross betting on betting exchange bookies are clear: greater choice, greater odds disparity and greater potential for reward. It is normal that there is a general feeling that the odds and the sporting offer has become standardized, which can make betting lose that point of fun if we go outside the norm.

There are more adventurous user profiles, capable of extrapolating their knowledge to other types of bets, on other events and with different odds. Since by going outside the norm they exclude themselves from what the most well-known bookies offer, in their case it is necessary to resort to p2p bookies for betting exchange.

However, resorting to this alternative sports betting offer has its drawbacks. The most important one is the risk taken with their odds, which is outside the logical limits used by the bookies. This breaks with the principle of uniformity in the scale of odds depending on the sporting event, which requires the user to be more cautious.

Cross betting is a different way of enjoying betting, but the fact of betting on a circuit different from the standardized one means that extreme caution must be taken in order to measure the risk-reward balance.

There is no doubt that for many, betting against another player is more attractive than betting with the backing of a bookmaker. This allows the bettor to choose the outcome of a sporting event based on what he thinks is most likely to happen, betting directly on that outcome.

Thanks to bookies, anyone can enjoy going head-to-head with other bettors who have bet on any other outcome. The bookie charges a small commission, but does not intervene in the dynamics of the bet, another attraction for those looking for less bookmaker tutelage when they go to make their predictions.