knowledge is power

[markchippy]

i,ve read the tutorials a few times and its starting to sink in how this works but i,ve got a basic question for starters.
the tutorial is confusing me on back and lay betting. it states its advisable to start with betfair and then mentions skybet.
a previous paragraph said betting exchanges take back and lay, but for this purpose only lay bet with them.
why is this? so my next point is why use betfair and skybet?
is one the "bookies" so they only take back bets?
i wont go on as it ll get boring!

[SharpeShooter]

There are 4 exchanges, only two of which most people use. They are Betfair, WBX, BetDaq and Smarkets. At any of these you can place a back bet or lay bet. You are betting against another punter and the exchange make their money by charging a commission to the winner of the bet.

Every other bookie is just that, a bookie. They only accept bets, they in effect are laying your bet. You cannot lay a bet yourself with a bookie

[markchippy]

ok thanks thats more helpful. something that is not crystal clear is are bets always between bookies and the exchange? the exchange seems to take both back and lay, so is that the way to do it?
i know its a basic question but i,m greener than a sprout

[Admin]

No the way to do this is back bet at the different bookies and lay bet with one or more of the exchanges (betfair is the best/most popular).
The money you make is from converting the bookies free bet offers into guaranteed cash so if you think about it, you complete one bookies free bet offer and then move onto the next. Yes you will eventually run out of bookies offers to complete (in theory) but by then you will have worked out from here what your next step is...