It's an exchange. You offer to bet X and wait for a matching offer. If no one wants to bets that much your order waits in a queue - same as on a stock market.
There is 0 risk for the exchange and the bettors can only use what they put in front.
Bookies run some risk because they accept the bet first and try to hedge (or got more people to bet on the other side) later. The exchange doesn't have this problem.
Exchange doesn't even need to charge commission cause they make money on float.
There is 0 risk for the exchange and the bettors can only use what they put in front.
Bookies run some risk because they accept the bet first and try to hedge (or got more people to bet on the other side) later. The exchange doesn't have this problem.
Exchange doesn't even need to charge commission cause they make money on float.