How to Bet?
Last updated
Last updated
Bookie matches bettors with differing opinions on the likelihood of an outcome and allows them to agree on odds so they can bet without the need for a traditional central bookmaker.
When betting on Bookie you have the ability to bet ‘For’ or ‘Against’ the outcome, allowing you to take the position of player or bookmaker. This provides a level of flexibility and opportunities which aren’t possible with traditional sportsbooks.
Bookie allows you to set your own odds. However, there is no guarantee that your bet will be matched. When considering a bet you can either take the odds available as offered by the general market or you can input the odds you believe are true and see if the market moves that way.
By the end of the event, your bet can be fully matched, partially matched or fully unmatched. All unmatched bets, or portions of your bet that are unmatched, will be fully refunded to your wallet at the end of the fixture.
When placing a ‘For’ bet you are betting that the outcome will happen. Odds
Odds are the market probability of your chosen position occurring and determine the size of your potential payout. Odds show the multiple of your stake paid out on winning.
For example, odds of 3.00 means that every $1 stake has a $3 winning payout. In this example, if you bet a $5 stake you receive a 3 x 5 = $15 winning payout.
The best available odds are displayed and will fill the BetSlip upon your selection. You can accept these odds or you can set your own odds by adjusting this input and sending your bet to our order books at your odds where it may or may not be matched by a counterparty.
Stake & Liquidity
You Stake is simply the amount of BTC you bet on this position. You may raise or lower your Stake as you see fit.
Liquidity shows the immediate availability of counter orders at a specific Odds level.
All stakes, liquidity, volumes and traded amounts are displayed in $USD amounts for an improved user experience. However, all bets are wagered in BTC and this display setting can be adjusted in your personal settings.
You can place a bet with a Stake above the Liquidity available. In this case, your bet will be partially matched and the unmatched portion will be sent to our order books where it may or may not be matched by a counterparty. This will be reflected in your portfolio.
When placing an ‘Against’ bet you are betting that the outcome will not happen. This allows you to take the position of a bookmaker by offering a counterparty odds on the outcome happening.
Price represents the odds you are offering to the counterparty. That is to say, Price is the For odds you offer to accept to take the other side of that bet.
For any contract, the difference between the Odds (For) and the Price (Against) shows the spread between what a player is prepared to accept For an outcome and what other players are prepared to accept to take that bet. For example, the contract Czech Republic shows a tight spread of 0.2 between Odds (For) of 3.80 and a Price (Against) of 4.00.
Against bets also payout in the event of a draw, if a draw is possible.
The best available Prices are displayed and will fill the BetSlip upon your selection. You can accept these prices or you can set your own by adjusting this input and sending your bet at your Price to our order books where it may or may not be matched by a counterparty.
You Stake is simply the amount of BTC you bet on this position. You may raise or lower your Stake as you see fit.
Liquidity shows the immediate availability of counter orders at a specific Price level.
You can place a bet with a Stake above Liquidity available. In this case, your bet will be partially matched and the unmatched portion will be sent to our order books where it may or may not be matched by a counterparty. This will be reflected in your portfolio.
To help inform your trading strategy, the Fixture page displays the best and second best Odds & Prices currently available, along with their immediate liquidity.
Furthermore, you can look at the historical bets of your chosen market on the graph. This will display the odds and implied probability at which bets have been agreed for each market. You can analyse this to gauge market sentiment and trade upcoming swings in the odds.
Visit your portfolio to see your active, pending (unmatched) and closed bets. From your portfolio page you can Cancel your unmatched bets and receive a refund of your unmatched Stake directly to your wallet. All matched bets are final and can not be cancelled.
Now you understand what a decentralised betting exchange is and how it works, you’re in the best place to take advantage of this exciting opportunity!
Remember successful betting is all about finding value and betting with the best odds - which is what Bookie offers!
