# How To Bet?

### How does a Decentralised Betting Exchange work? <a href="#how-does-a-betting-exchange-work" id="how-does-a-betting-exchange-work"></a>

Bookie matches bettors with a differing opinion on the outcome of an event and allows them to agree on odds so they can bet directly against each other. &#x20;

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.

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### Set your own odds <a href="#set-your-own-odds" id="set-your-own-odds"></a>

Bookie allows you to set your own odds based on your estimation of the likelihood of an outcome and a fair risk to return ratio.&#x20;

When considering a bet you can either accept the odds currently available as offered by the market (marker order) or you can contest these odds and propose a bet at the odds you believe are true and see if the market moves that way (limit order).

There is no guarantee that your bet will be matched by a counterparty if no other participants consider your proposed odds fair.&#x20;

By the end of the event, your bet can be matched, partially matched or unmatched. All unmatched bets, or portions of your bet that are unmatched, are fully refunded to your wallet at the end of the event.
