How to Bet?
Last updated
Last updated
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.
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 based on your estimation of the likelihood of an outcome and a fair risk to return ratio.
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 limit order bet will be matched by a counterparty if no other participants consider your proposed odds fair.
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.
When placing a ‘For’ bet you are betting that the outcome will happen. E.g within the 'Full Time Result' market, a 'For' bet on Manchester City is a bet that Manchester City will win the fixture.
Odds represent the market probability of your chosen position occurring and determine your potential payout. They indicate the multiplier applied to your stake if your bet wins.
For example, odds of 3.00 mean that for every $1 staked, you would receive $3 if you win.
The Best Odds currently available are displayed and will fill the BetSlip upon your selection. You can accept these odds or you can contest and set your own odds by adjusting the Odds input and send your proposed bet to our order books where it may or may not be matched by a willing 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 Odds level.
You can place a market order 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. E.g within the 'Full Time Result' market, an 'Against' bet on Manchester City is a bet that Manchester City will not win the fixture (i.e either lose or draw).
Price represents the odds you are offering to a counterparty. In other words, the Price reflects the ‘For Odds’ at which you are happy to take the 'Against' side of that bet.
For example, a Price of 3.00 means you are offering odds of 3 to a counterparty on the contract you are trading. If you bet 'Against' with a $5 Stake at a Price 3, you would receive a payout of $7.50 if you win.
Quoting an 'Against' Price in this way allows players to clearly see the spread between the Odds 'For' bettors want and the Odds 'Against' bettors are willing to provide - the spread between the Best Price (blue box) and the Best Odds (green box).
An 'Against' bet Price is the Odds an 'Against' bettor provides to the 'For' bettor.
(Where applicable, Against bets also pay out in the event of a draw).
The Best Prices currently available are displayed and will fill the BetSlip upon your selection. You can accept these prices or you can contest and set your own Price by adjusting the Price input and send your proposed bet 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 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.
All stakes, liquidity 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.
To help inform your trading strategy, the Fixture page displays the Best Odds & Price and 2nd Best Odds & Prices currently available, along with their current liquidity.
Furthermore, you can look at the historical bets of your chosen market on the graph. This displays the odds and implied probability at which bets have been agreed by market participants. You can analyse this to gauge market sentiment and trade upcoming swings in the odds.
Visit your portfolio to see your active, pending and closed bets as well as your overall trading profit/loss.
From your portfolio page you can also '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!
