Betting exchange integration | OddsMonkey Bites
We’ve made placing lay bets at the betting exchange faster, easier, and more streamlined, thanks to exchange integration. This is one of the most important matched betting software developments we’ve ever made and in this video we’ll show you the difference between placing a lay bet the old and using exchange integration.
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TRANSCRIPT:
What is exchange integration?
This is probably the most important software development that we’ve ever made at OddsMonkey, over the years. Exchange integration can prevent you from making mistakes and will save you lots of time while you’re matched betting.
I’ve always thought the most difficult and seemingly complicated part of matched betting is when you need to place your lay bet at the exchange. You only need to look at a betting exchange market for the first time and there are so many different coloured boxes with different numbers that it’s easy to become confused and be daunted with so much going on.
Exchange integration makes this whole process so simple and will mean that you don’t even have to visit the betting exchange website when it coms to placing your lay bet.
Let me demonstrate how much easier this makes everything with a quick example. Here we have a typical matched bet. We’ll assume that we’ve placed the bookmaker bet (which is the easy part) and now we need to place our lay bet at the exchange using the old, manual way.
We can see from the calculator that we need to place a lay bet of £9.87 at odds of 1.61 with Smarkets. We can flip back to OddsMonkey later to check those details, but for now we’ll just remember ‘Italy at odds of 1.61’.
We open up Smarkets and we can click on the blue box to lay Italy because blue is the Smarkets colour for laying bets. We flip back to OddsMonkey to check the lay amount. It’s £9.87 and back at Smarkets we enter our lay stake of £9.87. We can also check that the odds, or price, is still 1.61. We can also see that the liability here is £6.02 and if we jump back to OddsMonkey, we can check that that amount matched the liability shown on OddsMonkey, which is also £6.02. So we know we’ve entered the information correctly.
Now, this can seem like you’re trying to spin a few plates, but this process will become second nature once you’ve been matched betting for a little while. But you’ll still need to switch between those sites to ensure that you enter the correct information every time.
Now, quite a few years back, we ran a survey with our Premium members and overwhelmingly, you let us know that this was the part of the process that you felt could be confusing when you were first starting out matched betting. And also the area where mistakes could happen if you weren’t paying full attention. With this information in mind, we worked closely with the betting exchanges Betfair and Smarkets and we were the first matched betting company to offer direct lay bet integration. And here’s exactly how it works:
You can enable exchange integration easily for your account and we’ve got some videos on how to set this up for both Smarkets and Betfair. You can find these on our website and they’re also available on YouTube. So, we open up the calculator again for the same bet and once again, we’ll assume that we’ve placed the back bet with the bookmaker.
We now have to place the lay bet with Smarkets. You’ll notice that because I’ve now linked my OddsMonkey account with my Smarkets account, I can now see the ‘place lay bet’ button and all I have to do is click this button. At this time, lots is going on behind the scenes. Our systems are talking to Smarkets to check that the odds that we want are still available and that there’s enough money available in the market. All important things that you no longer need to worry about because it’s all taken care of for you. And that’s it!
The lay bet has been placed and it literally took around two seconds. No chance of making any mistakes, no flicking in-between screens. Your lay bet has been placed and you can now rest easy and move onto your next bet. So I hope you can see from this one example just how easy it is to use exchange integration and how much time it can save when you’re matched betting.
