Zero-Fee Betting Exchanges

Zero-fee betting exchanges, like Novig, let you bet directly against other users instead of a traditional bookmaker. This peer-to-peer system offers flexibility and the chance for better profits by allowing you to both back and lay bets. Novig is available for users aged 21+ across the U.S., except in AL, CO, ID, LA, MI, MT, NV, and TN.

How Betting Exchanges Work

Traditional sportsbooks only let you back a bet (betting on something to happen). Betting exchanges take it further by letting you:

  • Back bets: Bet on an outcome to occur (like traditional betting).
  • Lay bets: Bet against an outcome, essentially acting as the bookmaker.

For example, in a match between Team A and Team B:

  • User 1 backs Team A at odds of 2.0.
  • User 2 lays Team A at odds of 2.0.

When their orders match, the bet is placed directly between them.

Using KellyOdds with Betting Exchanges

KellyOdds can help you place bets on betting exchanges with predicted positive expected value (+EV). Here's how:

  1. Find the predicted "Fair Odds" for the event you're interested in.
  2. Set your odds higher than the predicted "Fair Odds" to aim for positive expected returns.
  3. The higher your accepted odds, the greater your expected profit (EV). However, setting higher odds may reduce the chances of finding someone to accept your bet.

Repeat this strategy across multiple events to build sufficient sample size.