What is Peer To Peer Sports Betting
Updated: June 4, 2023
Peer-to-peer sports betting is what a lot of people think of when they imagine betting on sports with friends.
Without the need for a bookmaker in this kind of exchange, it begs the question:
what about online peer-to-peer sports betting?
Nowadays, you can actually find online betting sites specifically for that purpose.
Peer-to-peer sports betting sites are exchange platforms where sports bettors can wager amongst one another without having to bet against the house or worry about a house edge.
To learn more about how peer-to-peer sports betting works and get insights into where you can join these exchanges, keep reading.
We’ll be highlighting some decent P2P sports betting sites that we recommend. Let’s get into it.
Peer to Peer Sports Betting – Overview
Peer-to-peer sports betting is an exchange form of sports betting when you go up against another player just like you.
It’s also referred to as P2P or player vs. player sports betting in some cases.
There are basically two sides to a peer-to-peer sports bet – the lay bets and the back bets, which we’ll explore more below.
There are a few terms you should know to understand peer to peer sports betting better:
- Liquidity – refers to the total amount of money currently in the sports betting market
- Margins – refers to the amount of the bet that a sportsbook takes as a commission (the “vigorish” or “juice”)
- DFS – (daily fantasy sports) refers to a kind of P2P sports betting specific to fantasy rosters
- Crypto sportsbooks – refers to P2P exchange sites that only accept cryptocurrency banking methods
- Betting exchanges – refers to your run-of-the-mill peer to peer wager on traditional sports
In peer-to-peer sports betting, the house edge or “margin” is way lower – usually closer to 0%, whereas it might be as high as 10% or higher at traditional sports bookmakers.
This is a huge plus to P2P exchanges.
It’s growing increasingly popular in recent times because it gives the player a lot more wiggle room when it comes to choosing and setting their wagers.
How Does It Work?
Peer-to-peer betting is fairly straightforward, but if you’re new to this kind of wagering, it may be confusing at first.
The most common kind of wagering you’ll be doing is betting exchanges, which involve either a lay bet or a back bet.
A “back bet” is when you wager on a team, expressing that you think they’ll win.
Essentially, you are “backing” that team, hence the word “back” in the bet name.
On the other hand, a “lay bet” is when you wager against a team that the other peer backs.
For example, if the peer you’re wagering against places a back bet on the Miami Heat, they think the Heat will win the game.
But you would place the lay bet on the Miami Heat, expressing that you think the Heat won’t win.
Against the House
Note that occasionally, but not often, a peer-to-peer sportsbook will allow players to bet against the house, which raises the stakes.
Although there is more margin in these wagers, you also have higher potential winnings on the line.
With regular P2P bets, you lower your potential winnings when you make a bet against a peer.
Top Peer to Peer Sports Betting Sites
There are several online P2P sports betting sites that we want to highlight for their popularity and benefits on the market.
MatchBets is an online sportsbook for peer-to-peer betting, and they offer new customers a deposit match bonus of up to $500.
You can also take advantage of various banking methods such as Neteller, PayPal, card, Bitcoin, Skrill, and others.
WagerLab is a self-proclaimed “bet with friends” betting app. You can take part in P2P betting, as well as bet tracking with this site.
And it’s not just sports that you can bet on with WagerLab; you can also bet on events and TV.
ZenSports is a P2P sports betting marketplace for mobile phones and desktop users.
You can use multiple forms of funds on this betting site, including some cryptocurrencies. ZenSports even has competitions to enter when it comes to peer-to-peer exchanges.
If you’ve ever wondered what is peer to peer sports betting?, you’re not alone.
Although P2P betting may seem foreign at first, it’s simply the method of betting on sports with other sports bettors.
Instead of always wagering against the oddsmakers, there is a low house commission, with lower potential winnings as well.
This kind of online sports betting is an exciting way to place your wagers with friends and bet on your favorite professional and college sports teams.
You merely need to know how to make a lay bet and a back bet to get started. Try it out today!
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