1. The essence of the betting exchange, difference between the betting exchange and betting in the bookmaking office.#.

** Betting exchange** is an alternative to the traditional betting in the bookmaking offices.

*In fact, the betting exchange is a platform that automates the ancient way of measuring ones knowledge and luck against other players by betting on an event. * *Whereas back in the days gentlemen, excitedly wiping their monocles and stirring side whiskers, concluded and completed their gambling transactions relying on the good name and reputation of the opponents (or on their ability to find a debtor and chase up the debts), now, thanks to modern technologies, you can conclude an absolutely safe bet not only with noble aristocrats, but also with people absolutely unfamiliar to you.

The main task of the Exchange is to bring together two players batting on opposing outcomes of the same event.

Betting exchange in automatic mode will take bets from two wagering parties and rewards the winner, taking a small percentage for mediation. Bookmaker's remuneration -5% of the amount of net gain. For example, you bet 100 monetary units for coefficient of 3. If you win, you get 300 monetary units. Net gain is 300-100=200. 5% of 200 = 10 monetary units.

What are the main differences between the bet exchange and the bookmaker?

1. Beting exchange players wager among themselves and the Exchange automates and makes the process safer.
2. Betting exchange takes the minimum percentage for mediation and does not limit the amount wagered and winnings.
3. Exchange players themselves shape the odds on the event.
4. There are more good odds for popular events, since the line is formed by the players.
5. Playing on the betting exchange is somewhat more complicated than betting in a bookmaking office, but often more interesting, because you have to take into account not only your own profit, but also your opponent's interest.

2. Basic concepts of the betting exchange. Game diagram and calculation of winnings. Features of the "Goal+Pass" Exchange.

2.1. Basic concepts of the betting exchange.

Before playing on the Exchange you may find it useful to learn the following concepts:

1. Market and market group

   Let's view a football match "Manchester City-Tottenham". Let's assume you want to bet on the of Manchester City in the second half. In this case you are interested in Market Group "Victory in the second half", Betting Market "Manchester City". In the"Paris Dakar" race, if you want to bet on a final victory of participant "Ivan Drago" from "KAMAZ" team, you are interested in Market Group "Victory in the finals", Betting Market "Ivan Drago". In various situations, there may be up to 50 and more possible market groups for one event.

2. Offer and Answer

   Offer is a bet created by the player with a view of conclusion of a bet. When the other player accepts the challenge and makes a bet with the reverse coefficient for another outcome of this event – this is the Answer, since that moment the Offer is accepted.

3. Exchange odds

   For betting exchange a coefficient is the winnings multiplier, set for a specific market. The odds on the Exchange are direct and reverse. The coefficient is direct if a player bets FOR the group market, for example FOR the market "Manchester." in group "Victory in regular time". The coefficient is reverse in case of betting AGAINST the market, meaning that the event will not happen. For example a bet AGAINST the market "Ajaccio last goal" in Market Group "Regular time. Goals " in match "Ajaccio-Bastia"means winning the bet if the last goal will not be scored by Ajaccio.

4. **Order book **

   Order book - a summary table of offers and answers on the coefficients of the selected market.

5. Market rate

   The coefficient on which the last accepted Offer of a bet was recorded.

2.2. Game diagram and calculation of winnings.

The general principle of wagering on the betting exchange is as follows: the lost bet goes to the winner. By placing a new Bet Offer player in advance determines the required amount of answering bet through the odds.

Let's say one of the Exchange players added the following bet offer:

1. Event: Manchester-Arsenal
2. Market Group: Victory in the regular time
3. Market: Manchester
4. Bet: FOR with coefficient of 3.5 and the amount of 100.

In this case, the player bets on Manchester victory with coefficient of 3.5 and bet amount of 100. The author of this Offer wants to get 350 monetary units in case of victory of Manchester, of which 100 are his original bet, and 250 is the "answering" bet of a player, accepting his Offer and losing the bet. If the answering player wins the originator will lose his 100 monetary units, and the answering player will receive 250 + 100, from which you can calculate his odds - 1.4.

Thus, making the above offer with a coefficient of 3.5, the author has previously determined the amount of 250 (which he expects to win, based on the coefficient of 3.5), and the coefficient 1.4 for the Answer. These are the parameters based on which other players assess the attractiveness of the Offer.

** Calculation formulas * for Answer amounts * and *Answering coefficient:**

Answer amount = Offer coefficientOffer amount-Offer amount;
Answering coefficient = Offer coefficientOffer amount/Answering amount;

In the above example, the formula looks as follows:
Answering amount 250 = 3.5 * 100 - 100
Answering coefficient 1.4 = 3.5 * 100 / 250

The above formulas are used to calculate the bet amount Answering coefficient. It is easier to understand, but necessary - actually the Offer coefficient and the Answering coefficient depend on each other and can be calculated using the following formula not involving the amounts:

Answering coefficient = Offer coefficient / (Answering coefficient - 1);

2.3. Features of the "Goal+Pass" Exchange.

1. Bringing players together at the betting exchange does not happen automatically. The player either independently looks for suitable bet offer with satisfying coefficient and amount, either creates a new offer, giving other players the chance to assess it and accept or ignore.
2. It is impossible to partially accept an Offer. If the response amount for a bet offer is indicated as 400-you need to make the response bet in the exactly the same amount, no more and no less (change of this amount when answering will be treated by the platform as a new offer).

3. "Goal+Pass" Bookmaker's betting exchange structure and interface on www.golpas.com website

Functionality of the betting exchange on golpas.com website consists of the following sections:

3.1. Exchange home page
3.2. Event page
3.3. Order book

3.1. Exchange home page

1. Offer a bet on an event that you don't find on the Exchange. Only events presented only in "Goal+Pass" Bookmaker's betting lines at www.golpas.com are available for betting offers.
2. Search by events that are already added to the stock by other players.
3. Link to page of the upcoming sporting events on the exchange broken down by sports types
4. Column with the following data: time when the specified event is to take place; icon of a sport icon, to which it refers - if you hold the mouse pointer on it, the name of this sport will appear
5. Brief summary of the coefficients of the given event market. Above the table there is a hint on colours used in the summary
6. Link to comparison of sports history of the teams (section "Statistics") for this event
7. The number of bets on the event in the form of x/y, where x is the number of events that have already been accepted, and y is the number of pending ones
8. The number of markets groups for this event
9. Total amount of money bet on this event – both by offering the offering and answering players
10. User authorization zone After logging into the system using your login and password, you can see here your current account balance and account management buttons
11. Selected bets zone. When you offer or accept a bet on the betting exchange, it appears in this zone for final confirmation

3.2. Event page

1. Type of sport and event name
2. Name or championship or tournament, under which the event will take place
3. Market group, covering the Order Book
4. Link to the Order Book with a full list of all offers in the market group and the their availability
5. List of all markets on which offers were made
6. Informational summary of coefficients: minimum, last accepted and maximum market odds. The colour of odds cells corresponds to the colour of titles in the column header
7. The number of registered betting proposals in the form of x/y, where x is the number of proposed wagers and Y is the number of accepted offers
8. Choosing the market for a newly created bet
9. Part of the new bet creation form, defining conditions for you. Entered amount and odds will determine your potential winnings and set response parameters for your opponent, accepting the offer. When you change your parameters the opponent's data on the right side of the form (10) will be automatically recalculated
10. Part of the new bet creation form, defining conditions for your opponent. When these parameters are changed your data on the left side of the form (9) will be automatically recalculated
11. Button "expand/collapse" to hide/show the bet preview block through the eyes of your opponent (12)
12. Created bet preview block through the eyes of your opponent. The way the bet is shown in this block is the way other players will see your offer in the Order Book and assess it
13. Choosing a new group of markets for the case when no Order Book has been created for required market group
14. Choosing a market within a given (13) market group

3.3. Order book

1. Type of sport and event name
2. Name or championship or tournament, under which the event will take place
3. Event start time
4. Market groups, which include all the order books, presented on the page
5. Name of this market order book
6. Option to hide/show other players' condition. If this option is disabled, you will see both the conditions under which you can take bets, and the conditions under which they were created (the bet originator's odds and winning). If this option is enabled you will see only the conditions for accepting the bet
7. Option to hide/show the offers already accepted by you. If this option is enabled, you will not see those bet offers that are already accepted by other players. If you want to see this information to assess the overall betting market – disable this option
8. Coefficient type column Icons "for" and "against" are shown in rows grouped by offer odds, markers are in separate lines of particular bet offers
9. If the "hide other people's offers" option is turned on, you will see only those offers on the exchange that you created yourself. Proposals created by other players will be hidden. This option may be needed if you want to find and cancel the offer you created, if for some reason you do not want to leave it on the exchange any more.
10. Conditions for you in the event of accepting a bet offer (amount, odds and winnings)
11. The number of bets grouped into one line by a coefficient, as well as the "show" button to show/hide all the bets included in it (after clicking the button is replaced with the "hide" button)
12. The accept button for acceptance of a bet offer under the specified conditions. After clicking the selected bet details are added to the selected bets zone for confirmation
13. Part of the new bet creation form, defining conditions for you. Entered amount and odds will determine your potential winnings and set response parameters for your opponent, accepting the offer. When your parameters are changed, the opponent's data on the right side of the form (p. 14) will be automatically recalculated
14. Part of the new bet creation form, defining conditions for your opponent. When these parameters are changed Your data on the left side of the form (p. 13) will be automatically recalculated
15. Preview of the offer being created by you through the eyes of other players

4. Performing standard tasks when playing on the exchange:

4.1. Finding the necessary match and accepting a bet offer. Video guide

4.2. Creating a bet offer Video guide

5. Rules for playing at the "Goal+Pass" exchange

1. "Goal+Pass" Bookmaker shall ensure the payment of winnings at the Exchange within 24 hours after completion of an event, depending on the payment type
   
2. Betting offers accepted by another player are not subject to cancellation
   
3. When playing on the exchange, the general rules of the playing at the the bookmaking office shall apply