How a cricket exchange works

Exchange vs a normal bookmaker

With a traditional bookmaker, the company sets the price and takes the other side of every bet. A betting exchange works more like a share market. Players post the prices they are willing to accept, and the exchange simply pairs one player's bet with another player's opposite bet. One person backs India to win; somebody else lays India, meaning they bet India will not win. The exchange holds both stakes and settles the market when the result is final.

This matters for two reasons. First, prices on a busy cricket market are usually tighter than a bookmaker's, because many players compete to offer the best odds. Second, you can bet against an outcome, not just for it, and you can trade out of a position before the match ends. Both features are useful, and both can cost money quickly if you do not understand them.

Your Lotus365 ID gives access to exchange-style cricket screens along with casino games from the same wallet. If you do not have an ID yet, the Lotus365 ID guide explains the setup. Before anything else: you must be 18 or older, and online betting laws vary by Indian state, with some states banning it completely. Check the position where you live.

Back and lay, in rupees

Exchange odds are shown in decimal format. Odds of 1.90 mean every ₹1 staked returns ₹1.90 if the bet wins, which is ₹0.90 of profit plus your ₹1 back. On screen, the back prices sit in blue boxes and the lay prices in pink boxes, with the amount of money available at each price printed underneath.

Take a T20 match where India are priced at 1.90 to back and 1.92 to lay. Here is what happens with ₹1,000 on each side:

Notice the lay side. You accepted a backer's ₹1,000, so if India lose you keep it. If India win, you must pay that backer's profit: (1.92 − 1) × ₹1,000 = ₹920. That ₹920 is your liability, and the exchange blocks it from your balance the moment the bet is matched.

A simple trade

Suppose you back India for ₹1,000 at 2.20 before the toss. India bowl well, and their price drops to 1.80. You can now lay India at 1.80 to lock in a result whatever happens. Laying ₹1,222 at 1.80 gives a liability of about ₹978. If India win: +₹1,200 from the back bet, −₹978 from the lay, roughly +₹222. If India lose: −₹1,000 from the back bet, +₹1,222 from the lay, again roughly +₹222. That is a hedge, often called "cash-out" or "greening up".

The same trick works in reverse, which is the part beginners forget. If the price moves against you, a hedge locks in a smaller, certain loss instead of a profit. Trading is a way to manage risk, not a way to guarantee wins.

Matched and unmatched bets

When you click a price that already has money waiting at it, your bet is matched immediately, either fully or partly. If you type in a better price than anyone is offering, say 2.10 when the best back price is 1.90, your bet sits in the queue as unmatched. It only becomes a real bet once another player accepts that price.

• Partly matched: If you want ₹2,000 at 1.90 but only ₹1,200 is available, ₹1,200 is matched and ₹800 waits as unmatched.
• Unmatched bets can be cancelled any time before someone takes them. Matched bets cannot be cancelled; they can only be hedged.
• In-play suspensions: The market often pauses for a few seconds after a wicket, boundary or review. Prices can jump sharply when it reopens, so unmatched orders left at old prices may get matched at a moment you did not expect.

Get into the habit of opening the "open bets" or "unmatched" tab after every order. Many disputes come from a bet the player thought was cancelled but was actually matched a few balls later.

Liability and commission

Liability is the most you can lose on a market. For a back bet it equals your stake. For a lay bet it equals (odds − 1) × stake. If you hold several bets on one market, the exchange works out your worst-case result across all outcomes and blocks that amount, which is why your available balance can fall even when you have not added a new bet.

Laying at high odds is where people get hurt. Laying a team at 8.00 for ₹500 looks small, but the liability is ₹3,500. Before you confirm any lay, read the liability figure on the bet slip and ask yourself whether you can afford to lose that full amount.

Exchanges earn through commission rather than through the price margin a bookmaker builds in. Commission is usually a percentage of your net winnings on a market, not of each bet, and nothing is charged on a losing market. Rates and which markets carry commission are set by the platform, so ask the Lotus365 team for the current figures on your ID instead of assuming a number.

Match odds, bookmaker and fancy

Indian cricket exchange screens typically show three kinds of market for the same match. They look similar but settle differently.

Fancy markets deserve extra care. A "6-over runs" line can be suspended and re-opened many times in an over, and the rate under each line (often 100, meaning even money) can change too. Read the market rules shown on the screen for how rain, a reduced innings or a retired batter affect settlement. Display formats differ between platforms, so if anything is unclear, send a screenshot to the team and ask before placing the bet.

Habits that save money

• Practise on a demo ID first. Placing and hedging a few lay bets with practice credits teaches more than any article.
• Check liability, not stake. On lay bets, the liability number is your real risk.
• Avoid betting in the seconds after a wicket. Prices are unstable and suspensions are common.
• Set a match budget and stop when it is gone. Doubling stakes to win back a loss is how small losing days become large ones.
• Treat it as entertainment. Cricket betting is not a source of income, however well you know the game.

If you also play casino games between innings, the live casino guide explains how those rounds work. For help with limits and self-exclusion, see the responsible gaming page.

Frequently asked questions

What does the blue and pink colour mean on an exchange?

Blue boxes are back prices, where you bet that something will happen. Pink boxes are lay prices, where you bet that it will not happen. Clicking a box opens the bet slip for that side.

Why is my lay liability bigger than my stake?

When you lay, you are acting as the bookmaker. If the selection wins, you pay the backer their profit, which is (odds minus 1) times the stake. At odds above 2.0 that payout is larger than the stake you accepted.

What happens to an unmatched bet when the match starts?

Depending on the market, unmatched bets may be cancelled at the start of play or kept open in-play. Check the open bets section after the toss and cancel anything you no longer want.

Is there commission on every bet?

Commission rules depend on the market and the platform settings. Some markets charge a percentage of net winnings and some charge none. Ask the Lotus365 team which markets carry commission on your ID.