Gambling for a living has become not just a dream but a reality for many punters that have embraced the rapidly changing global gambling industry.

With recent advancements such as a reduction in bookmaker margins for both sport and horse racing markets, the mushrooming of different and varied bet types offered, the explosion in the number of online bookmakers now operating in every corner of the globe and the ease at which a punter can get the best prices, to name just a few of the advances that have resulted in a good number of punters handing in their resignation and turning to professional gambling for a living.

All of these advances and initiatives have made it possible for those punters who choose to make money from the game (that is they put in the required work and have the dedication), to take the profession up full-time. Granted we have seen some massive changes in the gambling industry over the past 5 - 10 years but none more so than the incredible birth of the greatest gambling concept of all time . . . Betting Exchanges otherwise known as Person-To-Person betting.

It seems that now a good number of punters have heard about the betting exchange revolution. Heard of but not embraced as yet. I find it somewhat odd, the fact that punters have never in the history of racing/sports betting being given a better opportunity to make big money yet the majority of punters are turning their back on the opportunity.

Granted . . . betting exchanges only really appeal to the punters that approach their betting in a more professional manner than the average TAB punter.

After all not everybody wants to bet staring at a computer screen all day. The TAB's are great but just remember that betting with the TAB's provides convenience and fun but not a fair chance to make a dollar. (Unless of course you are a skillful exotics punter) It is because of this mentality that half serious punters that want to give themselves a fighting chance of winning are driven to bet with other organisations that give them a fair go.

Betting Exchanges . . . you will be hearing much, much more about this new form of wagering that has really exploded in recent years. Betting Exchanges or Person-To-Person betting is really only some five years old. The way it works is that you effectively bet with another punter. There is no bookmaker or TAB just you against another punter. This is the difference between traditional wagering houses such as the TAB and bookmakers and this new innovative form of wagering.

As you are betting against another punter, one person plays the role of the bookmaker and 'lays' the horse/team/player (outcome) and the other punter will back the outcome as a punter would back a horse at the local race track or TAB. Now you will never know who you are betting with or indeed with how many people you are betting with. For example if you wanted to put $1,000 on a horse at 3/1 for a profit of $3,000, you may find that one punter may lay you for the total amount (the punter laying or playing the role of the bookmaker would be exposed to a loss of $3,000 if the runner won), or there may be say fifty different punters that would make up the total amount wagered.

It would seem that the main reason as to why more punters don't make use of the exchanges is because it does take a little effort to understand the concept fully let alone the vast number of opportunities you will discover along the way. For many the idea is somewhat daunting at first. I simply do not have the space to explain the many opportunities available to punters on the exchanges in this one article. I do urge you to take a good look around a betting exchange site to try and get your head around the basics of the idea. The main exchange is the UK based Betfair which I would suggest you become comfortable with before you move onto look at the others exchange sites.

I would like to point out at that the issue of whether Betting Exchanges should be allowed to operate is controversial regarless of where you reside. It serves no real purpose to repeat the arguments of whether or not they should exist. I will keep my opinion for another day apart from drawing your attention to the fact that arguments presented in the media are very much biased towards those against exchanges and can be misleading. Anyway, the fact of the matter is that they do exist and in my humble opinion this is the way of the future so from a punting angle it makes sense to learn how to live with them and make the most of them.

Whether betting exchanges are for you personally only you can answer. The fact of the matter is if you enjoy a social bet down at your local Pub TAB every Saturday and enjoy the convenience of betting with the TAB then by all means continue.

HOWEVER . . . if your interests in gambling lie more so in the idea of making money than simply treating you're gambling as entertainment, then I believe you would have to be insane for not pursuing the opportunities available betting with an exchange. As discussed above, although we have recently witnessed some great advances in the gambling industry from a punter's perspective, not one comes remotely close to the massive profit opportunities that a betting exchange offers.

This article is protected by international Copyright © Elk Publications Pty Ltd October 2004 Please contact jesskirley@puntingace.com if you wish to reproduce this article elsewhere.