Peer-to-peer sports betting is a type of betting where you don’t bet against a traditional bookmaker or a sportsbook. Instead, you bet directly against other people who have different opinions about the outcome of a sports event, like a football game or a tennis match. This type of betting has significant advantages over “old school” sportsbooks or bookmakers. Here’s how it works:
Finding Opponents: In peer-to-peer betting, you find other individuals who want to make bets on the same sports event. These people are typically your friends who are using the same P2P betting platform. Some large groups use SMS texts or GroupMe to broadcast proposed bets to a group, but most of those groups are evolving and using more automated platforms.
Creating Bets: You and your opponent will decide on the terms of the bet. This can include the amount of money you’re betting, the odds, and the specific outcome you’re betting on. For example, you might bet that your favorite team will win the game or cover a spread of 5 points. Some advanced platforms like TrueBet.app provide real-time odds for standard spreads and moneylines and also track results after the game; while also allowing group members to create “custom bets” which are quite fun and require a little creativity.
Agree on “Custom Bet” Odds: If you place a “custom bet”, you’ll agree on the odds and the amount you’re betting. The odds reflect the potential payout if you win the bet. You can make simple custom bets like “The Red Sox will score more than 3.5 runs” or something far more obscure like “The Rangers will have an open net goal tonight“. It’s often very fun to browse through a list of proposed custom bets (from other group members) and accept some that you think will hit. Typically one member proposes the outcome, the amount, and the odds and you can accept the other side of that bet.
Outcome: Once the sports event is over, you’ll determine the winner based on the outcome (or your P2P betting platform will do that for you automatically). If your team wins, you win the bet and collect the agreed-upon amount from your opponent. If your team loses, you have to pay your opponent the agreed-upon amount. Some fully automated platforms like TrueBet.app tally all wins and losses throughout the betting week so that no individual payments are made and then each member receives a settlement statement early on Tuesday mornings.
Betting Platforms: There are online platforms that facilitate peer-to-peer sports betting, making it easier to find opponents and manage bets. These platforms provide a secure environment for betting with a private group of your friends. In addition, some groups try to use GroupMe, but this has its significant limitations and requires a tremendous deal of patience.
Peer-to-peer sports betting has some big advantages:
No “juice”: Since you’re betting with a group of friends, you no longer have to bet “110 to win 100″… now you bet “100 to win 100”. This provides group members with significantly better chances of winning since the odds are no longer tilted against them.
Flexible Odds: On “custom bets”, you can negotiate odds with your opponent, which can lead to potentially better payouts.
Social Interaction: It can be more social and fun as you’re betting against friends in private groups. It’s often very fun to watch creative custom bets being proposed by your friends. Plus there is always the trash-talking after wins and losses in the group.
Peer-to-peer sports betting has one disadvantage:
Liquidity: Finding an opponent willing to take your proposed bet can be challenging, so it’s very important to get your bet in front of as many friends as possible. Two key strategies for ensuring your proposed bets are accepted: 1) Create a relatively large betting group (more than 30 members) and 2) find a way to broadcast your proposed bets to several of the groups you’ve joined. These two simple strategies all but ensure your bets will be accepted.