Companies combining poker and gambling isn’t a new concept. Management teams call it “cross-selling” and it’s common. The Betfair Exchange Games take matters to a whole new level.
Betfair’s famous betting exchange and the crazy action game of Omaha Hi combine in what is an exciting side game. It allows you to put your Omaha knowledge to the test to win money without having to actually play Omaha cash games at Betfair Poker.
Find out exactly how it works with this video:
The exchange part of these games make it possible to limit any losses because you can lay a bet. Laying a bet means you’re betting something will not happen. You become the bookmaker, in effect, and offer the odds shown to other players.
This feature adds a new dynamic to your betting and allows you to recoup or limit your losses
An Omaha Exchange Game In Action
Every Omaha Exchange game starts at the Deal stage just as it would be in a cash game. There are four players, each with unknown hole cards right now. It is here you can back or lay your first bet. You’ll notice the decimal odds offered are exactly the same right now because there is no hole card information.
Betting at this stage is pure gambling because any of the four “players” could receive any hole cards as their holdings are completely random.
The software then deals the hole cards to the four computer-controlled players. Notice how the Back and Lay (in the blue and pink boxes) have changed to reflect each set of hole cards’ equity in the hand.
Hand 3 is a narrow 3.1 favourite while Hand 1 is the 5.7 outsider. There isn’t a huge difference in the odds because of the very nature of Omaha Hi. Backing Hand 3 for £10 would see you win £31 (which includes your stake so £21 profit) if the hand remained best at the conclusion of all rounds. You’d lose £10 if any other hand beats Hand 3.
You may want to Lay Hand 3. Choose how much you want to win and click Lay. Keeping with the £10 example, laying £10 means you win £10 if Hand 3 doesn’t win. You lose £21 if Hand 3 remains best.
A flop is then dealt and the odds drastically change. Hand 1, which was the underdog preflop, is now the 2.64 favourite while Hand 3 is the underdog! What a crazy game!
It’s possible to Back or Lay any of the hands again if you wish. If you backed Hand 3 preflop, you may consider laying it now, for example.
The turn is the last round of betting. As you can see, the odds have changed again and Hand 3 has drifted to 15.8 because only a four on the river will win the hand for it.
Make your final bets, if you wish, before the timer runs out and the river is dealt.
Hand 1, which was the underdog preflop, wins the hand with two pairs fives and twos. Betfair takes a 2.5% commission from all winning bets.
Omaha Hi Exchange Game Tips
Most new exchange game players simply back a hand and stick with it. It’s not a bad strategy because it’s similar to placing a wager on a sporting event.
Once you start taking advantage of both the back and lay options it’s easy to boost your winnings and limit your losses; money saved is just as good as money saved.
It’s actually possible to win regardless of the outcome of the hand. This is known as “greening up” in the Betfair community. The idea behind it is backing a particular outcome before laying it when the odds shorten.
Using our example above, preflop you back Hand 1 for £10 at 5.7. On the flop, Hand 1’s odds shorten to 2.68. Place a £21.27 Lay bet would guarantee you £11.27 return regardless of which hand wins.
This is because your £10 BACK bet at 5.7 returns £47 profit if Hand 1 wins. Your £21.27 LAY bet see you lose £35.73 if Hand 1 wins. Subtract £35.73 from £47.00 and you get to £11.27. There are several greening up calculators online that do the complex mathematics for you. it’s worth having a play around with them to get a grasp of the concept before you go delving in.