The Exchange Academy

Learn how a betting exchange really works.

Back, lay, odds, liability, in-play trading, cash out and commission, explained one short lesson at a time, with calculators you can try as you read. A companion information site of winzap.vip. No account, no money, no tips.

Start lesson 1 Try a calculator

16short lessons
4calculators
62glossary terms
18+information only

Match oddsexample market

Selection	Back	Lay
Indiamatched ₹12.4 L	1.85₹8,120	1.86₹5,400
New Zealandmatched ₹9.1 L	2.16₹4,250	2.18₹6,900

Back India · ₹1,000 @ 1.85Profit ₹850

Lay India · ₹1,000 @ 1.86Liability ₹860

Blue is back (it happens), pink is lay (it doesn't). Lesson 2 explains the rest.

The course

Start here, in order

Each lesson builds on the one before. Read them in order the first time, then use them as a reference.

All lessons

Beginner7 lessons

1 Beginner · Basics · 5 min read What is a betting exchange? A betting exchange is a marketplace where people bet against each other instead of against a bookmaker. This first lesson explains who is on the other side of your bet, what the exchange itself does, and why that changes the prices you see. 2 Beginner · Basics · 5 min read Back betting explained A back bet is a bet that something will happen: the familiar kind. On an exchange it comes with a twist: you can ask for a better price than the one on offer and wait to see if anyone takes it. 3 Beginner · Basics · 6 min read Lay betting explained A lay bet is a bet that something will not happen. It is the side of the market a bookmaker normally keeps for itself, and it is where exchange users meet the word liability for the first time. + 4 more beginner lessons

Intermediate5 lessons

8 Intermediate · Markets · 7 min read In-play betting on an exchange: suspensions, delays and moving prices Once a match starts, an exchange market behaves differently: it suspends after every important event, adds a delay to every bet, and re-prices in seconds. This lesson explains each of those mechanics and the mistakes they cause. 9 Intermediate · Trading · 7 min read Cash out and greening up: locking in a result before the end Cash out is not magic; it is a second bet, placed on the opposite side at the new price, sized so that you get the same result whatever happens. This lesson shows the arithmetic, when it produces a profit, and what a cash-out button actually does. 10 Intermediate · Markets · 6 min read Reading the market: overround, liquidity and the spread Three numbers tell you whether a market is worth your attention: the overround, the matched amount and the spread between back and lay. This lesson explains each one and what a thin market does to your bets. + 2 more intermediate lessons

Advanced4 lessons

13 Advanced · Trading · 6 min read Dutching and the book percentage Dutching is backing several selections in one market with stakes sized so that each returns the same amount if it wins. Whether the whole set makes or loses money is decided by one number, the book percentage. This lesson shows the arithmetic and its limits. 14 Advanced · Trading · 7 min read Trading a position: back high, lay low, and why most traders lose Exchange trading means opening a bet and closing it with the opposite bet after the price has moved, without waiting for the result. This lesson explains the mechanics, the two common styles, the costs that are easy to forget, and the reasons the arithmetic is against most people who try it. 15 Advanced · Money · 6 min read Bankroll and staking on an exchange Liability makes exchange staking different from sportsbook staking: the money at risk on a lay is not the number you typed. This lesson covers separating a betting budget from everything else, sizing stakes by liability, and why fixed stakes beat clever systems. + 1 more advanced lesson

Try the maths

Calculators

They run in your browser, nothing is sent anywhere, and every assumption is written on the page.

About the calculators

Odds converter

Decimal, fractional and American odds, and the implied chance behind each price.

Open

Back & lay calculator

Stake, liability, profit and commission for a back bet and a lay bet, side by side.

Open

Cash-out (hedge) calculator

The stake that locks in the same result whatever happens, after the price has moved.

Open

Dutching calculator

Split one stake across several selections so each pays the same if it wins.

Open

By sport

How the markets are read

The same back and lay idea, applied to the markets of each sport: what the main market means, what moves the price and the traps for beginners.

All sports

Team sport

Cricket

The busiest exchange sport in India: a two-way match-odds market that moves ball by ball, plus tied-match, innings-runs and series markets

Main market: Match Odds (2-way, 3-way in Tests)
In play: Price moves every ball; frequent suspensions

Read the markets

Team sport

Football

The draw is a selection of its own, goals move the whole market at once, and the quiet minutes between them are where prices drift

Main market: Match Odds (home / draw / away)
In play: Slow drift, then a jump at every goal

Read the markets

Individual sport

Tennis

No draw, a price that swings with every break of serve, matches every day of the year, and a retirement rule that decides whether your bet stands

Main market: Match Odds (2-way)
In play: Swings with every break of serve

Read the markets

Racing

Horse racing

The sport the exchange model was built on: many runners, a win market and a place market, non-runner reductions, and a two-minute in-running market that moves faster than any other

Main market: Win (one selection per runner)
In play: Slow all morning, then very fast in the final minutes and in-running

Read the markets

Racing

Greyhounds

Races every few minutes, a six-runner win market, prices that form in the last minute and a race that is over in half of one

Main market: Win (trap 1 to 6)
In play: Race over in about 30 seconds; little or no in-running

Read the markets

Team sport

Basketball

High scores, swinging momentum, overtime counted in the result, and a final two minutes of fouls that can move a price more than the previous forty-six

Main market: Match Odds (overtime included)
In play: Constant small moves; big swings in the last two minutes

Read the markets

winzap.vip

Where the exchange lives: winzap.vip

Winzap Click is a companion information site of winzap.vip, the Winzap brand website. At the time of writing its menu lists these sections. We explain the ideas; winzap.vip is where they are offered.

Exchange

Back and lay betting on live odds, with in-play markets and cash out: the subject of this academy.

Sportsbook

Cricket first (IPL, BBL, PSL, CPL, internationals), plus football, tennis, basketball and more.

In-play

Bet while the match is on, with odds that move ball by ball.

Live casino

Live dealers for Teen Patti, Andar Bahar, roulette, blackjack, baccarat and game shows.

Slots & crash

Slots, Aviator and other crash games, Mines, dice and instant games.

Elections & more

Election markets, virtual sports and other specials listed on its menu.

Visit winzap.vip About Winzap Click

Information only: Winzap Click does not offer these markets, take bets or hold money, and what winzap.vip offers can change. 18+ only; real-money online gaming is restricted in India, see our lesson on the law.

Latest

News

All news

Regulation · 6 Aug 2026

India's Supreme Court agrees to a final hearing on the online gaming Act

On 5 August 2026 the Supreme Court said it will hear petitions challenging the Promotion and Regulation of Online Gaming Act and told parties to complete pleadings.

Regulation · 2 May 2026

India's online gaming Act and new Rules take effect on 1 May 2026

India's Promotion and Regulation of Online Gaming Act, 2025 and its 2026 Rules came into effect on 1 May 2026, creating a new national authority.

Regulation · 20 Sep 2025

Challenges to India's online gaming Act are moved to the Supreme Court

In September 2025 the Supreme Court transferred to itself the High Court petitions challenging the Promotion and Regulation of Online Gaming Act, 2025, so that one court decides the Act's validity.

Betting should never be a way to make money

An exchange charges commission on every win, prices already contain the crowd's best guess, and nobody can know a result in advance. Decide your limit before you start, know your liability before you lay, never chase losses and never bet with money you need. You must be 18 or older, and real-money online gaming is restricted in India: read our lesson on the law. If betting stops being fun, stop and talk to someone.

Responsible gambling guide

Quick answers

Frequently asked questions

What is Winzap Click?

Winzap Click (winzap.click) is the Exchange Academy: a free information website that explains how a betting exchange works. It has a course of short lessons, pages on how exchange markets are read for each sport, four calculators and a glossary. We do not run any exchange, take any bets or hold any money. You must be 18 or older to use this site.

What is a betting exchange?

A marketplace where people bet against each other instead of against a bookmaker. One person backs an outcome (bets that it will happen) and another lays it (bets that it will not). The exchange matches the two bets and takes a small commission from net winnings. Our first lesson explains it step by step.

How is Winzap Click related to winzap.vip?

winzap.vip is the Winzap brand website; its menu lists an Exchange alongside a sportsbook, live casino, slots and crash games. Winzap Click is a companion information site: we explain the ideas and the maths of exchange betting and link to winzap.vip so you can see what is offered there. We do not offer the exchange or any markets ourselves.

Are the calculators accurate?

They use the standard exchange formulas (liability = stake x (odds - 1), commission on net winnings, and so on) and state every assumption on the page. They are learning tools: the exact rules of an exchange, its commission rate and its rounding are set by the exchange, and those are the only numbers that count.

Can I make money on an exchange?

An exchange does not have a built-in house edge in the way a casino game does, but it charges commission, and over time most bettors lose. Nothing on this site is a tip, a system or a prediction. Treat any betting as paid entertainment and never bet money you need.

Is real-money online betting legal in India?

Gambling is restricted across India and the Promotion and Regulation of Online Gaming Act, 2025 prohibits online money games. This is not legal advice: read our lesson on the law and check the rules where you live.

How can I contact Winzap Click?

Use the Contact Us page: leave your name and phone number and the team will get back to you.

Questions or feedback?

Leave your name and phone number and the Winzap Click team will get back to you.