The course
16 short lessons, about 96 minutes of reading in all. Start with what an exchange is and finish with the maths of trading a position. Nothing here is a tip or a system: it is the vocabulary and the arithmetic you need to understand what you are looking at.
BeginnerWhat an exchange is and how a bet is placed
1
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
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
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
How exchange odds work: decimals, implied chance and ticks
Exchange prices are decimal numbers that include your stake. Each one is also a statement about probability. This lesson shows how to read a price as a chance, why the prices in a market add up to more than 100%, and what a tick is.
5
Liability and commission: what a bet really costs
Two numbers decide what an exchange bet costs you: the liability you put at risk and the commission the exchange keeps from a win. This lesson works through both with worked examples, including why commission is charged per market rather than per bet.
6
Matched, unmatched and the ladder
Pressing "place bet" on an exchange does not always mean you have a bet. This lesson explains matched and unmatched bets, partial matching, the queue at each price and the ladder view that shows all of it at once.
7
Is online betting legal in India? The law in plain words
Gambling law in India is a mix of old state laws and a new national Act. This lesson sets out what the Promotion and Regulation of Online Gaming Act, 2025 says, when it took effect, and why none of it is legal advice.
IntermediateReading prices, managing liability and in-play markets
8
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
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
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.
11
Exchange vs sportsbook: the same match, two different products
Many sites, winzap.vip among them, offer both an exchange and a sportsbook. They look similar and work differently. This lesson compares prices, laying, commission, matching and limits so you know which screen you are on.
12
Ten common mistakes on an exchange, and the habit that prevents each
Most expensive exchange mistakes are not bad judgement about sport; they are misreadings of the screen. This lesson lists the ten that come up most, from backing when you meant to lay to forgetting an unmatched bet, with the habit that stops each one.
AdvancedTrading a position, commission and the small print
13
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
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
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.
16
The small print: settlement rules, voids and dead heats
Every market settles according to published rules, and the rules differ by sport and by exchange. This lesson walks through the ones that matter most: what counts as the result, when bets are void, how dead heats and reductions work, and what to do when you think a settlement is wrong.
Information only, 18+. The lessons describe how exchanges in general work. The rules, markets and commission of any particular exchange are set by that exchange and are the only ones that count.
Related to winzap.vip
Winzap Click is a companion information site of winzap.vip, the Winzap brand website, whose menu lists an Exchange with back and lay betting, in-play markets and cash out. We explain how exchange betting works; the exchange itself, its markets, rules, commission and limits are on winzap.vip. Winzap Click does not offer markets, take bets or hold money. 18+ only; real-money online gaming is restricted in India, see our lesson on the law.