At first it's easy to feel intimidated by betting exchanges, but when it comes to getting the most bang for your buck the serious online gambler accepts no substitute. Here are a few reasons why:

1.Unbeatable value

A betting exchange places one gambler directly against another, eliminating the bookmaker and the mark-ups they place bet after bet. Remove the other overheads of traditional offline outlets as well (staff costs/maintenance), and you often end up with prices of up to 20% lower than at the bookmaker. This benefit alone makes signing up with an exchange a no-brainer.

2. Bet as the action unfolds.

Betting "in-play"allows you to respond in real time to changing events- whether it be a change in the weather, an injury to a star player or a sending off. Or maybe you're unsure which team will be selected, what the game plan will be, or the condition of the pitch? No problem, just grab a beer and wait for the game to start. Later you can assess the factors that will effect your decisions and then make your bet.

3. Winning doesn't get you banned.

It doesn't matter how many big wins you have at a betting exchange you'll never find your stakes limited or, worse, your account shut down. You're betting against other gamblers, so the exchange has no vested interest in either your wins or your losses.

4. As well as as "backing" a selection to win, in a betting exchange you can also "lay" a selection to lose. Ever been sure that Tiger Woods wasn't up to winning a certain tournament? By "laying" him at a betting exchange you can basically back the rest of the field to beat him! In such cases you are, in effect, able to take up the role of a bookmaker yourself.

5. Trading bets

The ability to "trade" is one of the most attractive characteristics of a betting exchange. In the right circumstances "backing" a selection as well as "laying" one can result in a position where you profit whatever the outcome. This is not a simple art to perfect, however, and the best approach for anyone new to trading is to play out some situations out on paper first, before pulling out your credit card.

If you're looking for flexibility in your gambling and value in your stakes, betting exchanges are undoubtedly the way forward. And if it still all looks a little intimidating, try getting started with a practice account. Many betting exchanges will allow you to make a series of dummy bets before taking the plunge in the live market.