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Exchange BYO

Level: Advanced
Updated: Aug 25, 2023
6 min read

Key Takeaways

Build Your Own (BYO) is a DarkHorse Odds feature that enables significantly higher conversion rates for your Matched Bets. It also allows access to otherwise unavailable Main Line arbitrage bets. BYO Free Bet conversions are often higher than 85%, compared to the usual 65-70%. BYO Main Line arbitrages can sometimes exceed 3%.

Main Line betting is worth noting because betting on Main Lines is one of the ways to avoid getting limited. See the Don’t Get Limited Guide.

Warning

BYO involves requesting new odds when betting on exchanges. Your request may not be matched, which means there is risk with this method and the order of placing bets is important. This is an advanced strategy that requires monitoring the sportsbook odds and monitoring the match status of your exchange bet.

Ensure you fully understand the risks before using this feature.

Overview

This guide expands on the concepts introduced in our Betting Exchanges Overview, as they apply to Prophet Exchange and Sporttrade. Read those first.

Unlike sportsbooks, exchanges let you request new odds. When requesting odds (new or existing), Prophet Exchange will match those requested bets on a first-come-first-serve basis. Requesting new odds guarantees you are first in line to be matched for that set of odds.

DarkHorse Odds analyzes the available lines on Prophet Exchange and determines the best set of new odds that can be requested. DarkHorse Odds picks these new odds to both maximize your conversion rate and to have the best chance of being matched on Prophet Exchange.

To use BYO, you must enable it in your user settings.

Bet Placement Order

Normally, in Matched Betting, you should place your promotional bet first. But when using BYO, the hedge bet on the exchange should be placed first to reduce risk.

When you request new odds on Prophet Exchange, the requested bet is initially unmatched. After this, you need to monitor the match status of your requested bet. Once it is matched you can then place the other bet on the sportsbook.

Things to monitor while waiting for your requested bet on Prophet Exchange to be matched:

  1. The odds on the sportsbook change, reducing your conversion.
  2. Someone requested more competitive odds on Prophet Exchange than yours, which reduces the chances of your bet being matched.
  3. Your requested bet is never matched. Once the game starts your request is canceled and your stake is returned.

If any of these happen, you may want to cancel your requested bet on Prophet Exchange. Waiting to place the sportsbook bet until the Prophet Exchange bet is matched lets you cancel without being stuck with an un-hedged sportsbook bet.

Prophet Exchange BYO

Free Bet Example

Here is a 79% Free Bet conversion example using Prophet Exchange BYO. This is significantly better than the 65-70% Main Line conversion rate that is common using a sportsbook as your hedge.

Look at the Eagles-Texans game on Prophet Exchange here. Notice that the line of -600 is not available. You will need to request it.

Requesting Better Odds

Clicking on the Eagles -640 brings up a menu where you can edit the odds and stake.

Edit the bet amount to $124 and the odds to -600, matching the bet slip on DarkHorse Odds. Note that the “To Win” amount will be slightly off compared to the Bet Slip, as the Bet Slip factors in the exchange commission.

Clicking place bet will open a newly available line on Prophet Exchange that someone else can match. The BYO feature is designed so that the line you request will become the best available line to increase the chances of it being matched.

There are three important aspects to note.

  1. When you first place the bet it is unmatched.
  2. You requested -600 on the Eagles which opens a new line of +600 on the Texans.
  3. Your payout is $20 which opened a bet amount of $20 on the Texans.

Canceling a Bet

Check “Open” bets to see if it gets matched. The image below shows an unmatched bet. Any unmatched bet can be canceled at no cost by clicking the red “x”.

If your bet is matched it will move from “unmatched” to “matched” as displayed below. You cannot cancel a bet that is matched.

Sporttrade BYO

Requesting Better Odds

You can request better odds by clicking on the line that you want and then selecting “Limit Buy” at the top.

  1. Select Limit Buy to request new odds.
  2. Select your desired contract price.
  3. Select the desired number of contracts.
  4. Select the Time in Force.
  5. Place order.

Canceling a Bet

Clicking on “Markets” in the bottom menu allows you to view open orders, and cancel unfilled orders if desired.

When viewing your open orders you can choose to cancel them.

Risks

There are risks associated with using Prophet Exchange BYO. These are related to market liquidity and if someone else matches your bet.

Odds Move on Sportsbook: Between the time you request a bet on Prophet Exchange and when it gets matched, the odds on the sportsbook side of the bet may move. This can decrease your conversion rate, or a bet that was arbitrage may no longer be arbitrage.

Odds Move on Prophet Exchange: After you request a bet on Prophet Exchange, someone else may request a more competitive line. This reduces the likelihood of your bet being matched. In the example above you requested Eagles -600 which opened Texans +600. If someone else requests Eagles -620, that opens Texans +620. Texans +620 is more likely to be matched than your bet which sits opposite of Texans +600.

Partial Match: Only a portion of your requested bet was matched. This could be any amount. This will display in Prophet Exchange as a matched bet, and an unmatched bet.

Unmatched: Your request on Prophet Exchange is never matched.

Reducing Risk

Here are a few methods to reduce the risks associated with this approach.

  1. Wait until your Prophet Exchange bet is fully matched before placing the sportsbook side.
  2. Monitor Prophet Exchange to make sure that your request is still the most competitive line on Prophet Exchange.
  3. Monitor the odds of the sportsbook side to make sure they do not move to a point where you no longer want the bet.
  4. Know how to get yourself out of a situation where you are exposed. For example, if half of your requested bet is matched, and the odds move on the sportsbook.
  5. For arbitrage, stick to bets where a second sportsbook has similar odds. If one sportsbook is an outlier they will likely move their odds quickly before the bet on Prophet Exchange is matched.
  6. Request bets a little closer to game time when lines are typically more stable. Don’t wait too long, as you need time for your requested bet to get matched. For leagues that have daily night games (MLB, NBA, NHL, etc.), you can wait until around midday. For weekly leagues (NFL, NCAAF, etc.) you can likely wait until around 2 days prior.
  7. Avoid games with notable uncertainty, such as games with key players whose injury status is up in the air.

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