Spread

Opening a Spread Betting Account

Unlike a fixed odds bookies, opening a spread betting account is slightly more complex. Spread betting accounts sometimes involve extending you some form of credit, and also they are regulated (for our protection) so there is a need for a formal application process sometimes involving the need to produce documentation, and you are not guaranteed to be accepted. Generally you can be up an running in a few days and in some cases with a deposit account it can be instant. As you’d expect, all spread betting firms offer new customers free bets.

Best for Beginners

Traditionally spread betting was for larger stakes and this is still true for many of the spread betting companies like Sporting Index where you probably need a few hundred pounds to open an account. However for smaller stakes spread betting, ideal for beginners, BetHiLo allows stakes as low as 1p and requires an initial deposit of just £10. It also only takes about 5 minutes. What’s more there is always some sort of cash incentive for opening an account so you’re immediately off to a good start.

Limited Risk

For some people having a potentially unlimited downside is too scary. For this reason there are certain limited risk accounts that you can get which essentially automatically close your bet when you reach a limit. This is not necessarily always a good thing as discussed on our spread betting risks page. However as a rule we recommend that most people start with a limited risk account (Shield account at Sporting Index).

Betting On-line

Spread betting is more volatile than fixed odds betting and the spread quotes are fluctuating all the time, rather like buying shares on the stock market.
For this reason the process works as follows:
you see a quoted spread on the site – this is an indication of the quote you will get
you click to make the bet stating your unit stake
you are connected to the dealer who gives you a live spread quote (not necessarily the same quote)
you are given a few seconds (e.g. 20) to decide whether you want to bet, and whether you are buying or selling
you either click to place the trade or click cancel, or if the time expires the spread bet lapses anyway & you need to go through the process again if you are still interested.

Advantages of spread betting compared to fixed odds betting.

1. OPEN AND CLOSE YOUR SPREAD BETS
When you place a fixed odds bet you are stuck with it until the event is done. Although it is sometimes possible to hedge some of the bet using exchanges such as Betfair. The fixed odds bet has still either won or lost. An example of this could be when you’ve backed a team Ante Post at decent odds and seen the odds come in. However, if eventually the team doesn’t win, so you would have been right to take the big price, but you do not win anything. With spread betting you can close your bet before the event and take a profit (or a loss). So, if for example you had backed an outsider, say Bolton to win the Premiership and they had an excellent start to the season, you could choose to close the bet and take your profit after say just five games.

2. BET TO WIN OR LOSE
Spread betting allows you to back a selection to win, or alternatively to lose. In some markets, horse racing for example, you may fancy a favourite not to win. In this instance you would sell it’s performance, and the worse the further back the horse finished, the more you would win from your spread bet.

3. THE MORE RIGHT YOU ARE THE MORE YOU CAN WIN
The main feature of spread betting is that neither your winnings or losses are set. This means that the more right you are the more you will win.
An example of this is in cricket, where you fancy a batsman to perform very well. The quote for the spread maybe 14-17 runs, but if you decide to buy his number of runs, you win more and more for every run he scores over 17. So if he goes on to make a century, your winnings would be huge!

4. INNOVATIVE MARKETS
Spread betting offers new markets that are rarely offered by traditional fixed odds bookmakers.
Example innovative spread markets include:
Bookings
A spread market based on the number or red and yellow cards given in a match.
Shirt Numbers
This spread bet market relates to the numbers on the shirts of all the goal scorers. Adds some spice to a normal goals bet. This can be a very volatile market, particularly if a substitute wearing shirt 26 scores a goal!

*Click here for all the latest odds on upcoming football matches