The fixed-odds wagering in sports betting
During fixed-odds wagering the bookmaker offers odds on a particular outcome in a sports event, If the expected outcome happens, the player wins but if the outcome doesn’t happen the player loses all to the bookmaker.
What parimutuel wagering means in sports betting
The parimutuel wagering is such in that players don’t wager against a bookmaker. Instead, they place bets against each other, and all the bets are eventually shared equally between the winners.
What exchange wagering means in sports betting
In exchange for wagering, bettors are allowed to wager against other bettors at a much lower rate than that offered by the sportsbook. The bettors will agree on the odds, stake for game and wager against one another.