A betting exchange is a platform where customers can put a wager on the outcome of discrete events.
There is a difference between betting on the sportsbook versus wagering with a betting exchange. With the sportsbook, you wager against fixed odds set by a bookmaker, while an exchange allows you to bet against each other. Experts believe that betting exchange sites offer a lot more options than a bookmaker.
In this article, we take a look at the best betting exchange sites along with a few tips and strategies to punt on the outcome of discrete events.
Best Betting Exchange Sites You Can Trust On
Betfair is undeniably the most popular betting exchange in the world. Its customer base encompasses nearly 90% of the total number of bettors who bet with betting exchanges. It is a sophisticated platform that offers an API system and integrated trading tools which help you to gauge any betting market you are interested in and take mine how the odds might shift.
As of writing this, Betfair charges a commission of 5% for every bet you place with the exchange. Also, you receive Betfair points that you can use for a commission discount rate. Betfair is extremely popular for football and horse racing markets apart from being the best betting exchange there is for backing with big stake liquidity.
With Betfair, you can also have access to Historic Data and Tips & Previews that help you make more informed bets and increase your chance of winning.
However, you should know that Betfair charges a higher rung of its most successful bettors which can go up to 20% of their acquired winnings.
Another best betting exchange site extremely popular is Matchbook which was founded back in 2004 and remains one of the oldest sites. From been a traditional betting site adding new options to place multiples exchange bets, redesigned event pages and at two-factor authentication for enhanced security, Matchbook has evolved.
Presently, this betting exchange does not offer any welcome bonus for new customers however we assume that as the competitors continue to offer great discounts for new customers, Matchbook will soon start offering new customers a bonus.
Matchbook does not charge a commission fee on winning bets but at 2% commission on your net profits only. For customers outside of the UK and ROI, there is a 4% commission. No commission is charged for losing bets.
Smarkets is one of the best betting exchange sites for customers who reside in the United Kingdom. It is also one of the most cost-effective betting exchanges as it charges a commission of 2% on all winning bets.
But there are options for you to upgrade it to Pro Tire Customer, that enables you to avail 1% commission rate if you place more than 1500 bets a month or wager more than 1,000,000 GBP in a month.
If you want to bet with big stake liquidity, then Smarkets is the best betting exchange for you. The only problem is this platform has fewer markets when compared to other quality betting exchanges. However, gamblers get access to interesting graphical insights and charts as well as a dedicated blog to aide their bets.
BetDaq is an excellent choice for betting exchange enthusiasts, as it offers new customers at 10 GBP free exchange bet. Currently, this betting exchange charges a commission of 2% on all winning bets.
This betting exchange is commission-free on all markets except football, cricket, horse racing, Greyhound racing and Virtual sports. Another quality of BetDaq is that it is the only betting exchange other than Betfair to offer a public API.
There is a separate website called BETDAQ Tips, that offers players detailed trading articles and latest information on market movers and odds.
Ladbrokes is the betting exchange that acquired BetDaq in 2013, which is why all the bets that you make with this platform are fed into the BetDaq betting exchange platform.
Ladbrokes charges are high commission fee of 5%, however, if you can acquire 12,000 exchange commission points then you become eligible for a lower fee of 2%. You receive one exchange commission point for every 25 GBP that you lose or win with this betting exchange.
There is an option for you to gauge past match results so you can make a strategy based on historical data.
Launched in 2018, BetConnect is one of the newest betting exchanges on the market. Currently, this betting exchanges offering commission-free laying, along with a 0% commission fee for 30 days for Pro customers followed by additional monthly offers.
Upon signing up with BetConnect you will receive £ 20 free bet credit. Furthermore, the site avails several offers for customers from time to time. There is also a BetConnect blog where you can find the latest news, tips and strategies for gambling.
What is a Betting Exchange?
As mentioned earlier, a betting exchange is a platform that allows you to punt on the outcome of discrete events through packing and laying. To minimise your risk of losing you can use matched betting.
While Betfair is the popular betting exchange in the world, several other promising betting exchanges are also gaining popularity in recent years. The odds on offer by a betting exchange depend on the number of customers backing and laying on that platform. The more the liquidity in a betting market, the more competitive the odds become. Usually, betting exchanges charge a commission rate on winning bets and allow customers to create and build on betting markets as per their liking.
Now that is a simple definition of betting platform, but you must be interested in knowing how does backing and laying work and what is matched betting.
While OddsMax has covered these topics in detail, for this article we will provide you with a glimpse here.
A back bet is when you back a particular outcome to result in a win. For example, if you are betting on Manchester United to win against Liverpool in a league match, then some other better with counter your pet by wagering against United.
If a particular back bet market is quite popular than the betting exchange may match your backed bet with several opposing parties. Here is the key difference as compared to traditional sports betting, here the odds on offer depend on the betting volume of the market. You are not betting against a bookmaker or a sportsbook but against other players.
Laying is when punters act as a bookmaker themselves, offering odds to sell on the back to the other bettors rather than backing a bet. Simply put, lay betting is when punters offer a bet, the outcome of which they hope does not come true during a match.
Also read: Lay Betting for Beginners
Matched betting involves punters placing multiple bets to cover the most outcomes of a match and ensure that they win by utilising a risk-free approach. Usually, free bet promotions and other incentives are used for matched betting. For example, if you back Manchester United to win a match using a free bet and lay bet on Manchester United to not win the match, wagering enough money so that you do not incur any loss, then you are matched betting.
You will need to have an account with more than one betting exchange for matched betting.
For more information, read our complete guide on matched betting for beginners.
Betting Exchange Trading Tips and Strategies
Betting exchanges offer you more markets and better odds, but it does not mean you can bail on a well-researched approach. When wagering on a betting exchange, you should do your research and fully understand the concepts of matched betting, laying and backing. Also remember, the commission rates vary depending on the platforms.
If you want to back bet with high stake liquidity then Betfair the best betting exchange, while for laying with high stake liquidity, Smarkets is the best platform.
For those of you who are new to the betting exchange, we propose BetConnect which is a rather new betting exchange platform launched in 2018, but it offers commission-free laying.
You will also need tools that give you in-depth data for a betting market you are interested in and to understand how odds are moving, Betfair offers such integrated tools.
If you want to employ a risk-free approach then you should pick markets with odds that are dropping. Betting exchanges have very dynamic markets where the odds change on second-by-second basis and you need to be extremely careful when tracking the odds.
As soon as you witness a drop in the odds, you can choose to lay the outcome or back the other customers, guaranteeing you a profit. If you notice that the odds on offer for an event add up to less than 100%, you can make a profit by backing all the outcomes for that particular event.
Betting Exchanges vs. Sportsbooks
You must understand the difference between sportsbooks and betting exchanges.
A sportsbook simply involves odds that are determined by a bookmaker. Such sites charge a margin of profit known as the bookmaker’s margin on betting variants. These variants determine the popularity of a betting market and the competitiveness of the quality of the odds on the offer.
There is no concept of backing and laying in a sportsbook. You simply bet on the outcome of an event as offered by the betting site.
Betting exchanges, on the other hand, are more dynamic where the odds are that the mind as per the popularity of a betting market in question. The higher the liquidity attached to a betting market, the more competitive the odds of that market.
Betting exchanges charge a commission on winning bets, unlike sportsbooks that charge a margin of profit on all placed bets. Sportsbooks have direct control over placed bets while betting exchanges are a mere platform for both backing and laying.
You most probably landed on this page looking for some of the best betting exchange sites. We hope we answered all your questions related to these platforms.
It is important that you understand the concept of backing, laying and matched betting when wagering with a betting exchange. You can better make use of live betting mechanisms to potentially minimise your risk of losing with betting exchanges.
It is entirely your decision whether you want to wager against all odds set by a bookmaker on a sportsbook or that against other players on the betting exchange platform.