Unlike sportsbooks, where you bet against set odds, betting exchanges let you wager against other punters. Join us as we review top exchanges online, and browse through our top tips and strategies!
- What Is a Betting Exchange?
- Best Sports Betting Exchange Sites in the UK – Reviewed
- Backing and Laying Calculator
- How To Choose a Betting Exchange
- Best Betting Exchange Offers
- Risks and Rewards of UK Betting Exchanges
- Betting Exchange Trading Tips and Strategies
- Betting Exchanges vs Sportsbooks
- Best Betting Exchanges FAQs
- ThePuntersPage Final Say
Best Betting Exchanges for Backing and Laying in 2023
Up to £50 in free bets Free bets and spins must be claimed within 28 days of opening. Free bet/spin stake not included in any winnings. Ts&Cs Apply. 18+Full T&Cs apply. BeGambleAware.org #ad
|
0% Commission for 90 days Significant T’s & C’s The User must enter Bonus Code ‘COMMFREE90’ during registration Only available to users whio deposit via credit or debit cards New Customers Only. Full T&Cs apply. BeGambleAware.org #ad
|
Trade with 0% commission for 60 days Use code COMMFREE to trade with 0% commission for 60 days. Min. £10/€10 first deposit using Debit Card or Instant Banking. Full T&C’s apply.18+. BeGambleAware.org. Full T&Cs apply. 18+ BeGambleAware.org #ad .
|
0% Commission on all sports for 100 days! New 18+ Customers only. 0% commission on all exchange sports for 100 days. Promo code 0COMM100 must be entered during registration. Offer only available to users who deposit via debit card. Standard 2% commission rate applies on 101st day. Not available to API, RDT or trading software customers. T&Cs Apply. BeGambleAware.org #ad
|
What Is a Betting Exchange?
A betting exchange is a platform that enables punters to bet on events and markets against each other, as opposed to against a bookmaker's sportsbook with fixed odds. This comes at a small commission charged by the site itself, which rarely comes close to your traditional sportsbook overround. The latter can easily be as high as 110%, meaning you typically get objectively more competitive odds.
The markets are not simply priced by the bookmaker, but by many hundreds or even thousands of bets being placed. Put simply, it’s the quantity of customers who are back betting and lay betting that helps determine the odds. What do these two terms mean exactly, you might be asking? Well, you are either betting on something to happen (“back betting”) or betting on something not to happen (“lay betting”).
Did you know that Betfair, the most popular betting exchange in the United Kingdom, was hugely influential in the evolution of mobile betting? In fact, their app was the first of its kind on the Apple store.
As you can see, betting exchanges are actually pretty simple in concept. Read on to see just how user-friendly they can be!
How To Use a Betting Exchange – A General Guide
Betting through an exchange is a simple process, one that is no more complicated than using a traditional sportsbook. First and foremost, you simply sign up to the site you would like to join in order to create an account.
You will then be asked to enter your personal and financial information, which will be securely held by the operator in question with the most stringent of measures in place.
A deposit will then be required to transfer funds into your account. Take care with the amount you place, as a certain threshold may have to be reached to qualify for the welcome bonus. Be sure to read the terms and conditions of any welcome bonus you claim beforehand.
After you've completed the above, you will then be able to place your bets! Unlike most traditional betting sites, the exchange odds will be represented as a decimal value. Don’t worry though – understanding odds is easy enough, and if you’re unsure, your potential returns should be made clear before confirmation.
Although there will be many different markets across many different sports available, your choice should ultimately come down to whether you wish to place a back bet or a lay bet. In other words, whether you think the outcome suggested will or will not occur.
TIP: To ensure a risk-free approach, you should pick markets with odds that are dropping. The odds on offer at a betting exchange for a particular market are updated on a second-by-second basis, so you should follow the change in the odds as carefully as you can.
- How Back Bets Work
Placing a Back Bet
A Back Bet means that you place your wager on a particular outcome to happen. For example, if you are betting on Liverpool to win against Arsenal, in an English Premier League matchup, your placed bet will be countered by another customer who is punting on Liverpool to not win the match.
You win if Liverpool wins, just as you would have had you bet on the same outcome on a traditional sportsbook. It’s how the markets are determined, and who you are betting against, that distinguishes an exchange from a fixed-odds platform.
In terms of how it works on a practical level, it couldn’t be simpler. Here’s a very quick breakdown of how to place a back bet.
-
Sign up to the site if you haven’t already.
-
Make a deposit.
-
Select the sport and event you wish to bet on.
-
Click on “back” next to the selection you are interested in. You should be able to select your stake at this time (some bookies may have you press the odds yourself).
-
Confirm your bet on the bet slip. This is also where you should be able to see any potential returns.
- How Lay Bets Work
A lay bet means that you are placing your wager on an event to not happen. Using the same example as above, here you would bet on Liverpool not to beat Arsenal in a Premier League matchup. Depending on the odds available, you may receive better value for laying a wager rather than placing a back bet. At the end of the day, it is all about using your best judgement.
In this scenario, your wager would be successful if Arsenal wins, as you would have bet against the other punters backing Liverpool to win instead.
Again, the way it works is incredibly simple, and very similar to back betting. Here’s a quick breakdown.
-
Sign up to your chosen betting exchange through their site or app.
-
Make your deposit.
-
Seek out whatever market you are after.
-
Typically, you would then click on “lay” next to the market you wish to bet on. You may need to click on the odds themselves if this does not work. Ensure your stake is to your liking.
-
Your bet should now be available on your bet slip showing any potential returns, ready to be confirmed.
- Matched Betting
Matched betting involves placing multiple bets to cover all the outcomes of a match and ensure a risk-free approach, using free bet promotions and bookmaker incentives. You must have an account on two or more betting exchanges.
For example, if you place a back bet on Liverpool to win a match using a free bet, and a lay bet on Liverpool to not win while wagering the right amount of funds to ensure that you will not incur a loss, you have placed a matched bet.
Also, you can read: How to open multiple betting accounts?
Best Sports Betting Exchange Sites in the UK – Reviewed
- Smarkets
Smarkets is among the best betting exchanges sites for customers residing in the United Kingdom, currently charging 0% commission rate on all winning bets for 60 days. And that’s just scraping the surface of what they have to offer!
Another highlight is the great number of statistical details available across their betting markets. This doesn't extend just to sports, but also to the political sphere as well, with an exceptional coverage of political betting markets on elections around the world. This statistical focus offers a different angle to the usual betting exchange.
Smarkets use their vast knowledge to great effect, offering customers unique wagering opportunities alongside tactical advantages. The sports betting available on the exchange is top-tier, with a broad variety of creative and interesting markets across a huge selection of leagues and sporting disciplines, live-streaming and bet builders to make things interesting.
They are also generous when it comes to promotions, including cuts on commission and welcome offers, meaning you don’t need to miss out on the joys of a bountiful bonus page when making the switch from a traditional sportsbook to an exchange.
And all this is balanced out by a fantastically breezy and user-friendly site design, which somehow works even better on the app!
- Matchbook
Matchbook have a sterling reputation as one of the best betting sites in the business, and for good reason too.
We love the fact that there are numerous betting markets available from all around the world, including all our favourites such as football, cricket, boxing, and golf. The main site and the app are both aesthetically pleasing, not to mention technically sound. It’s clear there has been a lot of thought put into the design. In addition, improved security measures such as SSL encryption and responsible gaming tools allow for greater peace of mind when placing bets.
They’ve also found a great balance between security and useability. For instance, their app now locks your account after three failed password attempts for greater protection, and all you have to do to access it again is contact customer service.
For an overview of Matchbook's high levels of user satisfaction, simply check out the reviews on their app – you don't have to take only our word for it!
Some of that satisfaction must be to do with their fantastically competitive commission policies, available on both the site and app. Alongside other excellent welcome offers, new customers also receive the option of 0% commission for the first 90 days of their tenure. There are also regular Bet10 Get10 promotions for existing customers on a variety of sports, including greyhound racing.
- Matchbook charge a 2% commission on your net profits only (applicable to UK and ROI customers) with a 4% commission being charged to all other customers. Any losing bets will not be charged any commission. Make no mistake, in terms of both experience and generosity, Matchbook has few peers to contend with.
- BETDAQ
BETDAQ is one of the best betting exchange options for sports betting enthusiasts, mixing great site and app design, fantastically broad and detailed sports markets and coverage, and consistently generous promotions.
- BETDAQ is commission-free on all markets apart from football, horse racing, greyhound racing, cricket, and virtual sports.
There, they offer a fair and competitive rate of 2% on both on the site and their highly acclaimed betting exchange app. When you mix their rates with the cashback, free bet and best odds guaranteed promotions, you have an exchange that’s tough to compete with in terms of value.
Furthermore, apart from Betfair, BETDAQ is the only other betting exchange which offers a public API.
With a great range of sports betting markets and competitive odds, we rate BETDAQ as one of the top three on the market. They also have a separate website called BETDAQ Tips, where interested players can find detailed trading articles and the latest information about market movers.
Put simply, BETDAQ go above and beyond in terms of useability, promotions, statistics, competitive rates, and odds, all of which provide everything you need as a punter!
- Betfair Exchange
Despite immense and growing competition, Betfair Exchange is still among the best in the industry. The site houses one of the most extensive ranges of markets for platforms of its kind, along with some of the most competitive odds online.
Because an exchange can provide more betting options the more people utilise them, part of their abundance of betting options therefore comes down to their sheer popularity, which is something very few others can compete with. Betfair is considered the best betting exchange for backing with big stake liquidity, and are especially popular for their football and horse racing markets.
But don’t forget – they got that popular, and remain that popular, due to excellent and innovative design, both on desktop and mobile, as well as their generosity, creativity, and dedication to customer experience.
- Consider, for instance, their Betfair rewards plan, which allows you to choose to reduce your commission (which comes at the standard 5%) or receive other promotional benefits depending on your preferences. We also appreciate that the offers that are provided on Betfair’s sportsbook carry over to the exchange. Betfair don’t just excel across its desktop site and on its mobile app – they innovate and personalise, providing an immense amount of depth in doing so.
Betfair Exchange also offer an API system and integrated trading tools, which enable you to gauge in-depth data for betting markets and help you determine how the odds are drifting, or may drift.
You can also access the Tips & Previews and Historical Data sections on the site’s secondary navigation bar (first, make sure you have clicked the Exchange tab under the main Betfair logo on the top-left of the screen). This is also made surprisingly easy on the app.
You can argue – considering all the creative and statistical depth, alongside the sheer number of features and markets – that Betfair Exchange remain the absolute finest out there. We think there’s tough competition in that regard, but the fact that they are still in this particular conversation showcases their longevity and quality.
Backing and Laying Calculator
Use our handy hedge betting calculator to find out in seconds how much you can make when backing and laying on a bet exchange.
How To Choose a Betting Exchange
There are a lot of elements to consider when choosing the right exchange platform to suit your own needs and preferences. Here are our top tips for deciding which to use.
Value
Want to sign up to a betting site? Then ensure that you’re getting value for money. Picking the best betting exchange offering the most valuable odds is the best way to start. You can judge for yourself by using an odds comparison service or simply by looking at them yourself across the board. Our research has discovered that Betfair Exchange offer the most competitive odds on our chosen markets (football and horse racing). Timing can be everything in terms of getting the best price for your wager, especially when using an exchange where the value can fluctuate. Our Recommendation: Betfair Exchange
Welcome Offer
As a new customer, you always want to grab the best welcome offer available. Top betting sites often offer a lucrative number of free bets as part of this bonus, and the best betting exchanges are no different. During our research, we found that Betfair Exchange and Matchbook were equal in terms of their welcome offer for new customers. Both operators provided a risk-free bet worth up to £20, which could be refunded in full if your first wager was to lose. It is a fairly standard welcome offer as bonuses go in the industry, but still stronger than that of their rivals. If we were going to pick just one, though, we would go with Matchbook for the strength of their overall product and the improvements that have been made in recent years to their betting exchange. Our Recommendation: Matchbook
Range Of Markets
A good betting exchange will have a solid range of markets, but the great ones will have extensive betting options for their customers. We don’t want to see simple wagering options for the result when we line up our stakes – there should be access to the top range of betting markets that are available when using a traditional sportsbook. Fortunately, the betting exchanges that we have highlighted in this guide provide this level of access when betting on a variety of sports. Once again, Betfair Exchange and Matchbook meet all of our criteria in terms of the scope of their betting markets, providing more than the outright results with betting options, including over/unders and handicap wagering. This time, we give the edge to Betfair Exchange because of their longstanding expertise. Our Recommendation: Betfair Exchange
Commission
All betting exchanges will take a commission for their part in allowing you to bet against another punter through their site or betting exchange app, but not all exchanges are equal in terms of the percentage of their cut. The best betting exchanges will only charge a small amount, taking a percentage of your funds if your bet is successful. If they take more than this, then it is in your interest to avoid those operators.We ourselves found that Matchbook and Smarkets were two of the best in this regard, charging their customers up to 4%, but in a lot of cases, only 2%. BETDAQ were also intriguing by removing their commission on Saturdays at the time of writing, although it remains to be seen whether this promotion is a permanent move.
Best Betting Exchange Offers
- Whether you are a new or existing customer, you will always want to receive the best offers and bonuses from your chosen operator. These can come in the form of several options at betting exchanges, although they are not quite as lucrative as offers provided by sportsbooks and casinos.
- The best offers we have seen in regards to free bets come from Betfair Exchange and Matchbook, who grant their new customers a £20 risk-free bet on their first wager. Others such as Smarkets and BETDAQ offer smaller amounts as part of their welcome bonus, which may make you consider alternatives if you desire a more generous sign-up offer.
- Free bets are often part of welcome packages offered by the best exchanges, but another alternative is reducing the amount of commission they take from your winning bets. The top operators in the industry are competitive in terms of the percentage they will take from your successful bets. The lowest we have seen is 2%, but they will attempt to lower this further for a period of time, which can see these levels drop to as low as 0%. In the past, we have seen these kind of promotion from Matchbook, BETDAQ and Smarkets.
- Unfortunately, there are downsides to exchange betting promotions. For one thing, they are not as frequent as offers you may find on regular sportsbooks, and the potential of 0% commission will often be fleeting, as the operator will have to take their cut at some point. Therefore, it is crucial that you capitalise on these offers when they are available.
Risks and Rewards of UK Betting Exchanges
- There are benefits to using betting exchanges and there are elements of risk. The top platforms online ensure that their customers receive the benefits of premium value on their odds and a wide range of betting markets, while reducing the negative aspects of the system in the process.
- The rewards for using a betting exchange is the value you can find in your betting odds. Since you’re not betting against a bookmaker, you can define the price yourself if you can find a punter on the other side of the coin. It can be more lucrative betting on the exchange if you’re savvy enough with your odds and markets. Knowing when to bet and what markets to target are crucial to securing a sizeable profit.
- You also have the advantage of laying bets, which are not available from traditional sportsbook. Lining up a wager on an event not to occur can be more beneficial and lucrative, especially on events such as horse racing, when leading contenders can have very narrow odds to win. Betting on the other side of the coin for a loss on their part can increase your profit margins.
- The risk element is always a factor when gambling, so you must always weigh up all your options before finally placing your wager. Some bets on the exchange may require a minimum stake, which might sway your opinion about lodging your bet. If you surpass a threshold regarding your stake on a certain bet on the exchange, it might not be accepted by the site in question.
- When laying against a bet with long odds, you might be susceptible to a hefty payout if the selection wins rather than fails. If you were to place a £1 on a 20/1 team or horse to lose, and if they were to win, you would be liable to get paid out up to 20 times your stake.
Betting Exchange Trading Tips and Strategies
Before you try out exchange betting for the first time, be sure that you fully understand the concepts of backing, laying, and matched betting. Keep in mind also that different exchange sites come with varying commission rates.
If you are looking for high-stake liquidity, the best betting exchange for back bets in this regard is Betfair, while Smarkets is the best for lay bets.
To mention yet another operator, BetConnect are a rather new exchange platform, having been launched in 2018. They are accepting commission-free lay bets, making their platform a rather intriguing prospect, to say the least.
Betting Exchanges vs Sportsbooks
As a summary, we've laid out the main differences between betting exchanges and conventional sportsbooks below.
Exchange Commission vs Bookmaker Margin
Sportsbooks have in place a margin of profit called the bookmaker’s margin through which they earn profit. Meanwhile, exchanges charge a commission fee on winning bets that usually appears as a percentage (e.g. 2% or 4%).
Odds
On a traditional sportsbook, the odds are fixed by the bookmaker themselves, and how competitive they are depends on the popularity of the betting market in question. On the other hand, at betting exchanges, you set the odds yourself, though the quality here also depends on the popularity of your chosen market, as you'll have to find someone to match the price you're offering.
Backing & Laying vs Fixed Markets
A sportsbook does not involve the concept of backing and laying. Players bet on the outcome of an event as is provided by a betting site, and the platform has direct control over placed bets. In contrast, at a betting exchange, you can choose to back or lay an outcome (i.e. wager on something to happen or not to happen respectively). In a sense, you'll be acting as the bookmaker yourself.
Best Betting Exchanges FAQs
On an exchange, you’ll be betting against fellow punters instead of the bookmaker. Exchanges also allow for lay betting, which means wagering on an outcome not to happen. They also tend to offer more markets compared to traditional sportsbooks.
Although there are quite a few out there, we’ve listed the 5 top for you to make things easier.
Betfair Exchange is the best site for placing bets on back bets with high liquidity.
Smarkets is the best platform for placing high-stake lay bets due to its robust liquidity.
Yes. Betting exchanges are available in certain locations, depending on the site in question. Read the terms and conditions of the exchange before you sign up to their product.
ThePuntersPage Final Say
If you came here looking for some of the best betting exchange sites the internet has to offer, we hope that all your most burning questions have been answered! We've done our best to explain the most important terms as clearly as possible, such as backing, laying, and matched betting. In addition, we've provided a few useful tips on potentially minimising risk which we think are well worth keeping in mind. So, if you feel ready, simply pick a site from the ones we've recommended above, and try out exchange betting for yourself!