Betting exchanges

What is a betting exchange?

Betting exchanges are all about allowing people to bet directly against each other, doing away with the bookmaker and giving punters the freedom to offer their own odds on any given selection.

You can place bets on betting exchanges on a wide range of sports and events including backing and laying bets on horse racing, football, golf, tennis, cricket, rugby and other UK and international sports and events.

Instead of betting against a bookmaker, all bets on betting exchanges are placed by individual users who either want to place a bet in the normal way ("back") or who want to offer their own odds to other users ("lay").  Bets are therefore always matched between people taking opposite views on the outcome of an event.

Just like with some bookmakers, you have the freedom to back or lay a bet on a betting exchange before any given event and also whilst the game is in progress / in-running.

If you "back" a selection (eg a football team, horse, greyhound or golfer) you are betting that it will win, just like when you place a bet with a bookmaker.

Conversely, if you "lay" a selection you are betting that it won't win.  If your selection doesn't win, you receive the stake placed by the person who backed it - just like a bookmaker keeps your stake if you don't win a bet.  So when you lay selections on a betting exchange, you are effectively acting as the bookmaker yourself!

Betting exchanges also offer greater flexibility in respect of odds.  If you don't like the odds that are currently being offered, you can place a new order on the betting exchange at your own preferred odds.  Remember, however, that someone else must be willing to accept them if your bet is to be accepted, so don't price yourself out of the market!

There is no tax to pay on a betting exchange, but commission is charged on your net winnings.

Some betting exchanges offer lower commission rates as a loyalty reward for their more frequent users.