What is a betting exchange?
A betting exchange is just like a bookmaker, but with one key difference.
Instead of betting against a bookmaker, we actually bet against other people.
Betting exchanges explained
The beauty of betting against other people, is that we’re not restricted to just betting that something WILL happen.
Back and lay betting
There are two sides to every matched bet; a back bet and a lay bet.
A back bet is typically placed at a bookmaker and this is a bet for something to happen, like backing England to win the World Cup.
A lay bet is placed at a betting exchange and this is a bet against something happening, such as laying against England winning the World Cup.
Best betting exchange?
It’s entirely up to you which exchange you opt for, but my personal recommendation is to register an account with both.
There are pros and cons to each exchange, which are highlighted in my Betfair v Smarkets guide.
In general though, it’s just handy to have options and a back up account in the rare event that you experience problems with your preferred exchange.
Hopefully, you now have a better understanding of what betting exchanges are and how they work. Don’t worry if not though, things should become clearer in my next guide as I take you through your first matched betting offer!