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How To Bet On An Exchange
Now you've picked which betting exchange you like the look of and you're familiar with some of the terminology, now you're ready to make your first wager.
But how do you do it?
Don't worry - it's simpler than you think!
Here's an easy-to-follow guide to get you started on your exchange betting journey 🫡.
Browse the exchange and pick an event you want to bet on (e.g. Manchester United to beat Arsenal).
- Back Bet = You're betting for something to happen (like a traditional bookmaker)
- Lay bet = You're betting against it happening (Manchester United NOT to beat Arsenal)
👉 Here's the kicker: If you choose to lay, you don't just risk your stake. Instead you're on the hook for the other person's potential winnings as well. This is called your liability.
Eg: If you lay £10 on Manchester United not to win at odds of 4.0, your liability is £30 (because if Manchester United win, you must also pay the backer their £30 prodit).
Exchanges show the odds available, and they change quickly and regularly as the event gets closer. Higher liquidity usually means tighter odds and a greater chance of getting fully matched.
Type in the amount you want to bet. If you're laying, always double-check the liability shown before hitting confirm to ensure you can cover it.
💡 Exchanges won't let you enter the stake for a lay bet if you don't have enough money available in your account to cover the liability.
If someone on the other side accepts your odds, your bet is matched. If not, it stays open until a punter takes it.
Sit back, enjoy the game, and see how your bet plays out. You can also trade in-play (back high, lay low) to lock in profits before the final whistle.
Traditional Bookmakers vs Betting Exchanges
What is your preference?
So why choose a betting exchange over a traditional sportsbook - and what's the REAL difference?
Almost every punter starts out the same way: you pick a team, horse or player, place your stake with the bookie, and cross your fingers that you've beaten the odds. That's traditional betting in a nutshell - you vs the bookmaker.
But things are a little different on betting exchanges as, instead of betting against the bookie, you're betting against other punters.
The exchange simply acts as a platform, matching people who want to back something with those who want to lay against something.
As a result, market prices tend to be bigger on an exchange as there is no need for the bookmaker to try and build in a margin for themselves.
Bookie vs Exchange: A Simple Example
Let's take a look at a real-world example ⬇️
Traditional bookmaker
Chelsea face West Ham in the Premier League and Betfair are offering odds of 8/13 for Enzo Maresca's side to come out on top.
If you back Chelsea at those odds with a stake of £10, you'll get £16.15 (£10 stake plus £6.15 profit).
If Chelsea lose to West Ham, you simply lose your £10 stake.
Betting Exchange
Looking at that same match on the Betfair exchange, the odds slightly improve to 8/11 for Chelsea to beat West Ham.
If you back Chelsea with a £10 stake at 8/11, you'll get £17.27 back (£10 stake plus £7.27 profit).
Where an exchange truly stands on its own from a traditional bookmaker is with the option to LAY.
Here's a breakdown of how it works on the exchange if you choose to lay against Chelsea to win.
| ⚖️ Lay Bet Outcome: Chelsea vs West Ham |
|---|
Chelsea Don’t Win 🔴
✅ You pocket the backer’s £10 stake (minus small commission). 💰 Profit goes straight to you! |
Chelsea Win 🟦
❌ You must pay the backer’s profit of £7.27. ⚠️ This is your liability as the layer. |
Pros & Cons Of A Betting Exchange
It's important to weigh up the benefits of betting on an exchange against the risks that also come with it.
Below, we outline some of the key advantages and disadvantages to consider ⬇.
- ✅ Better Odds
With no bookmaker margin, exchanges often offer higher prices than traditional bookies.
- ✅ Option To Lay
Unique to exchanges, letting you bet against an outcome.
- ✅ Transparency
You can see the money available (liquidity) in each market before choosing to bet on it.
- ✅ Trading Opportunities
Back high and lay low - or vice versa - to lock in profits before the event finishes.
- ✅ Fairer Markets
Prices are driven by supply and demand, not a bookmaker's profit margin.
- ❌ Commission Fees
You pay a certain percentage on winnings, which eats into profits.
- ❌ Liquidity Issues
Smaller events may have little money available, making it harder to get bets matched.
- ❌ Learning Curve
It takes some getting used to the terminology, which can be daunting at first when betting with your hard-earned money.
- ❌ No Concessions
Unlike bookies, exchanges don't offer things like acca insurance, boosts or freebies.
Betfair Vs Everybody Else
Betfair continues to offer the most popular exchange platform in the UK - and for good reason.
They regularly have the best odds, boast the biggest markets, and offer high liquidity rates.
But just because Betfair is the biggest, doesn't mean it's always the best option for every punter. Competitors like Smarkets, Matchbook and easyBet have carved out their own niches, offering lower commission, sharper odds, or unique features that might make you look twice.
So, how does Betfair stack up when you put it head-to-head with the rest? Let's take a closer look.
- Betfair 🆚 Smarkets
Liquidity
Betfair holds the slight edge with the largest betting community in the world, but for most day-to-day punters, the gap isn't as big as you might think. Smarkets offers solid liquidity on major markets like football, horse racing and tennis, meaning most casual and even semi-serious bettors won't notice much difference.
Commission & Fees
Here's where Smarkets pulls away. With commission at just 2%, compared to Betfair's standard 5%, the savings quickly add up. If you're betting regularly, those lower fees can make a big difference to your bottom line.
Overall Comparison
Betfair is still the giant in the room and you can't go wrong in picking them, but I personally prefer the user experience Smarkets offers with a slick app - and the lower commission helps too!
- Betfair 🆚 Matchbook
Liquidity
Betfair still boasts a higher liquidity, but Matchbook still offers more than enough when it comes to major sports like football, golf and horse racing. For popular events, you'll find that there isn't much difference in how quickly you can get matched.
Commission & Fees
This is Matchbook's sweet spot. With a commission of around 2%, it consistently beats Betfair's higher 5% rate. They have also been known to run promotions offering 0% commission.
Overall Comparison
If you're looking for niche markets and slightly better odds, Betfair might just edge it. But for anyone focused on mainstream sports with lower fees, Matchbook is arguably the better choice.
- Betfair 🆚 easyBet
Liquidity
Betfair dwarfs easyBet for now, but easyBet still provides enough liquidity for small to medium stakes on core markets. Unless you're betting big, you'll find it more than sustainable.
Commission & Fees
easyBet's main attraction is its simple, beginner-friendly approach. They also boast a decent welcome offer to help get you started with £20 in free bets.
Overall Comparison
Betfair is the established powerhouse, but easyBet comes with its own credibility from the iconic brand name. They've created a clean, easy-to-use alternative to Betfair. They might not offer the depth of markets found on Betfair, but there are highly competitive odds available on easyBet, making them worth a try.
| Betfair | Smarkets | easyBet | Matchbook | |
|---|---|---|---|---|
| Commission | 5% | 2% | 2% | 2-4% |
| Liquidity Rating | ⭐️⭐️⭐️⭐️⭐️ 5/5 | ⭐️⭐️⭐️⭐️ 4/5 | ⭐️⭐️⭐️ 3/5 | ⭐️⭐️⭐️⭐️ 4/5 |
| Live Streaming? | ✅ | ✅ | ❌ | ❌ |
| Fixed Odds Betting? | ✅ | ✅ | ❌ | ❌ |
Top Sports on Betting Exchanges
Just like on a traditional bookmaker, choice is abundant when it comes to different markets to bet on.
But with exchange betting platforms being peer-to-peer, the major sports are even more popular for a higher chance of liquidity and bigger odds.
Here are the top sports that shine on platforms like Betfair, Smarkets, Matchbook and easyBet.
Football is just as - if not more - popular on an exchange compared to a traditional bookie due to the sheer volume of matches around the world. From the Premier League to La Liga - or niche leagues in Estonia or Qatar - you're never short of options with high liquidity in almost all markets.
The most popular betting options include match odds, correct score and over/under goals.
Horse racing holds just as much authority on a betting exchange as football, with every race day in the UK and Ireland covered extensively. Most exchange betting sites also cover international race meets, with liquidity not a problem for the bigger sites.
Horse racing is particularly popular with exchange bettors due to its fast markets and ability to lay favourites as well as back long shots at better prices than traditional bookies.
Tennis has proven to be a popular sport on betting exchanges because of its point-by-point nature. Odds can swing dramatically within a single match, meaning even more in-play opportunities.
A high level of liquidity is often found around the major events like Wimbledon or the US Open, but, with tournaments taking place every week, there's value to be had for the savvy punter.
Cricket is also a popular option on the betting exchange, particularly around international Test matches, ODIs and the IPL.
The long duration of matches makes it ideal for trading strategies, and punters can back or lay teams across sessions and innings. Betfair remains king in covering the most extensive markets in cricket, but Smarkets is also proving to be a strong option.
Best Betting Exchange Apps
Betting exchanges haven't always had the easiest time adapting from desktop to mobile. With so much data, live odds, and trading activity happening at once, early apps often felt cramped and clunky.
On a bigger screen, exchanges naturally shine - traders like to see multiple markets and live action without endless scrolling, so they don't miss out on good value picks.
But things have changed. In recent years, betting exchange apps have made huge strides in design and usability, with a couple of stand-out options that now make trading on the go smoother than ever.
Smarkets
The Smarkets app is the No 1 pick when it comes to exchange betting in the UK.
- Sleek design: The app is modern, fast and easy to navigate, making it great for new punters and seasoned traders
- UX: Betting exchanges have been guilty of looking clunky and difficult to use but Smarkets have built a mobile platform that puts the user first and delivers a clean experience overall.
- In-Play Trading: The app handles live trading smoothly, with fast odds updates and a stable interface even during major events.
- Live Stream: Smarkets offers a wide range of live streaming available to its users with a fast and non-buffering service on mobile.
Use code COMMFREE to trade with 0% until 2024. New UK, IE & Malta users only. Min. £10/€10 first deposit only using Debit Card or Instant Banking. Full T&Cs apply.
easyBet
The easyBet app might just be the next big thing for exchange betting in the UK.
- Mobile first: When comparing the easyBet app to their desktop, it very much feels like it's geared towards the mobile user that is simple and clean to use.
- Strong branding: The 'easy' name brings trust and recognition, which could help attract a wider audience to exchange betting.
- Simple sportsbook: They don't boast a range of markets like Betfair, but that almost works in their favour with a huge focus on the major sports.
- Competitive odds: There are regular enhanced specials, but the overall odds compared to Betfair and Smarkets are also impressive.
New customers only. To qualify for free bets, the new user must place and settle £20 on easyBet markets. The user must bet on at least 2 different events to qualify. The user must place and settle bets at odds of 2.0 or more. An event is classed as two different sporting events. Bets can be placed on singles, multiples and Bet Builders. The user must place and settle bets before the closing date of the promotion to qualify. T’s and C’s Apply. Be Gamble Aware. #AD
Betting Exchange Sites FAQ
- What is a betting exchange?
A betting exchange is a platform where punters bet against each other rather than a bookmaker. This allows you to both back (bet for) and lay (bet against) outcomes.
- What are the best betting exchange sites in the UK?
The top betting exchange sites in the UK are Smarkets, Matchbook, easyBet and the Betfair Exchange. Each exchange offers competitive odds, but commission fees and liquidity vary.
- Which betting exchange site has the lowest commission?
Currently, Smarkets and Matchbook both charge the least amount of commission at 2% and both platforms regularly run discounted promotions as well.
- Is a betting exchange better than a bookmaker?
For many punters purely looking for better odds, yes. Exchanges offer better value and more flexibility since you can trade and lay bets. However, bookmakers may provide more promotions and fixed-odds markets with more variety available.
- Can you use betting exchanges on mobile?
Yes, most major exchanges have dedicated apps. Smarkets is considered the best app thanks to its clean and modern design.
- What sports are best to bet on an exchange?
The most popular sports for exchange betting are football, horse racing, tennis and cricket due to their high liquidity and strong odds.
- What does liquidity mean on an exchange?
Liquidity refers to the amount of money available to bet in a market. Higher liquidity means it's easier to get bets matched at fair odds. Betfair generally has higher liquidity, but other exchanges are catching up in major sports.
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