When people hear the words betting exchange, they usually think of Betfair which is arguably the biggest one out there.
However, some punters are confused by betting exchanges because they are different from regular betting sites and sometimes even experienced gamblers don’t know how to use them. Thanks to this page you will have all the required information and after reading it, you will know what exactly a betting exchange is.
Best betting exchange websites
There’s an obscure number of betting exchange websites on the internet, but we can recommend you two of them.
Betfair is the biggest betting exchange website and they have the highest amount of markets available. You can trust them with your money while the event is still going and because many people are betting amounts from £2 to literally thousands of pounds, the liquidity at Betfair is much better than at other websites.
The other website that we can recommend is Betdaq, but keep in mind that they are some distance apart from Betfair when it comes to quality. To be fair, they also have many customers and offer an amazing £200 welcome bonus which is one of their biggest advantages. However, we can’t ignore the serious lack of liquidity and the plain and boring design that their website has. This means that even if we take into account their great opening bonus, the competition of Betfair is too much for them.
Other betting exchanges
WBX – Closed since March 2015
WBX is the third option when it comes to betting exchanges and while some people may want to set up an account with them in case something happens to Betfair and Betdaq, the small liquidity that they have is a point that shouldn’t be ignored in case you are considering using them as your preferred website.
The most popular events have decent liquidity, but the smaller the event gets the smaller chance you have of getting your bet matched.
We recommend creating an account with Betfair and using Betdaq as a backup option. If you want to have another one, which seems highly unlikely at this point, then WBX should do the job. The article wouldn’t feel completed if we didn’t give you some information about WBX.
What exactly is a betting exchange?
Gambling beginners are often unaware of betting exchanges, so we’ll gladly provide details for them.
The idea of a betting exchange is that you bet against other punters instead of betting against the bookie. This can be compared to playing a game of tennis against your friends for a tenner. The process is simple:
- One person picks the result that he thinks will happen (also called a back bet). This is the same as regular betting.
- This person gets matched by the betting exchange to someone who thinks the result won’t happen (also known as a lay bet), so the winner takes the loser’s money.
- The betting exchange makes profits by charging a small fee on the winning bet.
The best part is that you can also make your own odds and ignore the one the site gives you. That way your offer will be in the betting exchange and you’ll see if someone accepts it.