What is a betting exchange?

With a betting exchange there is NO BOOKIE.

All bets on betting exchange have been placed there by users who either want to have a bet in the normal way (back), or offer odds to other punters (lay).

Bets are matched between people with opposing views.

Differences between betting with betting exchange vs. a bookmaker:

You can back or lay a bet.

You can choose the odds you want to play at

Commission and Tax.

You can bet whilst the game is in play.

Back or lay

When you "back" a selection (be it an individual, a team, horse, dog or other), you are betting that it will win. This is just like betting with traditional bookies.

When you "lay" it, you are betting against it winning. For example, if you're betting in a market on which team is going to win the Premiership and you lay Man Utd, you offer odds to other punters who wish to back Man Utd. If Man Utd don't win, then you pick up the backer's stake. If Man Utd win, then you pay out. This is what bookmakers traditionally do.

You never know whom you are betting against; the betting exchange secure sites maintain your privacy and the confidentiality of your bets.

Choose odds

With betting exchange there is always a choice of what odds to accept. If you want better odds than are currently available, you can place an order for a better price, but be realistic because there has to be somebody prepared to lay the bet at those odds, and vice versa.

Take a look at the odds before a game and you will see them change as visitors back and lay their bets. The odds often improve nearer to the off, as there are more people in the market.

Commission

You do not pay tax at betting exchange, and commission is only paid on your net winnings on each market. This is particularly beneficial if you have multiple bets on a single market such as the Premiership Winner market. Some of your bets may win; some may lose, however you only pay commission on your NET winnings. If your bets in a particular market amount to a net loss, you do not pay commission.

They can offer a customer incentive scheme with your Commission rate set according to how much you use the betting exchange.

Fees for transferring funds to and from betting exchange

To reflect the betting exchange own charges, there is a 1.5% fee for all credit card deposits. There is NO fee for UK debit card deposits or withdrawals to any card. Deposits and withdrawals can also be made by cheque and bank transfer - there is a small fee for bank transfer withdrawals only. These fees are made by our bank and are not retained by betting exchange.

Here is a list of the main betting exchange sites.

www.Betfair.com

www.Betdaq.com