Betting exchange sites are platforms where punters can discretely bet on the outcome of events, be it in sports, entertainment, or politics.
Aside from betting against a sportsbook or a traditional bookmaker as you would on a sports betting site or a betting shop, on a betting exchange site, you will be betting against other punters.
One of the more popular betting exchange sites is Betfair Exchange. It’s one of the more established betting exchange sites and it is popular among punters because they can make more money because of better odds as compared to regular betting sites.
Another popular sports betting site is Ladbrokes Betting Exchange.
How do Betting Exchange Sites Work?
Bet exchange sites work as the name suggests. Punters get to bet against each other. They get to set to their odds, which can oftentimes be higher than those in the regular betting market.
Betting Concepts on Betting Exchange Sites
There are a couple of concepts that you should be familiar with if you are starting with bet exchange. They are:
- Back bets
- Lay Bet
- Matched Bets
With a back bet, you are betting on an outcome to come through. For example, you will bet that Manchester United wins.
With lay bets, you are betting for an outcome to not occur, for example, you place a lay bet that Manchester United Loses.
Matched betting is a practice that uses betting exchange sites. The main process of it is a punter places a back bet on a regular sports betting site and then they go and place a lay bet against themselves on sports betting exchanges site.
With this process, no matter who wins or loses, the punter ends up with a profit in free bets that are released when you make your first bet.
Creating Your New Betting Exchange Account
Creating an account on a betting exchange site is as easy as creating a new account on other sportsbook-based betting sites.
Just head over to the betting exchange site and sign up for an account. Don’t forget to take advantage of the sign-up offer free bets.
When creating your betting exchange account, the exchange platform will require you to provide personal and financial information.
How to Find the Best UK Betting Exchanges?
You are going to have to rely on your personal preference if you are looking for the best betting exchange sites. There are many betting exchanges sites in the market and though most of them offer similar services, you may find one or two will suit your personal preferences more.
A great way to find the best betting exchanges is to try out as many as you can. That way you have a good idea of their services and whether or not they will meet your needs.
Just always keep in mind to be gamble aware and gamble responsibly.
Bet Exchange and Matched Betting
Bet exchange sites are usually used in matched betting because not only do they allow punters to bet against their back bets, they also have better odds.
The UK Gambling Commission does not have issues with Matched Betting, and it’s considered legal.
Can You Make Money with Matched Betting and Betting Exchange Sites?
Many punters make money doing matched betting with little or no money of their own to start with. All they use are the free bets provided by betting sites. A free bet is treated like a real money bet on these sites. It may just be subject to some wagering requirements.
When matched betting, you can make money by using your welcome bonus to make your first bet and use the winning bets and its qualifying bet settlement after that to make more free bets and more money.
Tip: If you are in-play betting when match betting, be sure to monitor the odds closely. That way you can be sure that you still get a profit.
You may also consider a betting exchange on multiple bets or fixed odds betting.