Bookmaker termsGlossary
Betting exchange
Also known as: Exchange
A platform where punters bet against each other rather than against a bookmaker. The exchange matches back bets (the traditional "for") against lay bets (against), charging commission on net winnings instead of building margin into the prices. UK examples: Betfair Exchange, Smarkets, Matchbook. Generally tighter prices than fixed-odds books on liquid markets.