Why use Exchanges?
- If you are successful at online betting, sooner or later your online bookie will either restrict your bets or close your account. There’s nothing you can do about it, it’s in the Ts and Cs, you already agreed to it. This will probably happen very quickly if you are using matched betting or arbitrage (“arbs”), as the bookie will spot the odd amounts you are staking. Using a betting exchange will allow you to continue betting, as long as there is cash in the markets. (Liquidity)
- Bookmakers don’t allow you to bet against something happening. That’s THEIR job. This is called LAYING a bet. You can only do this on the betting exchanges.
- Better Odds! Normally, prices will be higher on exchanges than with bookies.
What are the disadvantages?
- Commission. All exchanges charge commission on each bet you place. Commission varies from one exchange to another.
- Sometimes there isn’t enough money in the market to place your bet.
- That’s it.
Which are the top exchanges?
- Betfair. This is the daddy of them all. It has the most customers, and therefore the most money going through it. You NEED a Betfair account.
- Smarkets. This is a relative newcomer. Useful as a backup. Lower commission than Betfair.
- Betdaq. This one has been around for a long time. Now owned by Ladbrokes. Lower commission than Betfair.