What’s an Exchange?
How betting exchanges work.
What’s an Exchange?
How betting exchanges work.
What’s an Exchange?
How betting exchanges work.
What is a Betting Exchange?
A betting exchange is an online marketplace where people bet against each other, rather than against a bookmaker. Instead of a bookmaker setting odds, exchanges match customers who want to bet for (back) or against (lay) an outcome.
Popular exchanges include Smarkets, Betfair and Matchbook. The exchange earns by charging a small commission (often 2–5%) on winnings, instead of building profit into the odds.
What is a Betting Exchange?
A betting exchange is an online marketplace where people bet against each other, rather than against a bookmaker. Instead of a bookmaker setting odds, exchanges match customers who want to bet for (back) or against (lay) an outcome.
Popular exchanges include Smarkets, Betfair and Matchbook. The exchange earns by charging a small commission (often 2–5%) on winnings, instead of building profit into the odds.
What is a Betting Exchange?
A betting exchange is an online marketplace where people bet against each other, rather than against a bookmaker. Instead of a bookmaker setting odds, exchanges match customers who want to bet for (back) or against (lay) an outcome.
Popular exchanges include Smarkets, Betfair and Matchbook. The exchange earns by charging a small commission (often 2–5%) on winnings, instead of building profit into the odds.
The Two Types of Bets
Back Bet (like a bookmaker): You bet for something to happen. For example, backing Liverpool to win. If they win, you win; if they lose or draw, you lose.
Lay Bet (unique to exchanges): You bet against something happening. For example, laying Liverpool to win—you win if they lose or draw, but lose if they win. Placing a lay bet is like being the bookmaker.
Smarkets features a leading commission rate of just 2%. We use Smarkets and will walk through their layout and how it works.
The Two Types of Bets
Back Bet (like a bookmaker): You bet for something to happen. For example, backing Liverpool to win. If they win, you win; if they lose or draw, you lose.
Lay Bet (unique to exchanges): You bet against something happening. For example, laying Liverpool to win—you win if they lose or draw, but lose if they win. Placing a lay bet is like being the bookmaker.
Smarkets features a leading commission rate of just 2%. We use Smarkets and will walk through their layout and how it works.
The Two Types of Bets
Back Bet (like a bookmaker): You bet for something to happen. For example, backing Liverpool to win. If they win, you win; if they lose or draw, you lose.
Lay Bet (unique to exchanges): You bet against something happening. For example, laying Liverpool to win—you win if they lose or draw, but lose if they win. Placing a lay bet is like being the bookmaker.
Smarkets features a leading commission rate of just 2%. We use Smarkets and will walk through their layout and how it works.
How to Read the Smarkets Interface
At the top, the match and event header displays teams (Liverpool vs Bournemouth), kickoff time, and number of betting markets. Navigation tabs let you filter between all, popular, or specialized markets.
The main market display shows the full-time result, traded volume, and a price graph for the odds. You’ll find back odds (green) and lay odds (blue), along with the amount currently available to be matched.
How to Read the Smarkets Interface
At the top, the match and event header displays teams (Liverpool vs Bournemouth), kickoff time, and number of betting markets. Navigation tabs let you filter between all, popular, or specialized markets.
The main market display shows the full-time result, traded volume, and a price graph for the odds. You’ll find back odds (green) and lay odds (blue), along with the amount currently available to be matched.
How to Read the Smarkets Interface
At the top, the match and event header displays teams (Liverpool vs Bournemouth), kickoff time, and number of betting markets. Navigation tabs let you filter between all, popular, or specialized markets.
The main market display shows the full-time result, traded volume, and a price graph for the odds. You’ll find back odds (green) and lay odds (blue), along with the amount currently available to be matched.
Other Markets and Charts
Beneath the main market, additional markets like ‘Correct Score’ show traded amounts and expand for more options. Chart buttons toggle between a price graph view and volume view, helping visualize the betting action.
Join Smarkets to explore the full range of markets and see these features in action.
Other Markets and Charts
Beneath the main market, additional markets like ‘Correct Score’ show traded amounts and expand for more options. Chart buttons toggle between a price graph view and volume view, helping visualize the betting action.
Join Smarkets to explore the full range of markets and see these features in action.
Other Markets and Charts
Beneath the main market, additional markets like ‘Correct Score’ show traded amounts and expand for more options. Chart buttons toggle between a price graph view and volume view, helping visualize the betting action.
Join Smarkets to explore the full range of markets and see these features in action.
Example: Placing a Back Bet
In the Smarkets snapshot, we placed a £1 back bet on Liverpool. The graph marks the bet with a red dot. A trade out feature lets you take profit or limit losses during live play.
If Liverpool wins, you earn £0.31 plus your £1 stake. If Draw or Bournemouth win, you lose £1. The winnings come from bettors who take the opposite side (lay) of your bet.
Example: Placing a Back Bet
In the Smarkets snapshot, we placed a £1 back bet on Liverpool. The graph marks the bet with a red dot. A trade out feature lets you take profit or limit losses during live play.
If Liverpool wins, you earn £0.31 plus your £1 stake. If Draw or Bournemouth win, you lose £1. The winnings come from bettors who take the opposite side (lay) of your bet.
Example: Placing a Back Bet
In the Smarkets snapshot, we placed a £1 back bet on Liverpool. The graph marks the bet with a red dot. A trade out feature lets you take profit or limit losses during live play.
If Liverpool wins, you earn £0.31 plus your £1 stake. If Draw or Bournemouth win, you lose £1. The winnings come from bettors who take the opposite side (lay) of your bet.
