Best Betting Exchange Sites in UK for 2022

A betting exchange is a gambling platform that enables punters to places bets on a wide variety of sporting events. Where they differ from a sportsbook is that with a bookie, you are betting on fixed odds that have been set by the sportsbook in question, while with a betting exchange you are betting against other gamblers. In this handy betting exchange guide, you will find out about the best betting exchange sites and come across some useful exchange betting tips and strategies.

Best Betting Exchange Sites

18+ | 1st depositors only. Use promo code H30 to qualify. Min £10/€10 stake, min odds 1/2, free bets paid as 2 x £15/€15, free bets credited after settlement of first qualifying bet, free bets will expire 30 days after the qualifying bet is placed. | Payment method limitations, country & wagering req. exist | Cashed out/voided bets do not qualify | Play Responsibly | Terms and Conditions apply. http://www.begambleaware.org

18+ New UK + IRE customers. Paypal and certain deposit types and bet types excluded. Min 5 bet within 14 days of account reg at min odds 1/2 = 4 x 5 free bets. Free bets valid for 7 days on sports, stake not returned, restrictions apply. www.begambleaware.org

18+ | New UK & NI customers only. Promo code ‘SPORTS60’. Deposit & place first sports bet of £10+ in one bet transaction, at odds of Evens (2.0) +. settled within 7 days of registration. First bet must be on Sports. £30 in Free Bets credited within 48 hours of bet settlement, 7-day expiry. Payment restrictions apply. SMS validation may be required. Max 30 Free Spins on Justice League Comics. 7-day expiry. | Play Responsibly | Terms and Conditions apply. http://www.begambleaware.org

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Exchange Betting Explained - How Betting Exchanges Sites UK Work

All betting exchange sites allow you to bet on the outcome of different events by laying and backing. You can even decrease your chances of losing money by doing some matched betting. The number of punters that are laying and backing on the online betting exchange sites that you are using will determine the odds that are on offer for a certain bet. The higher the liquidity is for a particular market, the higher odds.

While sports betting sites make their money when punters lose their bets, sports betting exchange sites make their money by charging a commission when you win, so it is always in their best interest for you to win. The commission that is charged is not the same at all online betting exchange websites, so it is important that you find out what commission will be charged before you go ahead and open an account with a betting exchange online.

Above we used three terms that you might not be familiar with, and these were 'backing', 'laying', and 'matched betting'. Below we are going to explain all three to you because if you do not know what they mean then you will never truly fully understand exchange betting.

Backing

When you make a back bet, you are betting on a win for whatever team or participant you are putting your money on. For instance, if you are betting on Liverpool to beat Manchester United in an English Premier League match, then your back bet will be countered by another punter who believes that Liverpool will not go on to win the match. If Liverpool go on to win the game, then you win your bet. However, if they lose or draw, then you lose your stake.

Laying

When you are lay betting at a sports betting exchange, you are practically acting as the bookmaker since you will be offering odds on an outcome that you would like your fellow punters to bet on, and not backing a bet. For example, in a match between Liverpool and Manchester United, if you lay Liverpool, then you are backing them not to win, which would mean that you would win your wager if they draw or lose the match.

Matched Betting

Matched betting is a strategy that involves placing a number of bets to cover all the possible outcomes of a game and give you a risk-free betting environment. This is only possible when you have free bets and other promotions that you can take full advantage of. For instance, if you make a back bet on Liverpool to win a game using a free bet, and then place a lay bet on Liverpool not to win the game while staking enough money to make sure that you won't incur a loss no matter what happens, then you have made a matched bet.

In order to make use of the matched betting strategy, it is imperative that you have an account at least two betting exchange sites UK.

How to Calculate Your Liability at Betting Exchange Sites UK

Bet liability is the amount that you are risking when you are a making a bet - whether you are laying or backing an outcome. This is the amount that will be taken from your balance should you go on to lose the bet that you make. When you are making a back bet, the stake is your liability. On the other hand, when you are making a lay bet, the liability that you will pay is dependent on what the odds were.

So, how do you go about calculating the liability of any lay bet that you make? Well, there is a really simple equation that you can use, and this is:

Liability = (Backers Stake * (Lay odds - 1)

For instance, let us say that you want to lay Liverpool at odds of 1.60 with a £20 stake against Manchester United:

Liability = £20 * (1.60 - 1) = £12

So, to place a lay bet on the above, you would need at least £12 in your exchange account. It is important that you know how to calculate the lay bet liability for the following reasons:

  • You will know how much you have to payout if your lay bet loses
  • You will get an idea as to whether it is worth your while making such a wager
  • You can minimise the amount you lose by sticking to a budget and knowing exactly how high you can lay the odds

If you do not feel like using the above equation to work out your lay liability whenever you are laying, then simply search for betting exchange calculator in your search engine, and you should come across some great ones that are simple to use.

Sports Betting Exchanges - How to Choose a Betting Exchange UK

When you are looking at a list of betting exchange sites and trying to decide which one is the best to open an account with, there are a number of elements that you really have to consider. Below are some of the main things that you need to consider when you are choosing the best betting exchange website for you.

Value

When thinking about opening an account with any sports betting site, you want to make sure that you will be getting value for your money. Selecting a top betting exchange with great value on their odds is a very good way to start. You can check this out for yourself by comparing the odds that they are offering on a market using an odds comparison website. Timing is very important when it comes to getting the best odds for your bet, especially when you are making use of an exchange site since the value can fluctuate greatly.

Welcome Bonus

When you are a new punter, you always want to get the best Welcome Bonus that is on offer. The sports betting world is a really competitive one and the majority of sports betting sites will try to attract new customers by offering lucrative bonuses, and betting exchanges are no exception to this. So, when you are looking at the top betting exchange sites and are trying to decide which one is the best for you, take a look at the bonuses that they are offering new bettors before you jump right in and sign up with one.

The Available Markets

A good betting exchange site is one that will offer a solid variety of markets, but the best exchange betting sites will have more markets available than you can shake that proverbial stick at. Yes, it can be fun to bet on the result of a sporting event, but if this was all that you could bet on, then things would end up getting boring pretty quickly to say the least. Thus, before you go ahead and sign up with a betting exchange website, we recommend that you take some time to look at the markets that they have on offer for the sports that you like to bet on.

For example, if you are into your horse racing betting, then you will obviously want to sign up with a horse racing betting exchange site that allows you to bet on more than just the winner of a race. You should look out for betting exchanges that allow you to make forecast bets, reverse forecast bets, a trifecta bet, and so on. Or, if cricket is your preferred sport to bet on, you need to register with cricket betting exchange sites that allow you to bet on markets such as the total number of runs scored in a match, the mode of dismissal for the next batsman who gets out, the top bowler, the top batsman, and so on.

The Commission That is Taken

As we mentioned earlier, betting exchanges will take some commission for allowing you to bet against other punters, but the commission will vary from betting exchange to betting exchange. All of the top exchange sites will only take a percentage of your winnings if your bet is a successful one - if you find out that a particular betting exchange will take a cut regardless of whether you win or not, then you need to avoid it like the plague. You will usually find that the commission that is taken stands at around 2-4%, depending on who you decide to open an account with. So, before you take the plunge and register with a betting exchange, make sure you know what they charge for commission.

Top Exchange Betting Sites UK 2022

There are plenty of betting exchange sites out there that you can open an account with, but some are much better than others. In this section of this guide, we are going to provide you with six of what we feel are the top exchange betting sites UK. If you decide to open an account with any of the following, we are sure that you will end up having a really good sports betting experience when you log in to play.

BETDAQ

This is one of the best exchange options for betting enthusiasts, and they provide their new players with a Welcome Bonus that is worth £10 once you make a bet of the same value on their exchange. At the current moment in time, BETDAQ is charging 2% commission on every winning bet, which is standard across the board.

One of the main reasons why we think BETDAQ is such a great betting exchange is the fact that they always have some awesome promotions running. For example, on Saturday, when there are lots of sports that you can bet on, they cut the commission on winning bets by 50%. Before you sign up with them, make sure to check out their promos page so that you can see what other type of great promotions they have on offer.

When it comes to markets and odds that they have on offer, you will not be disappointed. They have made sure that they have a variety of markets and competitive odds so that their punters receive premium value for their money. They also have another website that is called "BETDAQ Tips" where you can go to find a wide variety of betting tips that can help to improve your chances of winning.

Matchbook

Matchbook have earned a reputation as being one of the best sports betting sites in the industry, and once you have taken a closer look at it, we think that you will be able to see why this is the case. We really like the fact that there are plenty of betting markets available for all of the most popular sports such as football, horse racing, boxing, tennis, cricket, and golf.

The betting app and site is really pleasing on the eyes, and it is clear that plenty of thought has been put into designing it. They also make use of all of the top security measures, so you can place wagers here without worrying about whether any of your personal information will get into the wrong hands or whether any of your money will go missing. It is always great to be able to gamble with a peace of mind.

What type of Welcome Bonus do they have on offer? Well, if you decide to open an account with Matchbook, then you will receive a £20 risk-free bet if you deposit at least £25. If your first bet goes on to be a losing one, then you will receive your stake back, up to the value of £20, in the shape of a free bet. If you do not want this Welcome Bonus, then another option is that for the first 30 days, you will not be charged any commission on any winning bets that you land. Existing customers are not left out because there are a range of other great promotions that they can take advantage of.

Once the 30 days are up, what type of commission is applied to winning bets? Well, British punters are charged 2% commission on their net profits, while those from outside the United Kingdom will be charged a total of 4%. There is no commission to be paid on losing bets.

Smarkets

Smarkets really is one of the best betting exchange sites for those living in the UK. This betting exchange came into being in 2008 and, when compared to the others that we speak about on this page, it is one of the top new betting exchange sites. They hit the ground running and have not looked back ever since - in 2014 they hit £500 in trades, and then in less than a year they managed to double that.

Smarkets used to be a bit limited when it came to their odds and betting markets, but they have put that right and now have more than enough to keep you highly satisfied. One of the things that we really love about this betting exchange is the fact that they offer a lot of sports statistics that can help you when you are betting. As a side note, if you also like betting on politics, then this is one of the best exchanges to do so with since they offer a vast range of political betting markets on world elections.

If you decide to open an account with Smarkets, then you have two options that you can choose from when it comes to the welcome offer that is available. You can either opt for a £20 refund if your first bet is a losing one, or you can claim 0% commission for the first 60 days that you have an account with them. Please make sure to read the T&Cs that apply before you go ahead and start making use of one of these bonuses.

Once the 60 days of no commission have passed, any winning bets that you land will come with a commission fee of 2%, which is the type of commission fee that you will find at most betting exchanges nowadays.

Betfair

When it comes to betting exchanges, it is fair to say that Betfair is the most popular and biggest exchange betting sites. They are one of the top sports betting exchange sites that you can register with thanks to their wide variety of betting markets and the top odds that they offer for all of the most popular sports.

The Betfair betting exchange comes with integrated trading tools and an API system hat allows you to find out in-depth data for the betting market you want to bet on and also helps you to determine whether the odds are drifting, or might start to drift. Whenever you place a wager with Betfair, you will be given Betfair Points and you can use these to lower the commission discount rate, which often stands at 5%.

Betfair happen to have one of the best betting exchange apps around, so if you are the type of gambler that really loves to bet on the go, we do recommend that you take the time to download their app. Not only are mobile apps much quicker than mobile desktop sites, but they also use up less data.

If you decide to open an account with Betfair, then use the promo code "EXCCOS" and the 5% commission will be dropped down to 2%. As usual, there are a number of terms and conditions that are attached to this bonus, so we recommend that you take the time to familiarise yourself with these before you jump in and start making use of the bonus.

Ladbrokes

Ladbrokes has been a sportsbook for more than 130 years, making it the oldest sportsbook in the world. However, they only opened up a betting exchange on their online site back in 2013 and, in the eight years since, they have gone on to become really popular among bettors who like to make use of betting exchanges.

Ladbrokes do not slack when it comes to the bonuses and promotions that they offer British punters. For instance, anyone who decides to open an account with them will receive £20 of free bets, worth £5 each, when you make an initial bet that is worth £5. They will also regularly provide you with three random sport events and if you can guess the outcome of each one correctly, you will earn yourself a crisp £100 that you can use to bet on your favourite sporting events.

When it comes to the markets and odds that are available, you will not be disappointed since they offer their customers some of the largest betting markets in Europe. The odds that are attached to the betting markets in question are really competitive, so you can be sure that you will land yourself a lovely profit when you manage to place a winning bet.

What about the commission that is taken from any winning bets that you make? Well, their commission fee is something that decreases the more that you bet. To start off with it stands at 5%, and you can decrease this by 2% by increasing the number of bets that you make. However, this is not easy to achieve unless you place a lot of bets. For example, for every £25 that you spend, you will receive one exchange commission point, and you need 12,000 points to get the commission down to 2%. So, unless you are a huge gambler, you will not get close to a 2% commission.

Spreadex

Spreadex came into being back in 1999 and, in the 23 years since, they have managed to attract close to 27 million clients from all over the world. So, this is a clear indication that they know what they are doing when it comes to sports betting.

If you decide to become one of their many customers so that you can use their betting exchange to place bets on some of your favourite sporting events, then you can claim a Welcome Bonus of up to £35. In order to claim such a bonus, you need to make a bet of £25 with minimum odds of 1.50 and you will be given five free bets that are worth £5 each and two free Total Goals spread bets worth £5 each.

When it comes to the odds and markets that are on offer, we are pretty sure that there are enough markets to keep you highly satisfied and that the odds on offer will not make you turn your nose up in disgust. No matter what sport it is that you like to bet on, we are certain that there will be enough markets for your liking. Even if you like to bet on more obscure sports, you will still find plenty of markets and competitive odds.

So, what is the commission that they charge when you land yourself a winning bet? Well, it stands at about 4%, which is not too bad in our opinion. At the end of the day, any commission between 2-5% is something that we consider to be pretty reasonable.

How Do Sports Betting Exchanges Work?

Making use of a betting exchange is a simple process that is just like placing a bet with a traditional sports betting site. Below we have given you a step-by-step guide as to how you go about making use of a betting exchange:

  1. Sign up with a betting exchange that you think is best for you by providing them with personal information and financial data
  2. Deposit some money into your new betting exchange account using one of the various deposit methods that is available. Pay attention to how much you are depositing since you might need to deposit a certain amount in order to be able to claim any Welcome Bonus that is on offer
  3. Once you have opened an account and have funded it, you will be able to start placing bets. Unlike the majority of traditional sportsbooks, the odds will be represented in decimals. You then have to decide whether you would like to lay or back any of the options that are available
  4. The concept of putting your stake is the same as on any normal sportsbook, although there could be a minimum stake that is required for particular betting markets. If this is the case, you will see a value under the decimal odds on offer, and this indicates the threshold that you need to stake for your bet to be activated
  5. Click on whatever you want to bet on, add the stake that you want to risk, and then submit your bet. It is a really simple process that you should not have many issues with

Tips for When You Are Using Betting Exchanges UK

When you are placing a bet on a betting exchange site, you should always take the time to do your research and make sure that you know what laying, backing, and matched betting are. If you have read this guide properly, then you should already know what these are. If you have forgotten, do yourself a favour and scroll up to familiarise yourself with them once again.

Additionally, if you are laying a bet, you need to know what your lay betting liability is since this is what you will stand to lose if your bet goes on to be a losing one. If you stand to lose a lot more than your potential profit, then we really do recommend that you do not make that bet. What is the point of being in with a chance of winning £10 if you also have the chance to lose £35, for example?

Also, whenever you are gambling, no matter what type of gambling it is, it is vital that you set yourself a budget with an amount that you can afford to potentially lose. At the end of the day, nothing can be guaranteed when you are gambling, so there is a chance that you could end up going on a bit of a losing streak and, when this happens, it is important that you are not losing money that you need for more important things such as bills, rent, or food. Once you have lost your budgeted money, go occupy yourself with something else and never convince yourself that it is okay to spend more than your budget to try and recuperate your losses - this will just lead to more lost money.

Whenever you are betting on a betting exchange, make sure that you are only using a small percentage of the budget that you have set aside for yourself. Yes, it is enticing to place a large wager down because of the potential returns but, if the bet ends up being a losing one, you are going to end up blowing all of your budget in next to no time. We recommend that you place no more than 5% of your budget on each bet that you make.

Sportsbooks Versus Sports Betting Exchanges

There are a number of differences that exist between a sports betting site and a sportsbook, and we have listed some of the main ones below for you:

  • A sports betting site involves gambling markets of interest with odds that have been determined by a bookie, while the odds that you will find at a betting exchange site are determined by the number of bettors that are backing and laying the particular markets
  • With a sportsbook, there is no concept of laying and backing - you simply bet on the outcome of any event as it is provided by the betting site
  • When you win a bet on a betting exchange, you will have to pay a commission fee that usually stands between 2-5%. On the other hand, bookmakers charge a margin of profit on placed bets
  • At a sportsbook, players can only place bets, but we a betting exchange, punters also have the option of accepting bets from others

FAQs

What Is a Betting Exchange?

A betting exchange is a gambling platform where you can bet against your fellow gamblers and not the bookmakers. One of the main advantages of using a betting exchange is the fact that the odds are often higher, meaning that you will walk away with more of a profit should you manage to land a winning bet.

What Are the Best Betting Exchange Sites in the UK?

Well, this is one of those subjective questions because we might think that a betting exchange site is one of the best around, and you might look into it and decide otherwise. This is perfectly fine since a difference of opinion is what helps to make life exciting. If we all thought the same things, then it would be a pretty boring world. So, the best betting exchange sites are whatever ones fit the description of what you are looking for, which is something only you will know. However, we recommend the likes of Betfair, BETDAQ, Ladbrokes, Smarkets, Spreadex, and Matchbook.

How Does a Betting Exchange Work?

With a betting exchange you have the option of placing a back bet or a lay bet. With the former, you are backing a team or a player to win, while with the former you are putting your money on a team or player not to win. When you are betting at a traditional sports betting site, you can only back a winner.

How Do I Use a Betting Exchange?

People think that using a betting exchange is confusing, but this really could not be further from the truth. You will be glad to hear that the process of using a betting exchange is more or less the same as that for a traditional sports betting site.