Glossary
Betting exchange
A betting exchange is a peer-to-peer market where users back and lay outcomes against each other, rather than against a bookmaker.
On an exchange, prices are set by users offering to back and lay, and the operator takes a commission on winnings rather than building a margin into the odds. Betfair, Smarkets, Matchbook and BETDAQ are the main UK exchanges.
Exchanges provide the lay side that matched betting and arbitrage depend on.
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