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. OddsRelay matches bookmaker prices against exchange lay so the feed ships rated, oddsmatcher-ready opportunities.
OddsRelay delivers this as part of one already-matched feed. See live coverage on the coverage dashboard.