The Betfair exchange is a pioneering, market-leading online betting Exchange. It is the biggest and most mature betting exchange around.
What is a betting exchange?
A betting exchange allows customers to bet against each other rather than against a bookmaker. This differentiates them from traditional betting shops and bookmakers as the betting exchange allows the user to act as the bookie (by setting the odds for an event) or the customer (who bets using the odds set by the other user).
Whereas traditional bookmakers accept the risk of going head-to-head in various bets with customers, the business of a betting exchange does not involve any risk. The exchange simply provides the technology that pairs customers together in order for bets to take place and takes a commission from the net winnings that result.
