A betting exchange is exactly as the name indicates: a platform where users exchange bets. There are two ways to do that. One is by backing, the other by laying bets. Laying is exclusive to exchanges and you won’t find this option on traditional UK betting sites. The betting markets and sports are the same, and you can even get your share of promotions and bonuses.
However, the betting concept differs, and sports betting exchanges have, in some aspects, an edge over regular bookies, functioning more like stock exchanges than betting sites. I will start by shortlisting the best online betting exchanges in the UK. Afterwards, I will explain how exchange betting works with a step-by-step guide to placing bets and discuss popular features and promotions.
The Best Betting Exchanges in the UK
Betting exchanges are not a revolutionary idea, but they are different. For years, sports betting exchanges in the UK have been sidelined by the massive popularity of traditional online bookies. However, times are changing, and betting exchanges are gaining a competitive edge in many aspects of sports predictions and betting features. I picked five leading brands offering exchange betting services available in the UK for legal-age punters. I feel these are the best betting exchange sites currently available.
#1. Smarkets
Smarkets is a versatile sports betting exchange with over 20 sports categories. Predictions and markets are available for tennis, football, MMA, horse racing, basketball, golf, greyhounds, and eSports, among other options.
I found the desktop version’s interface a bit cluttered and disorderly. However, the iOS and Android apps offer a considerably smoother experience and navigation. Among the available markets are win/lose, over/under, team to score, correct score, half-time/full-time odds, and much more.
Pros
- News and politics odds
- Overview of trading prices, including last traded price
- Live statistics
- No internal withdrawal fees
- Multiple payment methods
- Great exchange odds
Cons
- Limits on max. withdrawals via PayPal
- You must complete multiple verification processes before you can bet
#2. Spreadex
Spreadex offers sections for betting exchange and financial exchange (trading), making it a uniquely dynamic marketplace for sports fans. You can place live bets or find pre-game markets for football, greyhounds, horse racing, basketball, tennis, eSports, and more.
The bottom of the left-hand menu contains a help section with guides for beginners in sports spread betting on a betting exchange. Spreadex, as the name indicates, offers spread betting markets as well as fixed-odds markets.
Pros
- Live sports streaming is available for top events
- Smart interface with seamless navigation on desktop and mobile
- Exclusive sports and racing promotions
- Separate platform for financial trading
- Dozens of betting markets for major events
Cons
- Cash-out feature and live betting restrictions on some promos
- Due to FCA regulations, Spreadex cannot provide financial investment advice of any kind
#3. BETDAQ
Every betting exchange I’ve tried follows the same concept, yet every brand is uniquely different. BETDAQ offers sports odds exchange services in horse racing, basketball, football, and over 20 other sports. You can place pre-game or in-game bets, as well as multiples and singles.
You can bet on desktop or launch the website via a mobile browser. You can also download the iOS or Android app. BETDAQ offers exclusive tools and features, such as Trading Tools and free betting tips and guides for beginners.
Pros
- Enhanced Specials markets
- Exclusive trading tools
- Multiple sports promos are available at any time
- Native iOS and Android exchange betting apps
Cons
- Email queries can take longer to answer by the support department
- Lack of streaming option
#4. Matchbook
Matchbook has only 16 sports categories, which is a bit narrow. But this is one of its few minor flaws. You can find live and pre-game odds, see tips via the Insights section or use the Matchbook Brokerage. The latter feature is for specific bet requests or large bets that are otherwise unavailable on the Matchbook sports exchange. The interactive bet slip offers matched and unmatched bet options.
Pros
- Great mobile apps and desktop layout
- Exclusive Brokerage Service
- MB Zero Feature offering 0% commission
- Insights section offers valuable tips
- Offers a combined Back & Lay option
Cons
- A limited selection of sports (16)
- iOS app issues on systems with iOS 12 or older versions
#5. Betfair Exchange
The Betfair sports exchange is distinguished by its many promotions and rich sports section with over 30 sports. You can adjust the bet slip to show lay odds, market depth, projected odds, and near/far odds, which, as far as I can tell, are unique to the Betfair exchange. As one of the longest and most established exchanges online, Betfair is a name that most punters are familiar with. Its no longer the best and there are now several betfair exchange alternatives that we would recommend over the old guard.
Unlike most sports betting exchanges, the Betfair Exchange offers a filter for finding matched markets based on the amount you enter. They are also one of the few exchanges to have a fully functioning betting app that is easy to use on a smaller device.
Pros
- Helpful Tips & Previews section
- Multiple ongoing promotions for the exchange
- Filter for finding matched markets based on your own stake amount
- Various filters and tabs make navigation simpler
- Easy to contact customer service
Cons
- Live streams are available only on a select few events
- Desktop look and arrangement can feel a bit confusing
What are Betting Exchange Sites?
Unlike online bookies, where the oddsmakers create the odds, with sports betting exchanges punters create the odds. So, instead of ‘bettor vs bookmaker’ you have ‘bettor vs bettor.’ In other, more familiar words, bettors exchange bets, where one side backs a certain outcome, and the other bets against that outcome. Betting exchanges also hold an advantage in that they only require a low minimum deposit for punters to get started.
The betting markets, i.e., the types of bets, on sports betting exchanges are familiar. You have spread betting, over/under, futures, in-play bets, special markets, round betting, half-time odds, full-time odds, team and player props—the lot!
Except when one side (punter) places a bet on an outcome, the bet is settled against another punter who bets against that player. Therefore, exchange betting has two sides: a back bet and a lay bet. The lay bet is what makes betting exchanges different, allowing you to bet against instead of just for an outcome. Exchange sites are becoming increasingly popular in the betting market, with more exchange betting companies appearing than ever before.
How to Bet on a Betting Exchange
The format, design, and interface can vary from one exchange to another, but the concept is the same. You will see different boxes with prices for backing and laying outcomes at current prices. The mechanics of placing a bet are no different than using a traditional online bookmaker. Below I break down the steps.
- Choose a suitable betting exchange from our guide.
- Sign up and follow through with the verification procedure.
- Pick a suitable payment method (preferably one applicable to withdrawals).
- Place a deposit of $10 or more, depending on the minimum.
- Open the Exchange and decide if you want to place a back or lay bet.
- You will see designated boxes showing the odds and the current price at which it is trading.
- Select the desired box and the bet slip will open on the right side of the screen.
- Set your bet amount and you will see the potential profit next to it.
- Tap the green checkmark button to place your bet, then select Confirm Bet.
Note: The image above is taken from Matchbook. The blue boxes represent place bets, while the red boxes are lay options.
Backing and Laying Explained
Let’s briefly explain back and lay bets so you’re clear on what happens when you place a bet on an exchange.
- Back betting – When you tap on a box representing a back bet, you bet on an outcome. When you place your bet, you wait for a match, i.e., for a bettor to lay your bet. If the bet wins, you get paid relative to your stake and the given price. If you lose, the person who lays the bet will earn the amount of money you staked.
- Lay betting – Laying is the opposite of backing as you bet against an outcome. To do this, someone else needs to back the outcome. When you lay a bet, you predict that the team/player won’t win, meaning they can lose or the event can end in a draw and you’d still win. If you win, you win the amount of money the backer has placed, which is often smaller compared to what you risk i.e. the liability, as designated on Matchbook. Lay betting is what makes matched betting possible.
Criteria for Selecting the Best UK Sports Betting Exchanges
The first step of exchange betting is choosing a suitable sports exchange, but what is a suitable betting exchange? Well, there are a few criteria based on which you can make your choice.
Legitimacy
The only way to ensure fairness is to pick a licensed betting exchange. The UK Gambling Commission regulates mainstream bookmakers and exchange betting sites, among other gaming enterprises, so look for a Gambling Commission stamp at the bottom of the exchange’s homepage. The ones we listed above are all licensed companies and are completely legit.
Popularity of the exchange
A site’s popularity is a testament to its fairness and trustworthiness. However, it can also provide greater liquidity. Liquidity is essential, and the more popular an exchange, the more bets and matches you can make on available markets. Low-liquidity sites will make it harder to find matches for your bets.
Customer support and help
Customer support is an essential criterion for evaluating traditional bookmakers, and even more so for sports betting exchanges. Why? Because exchange betting can be confusing for beginners. Helpful beginner’s guides and a responsive support team are paramount to helping new users learn the basics of exchange betting.
Promotions
Sports bonuses and promos will always remain popular. Betting exchange sites in the UK market special promotions for new and regular bettors. We like to see at least a few promotions that offer fair terms for beginners and casual bettors. Bonuses should not be an exclusive commodity accessible only to big-budget bettors.
Commission
Betting exchanges earn a living by charging flat commissions from bets placed by their user base. The aim is clear: find the exchange with fair commission rates, as higher rates directly affect your potential profits. Exchange betting sites charge commission only on winnings.
Top UK Betting Exchanges Compared
The table below compares several important aspects of our recommended betting exchange sites, allowing you to see how they stack up against one another.
| Betting Exchange | Commission | Notable features | Welcome offer | Payment methods | Minimum deposit |
|---|---|---|---|---|---|
| Smarkets | 2% | Live streams, in-play betting, exclusive promotions | 0% commission for 60 days | Trustly, Skrill, Visa Debit, MasterCard Debit, Neteller, PayPal, Instant Bank Transfer | £10 base minimum; £40 for Trustly; £20 for PayPal |
| Spreadex | 0% | In-play betting, virtual sports, Training Centre for beginners | Bet £25 and get up to £50 | Visa, Maestro, MasterCard, Bank Transfer, Direct Debit | No minimum deposit requirement |
| BETDAQ | 2% | Trading Tools, BETDAQ Tips, Enhanced Specials | 0% commission for 100 days | Visa, MasterCard, PayPal, Skrill, Neteller, PayPal, Bank Transfer | £10 |
| Matchbook | 2% | Matchbook (MB) Zero, Matchbook Insights, Brokerage Service | 0% commission for 110 days | Visa, MasterCard, Skrill, Neteller, Google Pay, Apple Pay | £10 |
| Betfair | 5% base rate | Virtual sports, in-play betting, cash-out feature, live streaming | £20 exchange bet refund if 1st exchange bet of £20 loses | Apple Pay, PayPal, Skrill, Neteller, Paysafecard, Bank Transfer | £5 or £10 |
Main Features of UK Sports Betting Exchanges
You can see from the table above that every exchange has a set of features that can contribute to a richer betting experience. Some features are common for all, or most exchange sites, like in-play betting. Other features are unique.
Smarkets In-Play Betting Feature
While in-play (live betting) is one of the most common features among UK sports exchanges, no operator does it quite as well as Smarkets. At any time, you can find dozens of live markets. Paired with the streaming feature and in-game statistics and highlights, Smarkets is an excellent choice for exchanging bets live.
Spreadex Price Boosts
Spreadex is a versatile sports betting, financial spread betting, and fixed odds betting company with many features, but the Price Boosts stood out the most. The feature offers better prices on select markets, such as First Scorer or Both Teams to Score.
Matchbook Brokerage Service
Matchbook’s Brokerage Service is an exclusive feature created for dedicated exchange betting fans. Namely, Matchbook’s in-house brokers will establish a channel with “counterparties” to match a unique type of bet ordered by you, the user. The brokers seek a match to facilitate trade for bespoke bets and large-size wagers.
Promotions and Bonuses at UK Sports Betting Exchanges
UK betting exchange sites offer a rich palette of bonuses that should play a part in your betting strategies. Most offers follow the same format as traditional promos, such as free bets, while others are tailored exclusively for exchange betting. Here are a few recurring promos you’ll see at top UK sports betting exchanges.
Welcome offers
A signup (welcome) bonus is an umbrella term encompassing a wide variety of sports promotions. It can include bonus bets, second-chance bets, cashback, boosts, sport-specific bonuses and more.
Zero Commission
This sort of promotion is most often marketed as a welcome bonus. The promo is simple: you opt in and pay zero commission on winning bets. The only variable is the duration of the promo, which can range from 30 days with 0% commission to over 100 days.
Bonus Bet
A common and familiar sports promo, bonus bets can come as Bet X get Y in bonus bets; as second-chance bonus bets, or another variant altogether. You usually have to invest (bet) anywhere between £10 and £30 to be eligible for bonus bets, and, depending on the bonus, you may need to use a promo code.
Boosts
You will often see betting exchanges offering special boosts on select markets, where you get better prices on certain outcomes than the industry average. Accumulator (acca) boosts, which boost your potential acca profit, are also common.
Betting Exchange Payment Methods
The range of payment methods available on a betting exchange could determine which one you choose to join. The fact is, if they don’t have your preferred banking option, it will be difficult moving money in and out of your account. It is certainly not ideal to create a new bank account just for betting purposes.
Debit and Credit Cards are the most popular payment options, and are accepted by all the exchanges we have listed on this page. Like any online transactions, you just need to enter your card number and CVV.
E-wallets have also really come onto the scene and are used by most betting exchanges. Punters particularly like betting sites that accept PayPal as they offer instant deposits and withdrawals. Another e-wallet, Skrill, has its own VIP programme for people who frequently use the service.
Some other banking options we have noticed on betting exchanges include Trustly, Google Pay, and Apple Pay.
Betting Exchanges Compared to Traditional Online Betting Sites
Similar to mainstream online bookmakers, but very different in their own way, betting exchanges redefine the concept of sports wagering. After some discussions with my BettingTools colleagues, we filtered the main benefits and disadvantages of betting exchanges compared to regular betting sites
Benefits of Betting Exchanges Compared to Betting Sites
- You can’t place lay bets with traditional bookmakers
- Betting exchanges can often provide better prices on certain markets
- With sports exchanges, players create their own odds
- Sports betting exchanges do not impose restrictions or cancellations on bets
- Wide variety of betting markets with no restrictions available for trading
Drawbacks of Betting Exchanges Compared to Betting Sites
- Difficulty finding a match for select betting markets is a common issue on betting exchanges
- Certain betting exchanges may have special commission rates, which can be an inconvenience
- Beginners may find bet trading complicated at first
Are Betting Exchanges Legal?
According to the Gambling Act of 2005 all betting exchanges must be licensed by the UK Gambling Commission to operate. This ensures they they are complying with all of the rules surrounding safety and fairness.
Betting exchanges are treated very similarly to traditional bookies by UK lawmakers. The Gambling Commission carefully observes all of their activities to protect players.
As long as you at least 18 years of age you can sign up for an account at any of the betting exchanges we have listed today.
History of Betting Exchanges
The history of online betting exchanges is relatively short, but not much shorter than that of online bookmakers. Betting exchanges first appeared in the early 2000s, a few years after the first online bookmakers.
In fact, two of our recommended betting exchanges are industry pioneers: Matchbook and Betfair. The former was founded in 2004, while Betfair opened its doors to the public in 2000. With about two decades since its inception, the online sports betting exchange industry is relatively young and developing.
FAQs
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Are betting exchanges legal in the UK?Yes. The UK Gambling Commission offers licenses that ensure betting exchanges comply with gaming regulatory guidelines and financial fair practices.
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What payment methods can I use at UK betting exchanges?Betting exchanges support transfers via PayPal, debit cards, digital wallets (Skrill, Neteller, Apple Pay), and banking methods like Trustly.
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Do betting exchanges offer bonuses?Yes. Promotions can come as reduced or zero commission, bonus bets, bet boosts, acca boosts, and referral bonuses.
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What is a lay bet on a betting exchange?A lay bet is betting against an outcome. To place a lay bet, another player must back a particular outcome for you to bet against it. The payout of a lay bet is the amount of money the person backing the outcome bets. A lay bet can be for a team to lose or draw (in three-way moneyline sports, like football).
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How are betting exchanges different from betting sites?
Unlike betting sites, betting exchange sites allow punters to create their own odds and earn money in a way that is more similar to financial stock market trading than traditional betting.
