At any good sportsbook, you will find a list of bets relating to a single game, such as a clash between the Lakers and the Celtics, and the wagers all come at fixed odds. Let’s say you find the bet you want to place on that game, and the sportsbook will have 1 price on that wager right now, you can either take it or leave it. Either you settle for the amount the sportsbook is offering or find another wager that suits your needs.
But what if I told said that at peer to peer betting sites, you name your price? These platforms are basically large marketplaces, where you can call your price, and instead of betting against a sportsbook, you are relying on a fellow sports bettor to bet against your wager. There is no sportsbook or operator involved, meaning no juice at all. The exchanges do take commission from your wins, but it is far lower than what the sportsbooks “charge” in their juice.
Peer to peer betting sites, or P2P for short, is the latest trend in sports betting. In this guide, I am going to tell you how P2P betting works, which are the best sites and sportsbooks to use to place your P2P bets, and how to wager on them effectively.
Top Betting Exchanges in the USA
While I’m talking about buying and selling wagers, (or backing and laying), I haven’t touched on one crucial part about betting exchanges. In order to have more liquidity and better opportunities, you need to find betting exchanges that have a bigger customer base. More customers mean more potential buyers. This means bigger stakes, and more sports props bets.
#1. Novig
Novig operates in over 40 states, and one of its biggest selling points is that the peer-to-peer platform takes 0 commission. The interface is quite easy for beginners to grasp, but there are plenty of features that dive straight into the market analytics and tracking orders, should you wish to go into all the tiny details. In the hands of an expert P2P trader, you can really get the most out of those trading lines by tracking these metrics, and score extremely high value trades.
Novig has found tremendous success in the US, and relatively quickly. It has plenty of markets for mainstream sports such as NFL, NBA, NHL, MLB, and you will not struggle to find competitive prices on props, player plays, and more. The p2p industry is heating up in the US, and there are now several alternatives to Novig that you may also want to look at.
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#2. Wanna Parlay
Wanna Parlay is quite a different entry on our list, and is more akin to a DFS app with peer to peer functionalities. Instead of placing bets directly against your peers, you are entering contests and making picks that will award you points and see you climb up the leaderboards. It is not really a classic DFS app either, as Wanna Parlay has a large variety of parlay contests, going far beyond the standard Pick’Em player projections. Here, you can get totals, outright winners, spread bets, and many more.
Classic peer to peer contest features you going head to head against one other player, not an entire community. At Wanna Parlay, the peer to peer functionality is in the Head to Head contests, where you can compete against one other player for a prize pool. Sure, the prize pool will not be as large as those where you are up against hundreds or even thousands of players, but this is a perfect tool for strategists and beginners alike. Then, of course, you have the 50/50 contests, GGP, Multipliers, and many more. For its creativity, where DFS contests and P2P fantasy tournaments are concerned, you cannot fault Wanna Parlay’s originality.
#3. Epick Fantasy Sports
Epick Fantasy Sports is another alternative DFS app, in which players can go head-to-head against their peers in various tournaments. The app has contests for all the most popular US sports, including soccer, NFL, NBA, NHL, and MLB, and various others. You purchase entries to any tournament, make your picks, and then if you claim enough points, you can take home some pretty neat prizes. There are 50/50 Split tournaments in which you have to aim to get in the top half of the contest leaderboards, and can earn a 1.8x win.
The other alternative DFS tournaments have winner-takes-all formats, and involve you making 2, 3, 4, or more picks. You can find contests that revolve around a single game, multiple games, or even cross-sport tournaments that can include various NFL props and soccer projections, for example. Now, the only drawback in the service is that there are no H2H, or one-on-one contests, so you aren’t directly betting against a single person. But there is no juice or shaded lines at Epick Fantasy Sports, just you going up against other players, and if you like DFS-style player tournaments, this is the place to go. It offers a visionary alternative to conventional betting, and a fresh entry itself, Epick ranks highly among newer sportsbooks.
#4. DraftKings Pick6
DraftKings Pick6 was launched back in 2023, and this peer to peer fantasy app pits you against like minded bettors. The goal is to form winning lineups, adding 2 up to 6 player projections and entering them into P2P contests against your fellows. It is not a classic betting exchange, but it has widespread sports coverage and many excellent DraftKings perks to bring the contests to life. You can make your lineups on NFL, NBA, MLB, NHL, WNBA, UFC, Soccer, PGA Tour, eSports, College and NASCAR events, among others.
Simply pick your players, set the lines and pick More or Less, and then add them to your lineups. Look out for harder picks with boosts, and when you are satisfied, stake the Pick6 lineup, and you are good to go. DraftKings also throws in a bunch of promos and hot social engagement features. It would rank higher in our list, but DraftKings Pick6 isn’t your classic P2P betting exchange, it is more of a P2P meets fantasy sports contests, where you can compete in leaderboards and get sizable payouts with winning predictions.
#5. FanDuel Picks
Launched in 2025, FanDuel Picks is a relatively new entry to the bustling P2P betting scene, but it is a highly worth addition. FanDuel has loads of P2P contests for you to enter, where you can win up to 1,000x your entry with winning lineups. It is not a classic P2P exchange, but rather a DFS platform with P2P contests, so you have to come up with lineups to beat your fellow bettors. FanDuel Picks is up and running in 15+ US states, and it has excellent coverage, with contests on all the major US sports leagues and college sports.
You need to pick anywhere between 3 to 6 player props to build your lineups, and can then enter a plethora of P2P group contests. The top prize can go up to 1,000x and there are plenty of promos to boost your bankroll. From bonus payouts on perfect picks to seasonal offers and deposit matches, FanDuel Picks is a top choice for P2P betting or DFS fans. It could do with more sports coverage, but this is a newer platform, and constantly expands on its offering.
Bonus P2P App: Rebet
We couldn’t leave out Rebet from our shortlist of the best peer to peer betting sites in the USA, but technically speaking, it is a social sportsbook. This platform has conventional betting markets, where you bet against the sportsbook. But it also has a peer to peer betting tool through which you can place bets and invite your friends to lay them.
Rebet is one of the most versatile sports betting platforms we have tested, and it continues to hit the mark with impressive betting features and lucrative sweepstakes games through which you can earn real money. The key highlight of Rebet is that it has bucketloads of social tools, including options to share your bets, “rebet” what your friends are betting on, and share your wins with the Rebet community.
There are social sportsbooks like Rebet that have comparable social features, but few have the same dynamic peer to peer betting tools through which you can select your bet, name your price, and publish it onto your feed (where you will surely find peers in the Rebet community to lay your bet).
How Peer-to-Peer Betting Sites Work
The basic principle here is that there is no sportsbook to set the prices; this is something that you and your betting peers will figure out between yourselves. Effectively, peers are trading wagers against each other, and the won/lost money is exchanged between those peers. The peer to peer betting platform merely facilitates those P2P wagers, and takes its cut in the form of a commission or charge on making orders (backing or laying bets).
Let’s say I list a wager such as the Lakers to beat the Celtics, and then Paul stakes the opposing wager (moneyline bet on the Celtics). Should Paul win, he will take the money that I staked. On the other hand, if the Lakers win and bring me the victory, I am taking Paul’s money.
When I list the wager, I also have to set a price by listing my odds. Paul, who wants to bet against the Lakers, may like the odds that I have given, or he may find better odds offered by someone else and decide to bet against their wager.
If no one bets against my wager, then it is made void, and my stake will be refunded. Choosing the odds is not easy, as you need a potential buyer to stake a wager on the opposite outcome for the bet to be activated. By all means, aim for better odds than what you can get at a sportsbook (remember, there is no juice here), but don’t go over the top and set a price that no one will buy.
Backing and Laying Bets
When you place a bet at a sportsbook, such as Inter Miami to beat NY Red Bulls, then the sportsbook is effectively placing a bet against your wager. You are backing Inter Miami to win, and the sportsbook is laying that bet, or betting on anything else to happen. If the game ends in a draw or the NY Red Bulls wins, the sportsbook keeps your money. You were backing Inter Miami to win, whereas the sportsbook was laying your bet. At peer to peer betting sites, you need a peer to lay the bet you place. You are not winning the house’s money, but theirs if your pick comes through.
Backing bets have a specific condition or requirement that must be met to win, and the laying bet is a wager on the backing bet to lose. When I back a bet, I list the odds and then place my stake. With a lay bet, the inverse of the odds has to be taken, in that you are placing a bet against the backing odds.
Here is an example: LeBron James to score +3.5 three pointers is priced at -200, and the money that your peer has placed is $100.
LeBron James Over 3.5 Field Goals @ -200
Backing Stake: $100
Backing Wins: $100 (Stake Back) + $50 (Profit)
That means the backer will win a total of $150 should the bet come through. Therefore, if I want to win their $100, I need to place a bet of $50. If they win, they take home my $50 and their $100 stake. If I win, I am pocketing their $100 back stake and my $50 lay stake.
Laying Stake: $50
Laying Wins $50 (Stake Back) + $100 (Profit)
Either way, this pans out, one of us will be walking away with $150 in their pocket, part of which comes from their stake and the other part from what was won off the peer.
Sports Trading
Betting exchanges work by you browsing through price charts, which is where the trading name comes from as it is similar to stock trading. Price movements will give you profit when you lay or back an event. For example, when you bet on an event at a specific price, the price must move lower to profit from it. Then you sell your open position when you place a lay bet at a lower price.
Matched Betting
Matched betting is a very popular betting strategy that enables you to easily profit from the bonuses and promotions offered by conventional sportsbooks. To make the most out of these offers, bettors search for offers such as no deposit bonuses and bonus bets, which they can use without having to spend any real money. You also need to have both an active sportsbook and betting exchange account.
The first thing to do is look for a betting site with favorable odds on an event that would generate a high profit, then visit your sportsbook and place a back bet on that event.
Then go to your exchange and look for the same event. Here, place a lay bet on the same event. Doing this means you are putting yourself in a winning situation as you are covering all outcomes. The best part is, all of this carries very little risk.
Step-by-Step Runthrough of How the Bets Work
Below is a picture of what a typical betting market on a sports game looks like at any betting exchange. It is an NFL game between the Pittsburgh Steelers and the Cleveland Browns, and we are looking at the moneyline odds.
First thing we see, there are three prices for the moneyline on the Steelers, and another three for a moneyline on the Browns. For this game, a total of 4,858,606 has been staked (in the example, it is “points” but it can just as well be dollars), and you can see just how much liquidity there is across the 6 different priced wagers.
If I pick odds of -184 on the Steelers, I can bet up to 14,794 points, which instantly becomes an activated bet. That is the maximum amount at those odds on the Steelers. If I place 15,794, then only 14,794 is activated, and I need to wait until someone places an opposing bet of an amount that could lay the remaining 100 points for my bet. Should I find such a buyer, the remaining 100 will also be activated. However, if I don’t want to play that risk, I can take the slightly shorter odds of -186, and place a stake up to 111,563.
The market overround here is 100.25%, meaning that the markets are competitive and good for use. This is because the game is only a few hours away, at the time of writing. Should I look for a game that will take place a few days in the future, the market overround will be a lot higher, as the discrepancy between the odds on either team is a lot larger – more of your peers are looking for good deals and there aren’t many who have found the middle ground just yet.
Basically, closer to 100% is good for us, as the markets have converged and you are more likely to find a buyer for your bet (or the liquidity is high and you can bet more).
P2P Betting vs Betting Exchanges
Peer to peer betting sites and betting exchanges are extremely similar concepts, and bettors generally use the terms interchangeably. Though if you were to ask one of our experts, we would point out that there are differences in how the two are used.
At peer to peer betting sites, generally, the idea is that you bet against another individual directly – either you or they set the odds, and then the other person needs to buy the opposing bet). For instance, you place a bet against the LA Lakers to win their next game, and invite your friend to place the opposing bet (LA Lakers not to win).
Betting exchanges are broader marketplaces, where you can still set the odds, but there are already lines and prices offered. You don’t know who placed the bet on the LA Lakers to lose, but you can buy the backing bet (backing the Lakers). In fact, generally, there are thousands of dollars worth of backing or laying bets, and you can buy into as much or as little as you like.
At both – you are charged a small commission, but this is really negligible when considering how much you indirectly “pay” in juice at a conventional sportsbook. You are allowed to set the odds and make your price at both peer to peer betting sites and betting exchanges/marketplaces. However, peer to peer betting sites generally refer to sites where you bet against people you know. Therefore, your bet will only become active if your peer lays it with another bet, which means that you have fewer opportunities to place your bets.
Just think about trying to place a parlay bet against your peers. You pick out 5 selections, and it can only become active if someone else places an opposing bet on all 5 selections. This is why P2P sites rarely offer parlay wagers.
Betting exchanges, on the other hand, have a huge database of users who place bets against each other, and there is a far greater chance of your parlay getting matched up against bets from other users. Generally, betting exchanges have a greater share of bets, though the odds are set by the market demand.
Site Comparison and P2P vs Sports Prediction
| Peer to Peer Sites | Betting Exchanges |
|---|---|
| Bet against friends | Bet against people you don't know |
| Set your odds | Odds determined by market |
| Make custom wagers | Betting markets already provided |
| Limited parlay betting | Parlay betting is possible |
| No guarantee your bet is activated | Your bet is almost always activated |
| Small commission | Small commission |
But these are really just formalities, and the sites we have shortlisted are, for the most part, a mix of both. Quickly summarizing the key peer to peer betting sites and betting exchange features at our site:
Novig.us
Novig.us is a classic peer to peer betting exchange, with great features including Make Orders, and liquidity screens through which you can set your odds and track how much of them have become active (laid by other players), though it also features parlays and SGPs.
Wanna Parlay
Wanna Parlay is more of a DFS app, but it also has Pick’Em games where you have to combine parlays, and one of the types is a Head To Head contest, in which you are pitted against 1 other player whom you have to beat – an alternative type of peer to peer betting.
Epick Fantasy
Epick is close to DFS apps, but it doesn’t have you play against the house but against your peers. The app has a variety of 50/50 and Winner Takes All contests, and you can mix and match your picks.
DraftKings Pick6
A DFS and Peer to Peer hybrid, this app delivers a substantial set of contests and prediction leaderboards. The sports coverage is excellent, there are plenty of bonuses, and you can go into all kinds of alternate lines for your P2P predictions.
FanDuel Picks
Also a more DFS-type peer to peer experience, FanDuel Picks is a relatively new entry and the sports coverage is still not very comprehensive. However, it has good rewards, sky high payouts, and the interface is well built for making quick predictions on the go.
Rebet
Rebet is a social sportsbook that includes a peer to peer betting functionality. It is the perfect merge of the two different sports betting mediums – as you can bet against the house or try to bet against your friends using the peer to peer function.
ProphetX
ProphetX is a well known US betting exchange, that has loads of educational material to help beginners ease into P2P betting. However, we only added it to our list for its longevity in the market. There are better options now with more bespoke features and innovative P2P betting products.
Sports Prediction Markets
Just to expand a little on exchanges, there are also sports prediction markets, a relatively new type of sports betting platform, which are very similar to betting exchanges. At these sites, you don’t really set the odds or place bets against friends. Instead, you buy contracts based on the market demand, and you can also send your ideas to the platform, which may then post up new prediction markets. The top sports prediction or contract exchange platform in the US is Kalshi.
Pros & Cons of P2P Betting Sites
Although peer to peer betting is certainly growing across the United States, many people still don’t fully understand the benefits it can offer. Here are some clear benefits of using P2P betting sites along with some things to consider:
Pros
- P2P betting opens up the possibility of two-way betting.
- Betting exchanges often provide better prices and more favorable odds compared to traditional sports betting sites.
- P2P betting sites increase the level of interactivity, removing the need for bookmakers.
- Peer to peer betting sites give users more flexibility and customization.
Cons
- Can be difficult sometimes to get your money down for a bet.
- Not all bets will become activated, or they may be partially activated (only a certain amount is layed)
- May be difficult to find buyers for your props bets and other niche betting markets
Exchanges tend to be very basic, without the bells and whistles you would find on a traditional sportsbook.
Is Peer to Peer Betting Legal?
The legality of P2P betting in the United States depends on which state you are in. There are some states that have fully embraced the idea of peer to peer betting, while others aren’t against the idea but have not yet put legislation or regulations in to place. Currently, peer to peer betting sites are legal in states such as New Jersey, which welcomed the launch of the first fully-fledged peer to peer betting app, Prophet Exchange.
However, the legal landscape of peer to peer betting is constantly evolving and changing. More and more states are recognizing the revenue legal online betting can generate, which means that the opportunities for P2P betting to grow are there. If you are interested in the idea of P2P betting, make sure you keep up to date about the latest rules and regulations in your state.
P2P and Betting Exchange Alternatives
At the end of the day, the choice between using a sportsbook or peer to peer betting sites basically boils down to your preferences. Sportsbooks may have shorter odds, but you are getting what you pay for when placing a bet. Sports betting platforms will not turn around before the game and tell you that no one matched your bet, so it was made void. This is not so much a concern with standard betting markets, but if you go into niche props bets such as Anytime Touchdown Scorer, or Highest Scoring Quarter, there is a chance that no laying bets will be placed at peer to peer betting sites.
P2P apps and betting exchanges don’t have the same volume of users as the best US sportsbooks, such as DraftKings or FanDuel, and therefore, you cannot expect them to cover every single props bet or obscure sporting event. Plus, conventional online sportsbooks tend to offer more features, such as live streaming, odds boosts, sports bonuses, and special player contests. ProphetX and Novig have their fair share of features, but they don’t have the same variety nor volume of perks that, say, Caesars or BetMGM can offer.
If betting on mainstream sports and sticking to standard markets is your thing, then you can definitely benefit from the longer odds at peer to peer betting sites. Should you want to place big parlays, bet on niche sports, get loads of recurring bonuses, and browse endless props bets, then you may have to settle for the slightly shorter odds given at top betting sites. There is no reason why you can’t do both, though, using the best of both worlds and trying to turn a profit through your sports bets.
