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Editorial disclaimer: TheBettingDude reviews betting products. I do not take bets, host odds or accept payment for a rank, and the links out are plain links with no commission behind them. Featured placements are labelled and sit outside the ranking. How I score
4 listedupdated by The Dude
| Rank | Name | Score | Platforms | Price | Best for |
|---|---|---|---|---|---|
| 1 | Betfair | 8.6 | Web, iOS, Android | — | Exchange plus sportsbook. On the exchange you bet against other people and can lay (bet against) an outcome; commission applies. |
| 2 | Smarkets | 7.9 | Web, iOS, Android | — | Betting exchange with a simple interface that charges commission on net winnings. Less liquidity than Betfair outside the big events. |
| 3 | Matchbook | 7.6 | Web, iOS, Android | — | Betting exchange that charges commission on net winnings. Fewer markets than Betfair, and liquidity varies. |
| 4 | Betdaq | 7.1 | Web, iOS, Android | — | Betting exchange licensed in the UK and Ireland, with horse racing at its core. Much less liquidity than Betfair outside the big races. |
The best betting exchanges are a short list. An exchange is a betting site where you bet against other customers instead of against the house. The exchange matches the two sides and takes a commission on winnings.
Exchanges suit bettors who already understand ordinary betting and want better prices, the option to lay (bet against an outcome), or the freedom to win without having stakes cut. If you’re brand new, start with a regular licensed bookmaker and the guide to how betting odds work.
There are only four names, because there are only a few real exchanges. Betfair is the biggest by liquidity, meaning the amount of money waiting to be matched. Smarkets has a clean interface and low commission. Matchbook aims at more serious bettors. Betdaq is the long-time number two for UK and Irish racing. The downsides: commission on winnings, and thin markets on smaller leagues where your bet may simply not get matched.
All four hold UK Gambling Commission licences according to their listings, which are still being verified by hand. Confirm any licence on the regulator’s own register before you deposit. Scores follow the review methodology. I haven’t reviewed any exchange hands-on, so they’re provisional.
The glossary explains what a betting exchange is and what a lay bet is in more detail. If you plan to trade, the exchange software on the betting tools and software page is what regulars use.
Laying can lose you more than your stake suggests. 18+ only, and the responsible gambling page has free help lines if you need them.
Exchange plus sportsbook. On the exchange you bet against other people and can lay (bet against) an outcome; commission applies.
Web · iOS · Android
Betting exchange with a simple interface that charges commission on net winnings. Less liquidity than Betfair outside the big events.
Web · iOS · Android
Betting exchange that charges commission on net winnings. Fewer markets than Betfair, and liquidity varies.
Web · iOS · Android
Betting exchange licensed in the UK and Ireland, with horse racing at its core. Much less liquidity than Betfair outside the big races.
Web · iOS · Android
It's a marketplace where customers bet against each other. One person backs an outcome, another lays it, which means betting it won't happen, and the exchange matches them. The exchange doesn't care who wins. It earns a commission, usually a small percentage of your net winnings on each market.
Betfair, by a wide margin. It has the most money waiting to be matched, which is called liquidity, so you can usually get a bet on at a fair price. Smarkets, Matchbook and Betdaq are smaller. They often charge lower commission, but outside big events you may find nobody to take your bet.
Often, especially on popular football matches and horse races, because there's no bookmaker margin built into the price. You then pay commission on winnings, which takes some of that back. On small leagues with little liquidity the exchange price can be worse than a bookmaker's. Compare both before you bet.
Laying is playing bookmaker. You accept someone else's bet that a team will win. If the team doesn't win, you keep their stake. If it does, you pay out at the odds, so your possible loss can be much bigger than your possible win. Understand your liability before you lay anything.
Not in the way traditional bookmakers do, because the exchange isn't the one losing when you win. That's a big reason serious bettors use them. Betfair does apply extra charges to a small number of very profitable long-term accounts, so read the charges page if you ever get that good.
The four listed here are licensed by the UK Gambling Commission and serve the UK and Ireland, and Betfair operates in some other regulated countries too. Exchanges aren't available in most of the US. Availability changes, so check the exchange's own site from your country and confirm the licence with your regulator.
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