Tote betting is part of British culture – and it’s a lot of fun!
How betting exchanges work
Betting exchanges provide a platform for punters to bet against each other.
Punters can bet in a number of different ways on a betting exchange:
- They can bet for or against any selection in any betting market. In other words they can place both back and lay bets.
- They can set their own odds on any selection, with the intention of getting other exchange users to place bets at these odds.
The betting exchange does not intervene in this process. Instead it focuses on managing the exchange, ensuring it runs smoothly and managing the financial transactions between punters. In return for delivering this service, the exchange takes a small commission on every betting transaction.
What are the best betting exchanges?
The biggest betting exchange by far, and the most popular, is Betfair. Other exchanges include BETDAQ and Smarkets.
Both offer professional, reliable services and a good range of markets. There are other betting exchanges. However, few have the volume or liquidity needed to ensure attractive odds for a wide range of markets.