Top 5 Best Betting Exchange Sites In The UK for 2023

How we rank the best Exchange Betting Sites

Aspect	Description
Liquidity	This is an absolutely crucial aspect that every prospective betting exchange bettor simply must consider before they consider anything else. A betting exchange’s liquidity is the amount of money that is available in (i.e. has been invested by other bettors into) the exchange. Partially matched or unmatched bets are the ever-present spectre looming over all betting exchange bettors, and the main cause of them is poor liquidity. Poor liquidity can have a number of causes, such as low popularity of the particular event or market, low popularity of the exchange itself, or the prematurity of your investment (an event that is due to take place one year from now is unlikely to have attracted much attention yet). No matter the cause, poor liquidity will destroy your prospects of effectively utilising a betting exchange, regardless of any other positive factors. For this reason, this aspect is an incredibly heavily-weighted one for us when we are evaluating betting exchange sites.
Commission	One of the key advantages of betting exchanges over traditional bookkeepers is the greatly preferable odds that are always available. Traditional bookkeepers make their money by building profit margins into the odds that they offer, so that regardless of the outcome of any event, they will still profit overall. Because betting exchanges do not utilise a centralised bookkeeping institution, this in-built profit margin is not a factor. “Bookkeepers” (the bettors who make the lay bet on one side of any wager) instead stand to make their money from winning the wager. The website that hosts a betting exchange still needs to profit in some way, and they do this with what they call their commission: whoever wins a wager will have anywhere between 2% and 5% of their winnings deducted by the betting exchange.   What we look for when evaluating a betting exchange is how large this commission is. As we have described, an attractive commission would be one that is around the 2% mark. However, some betting exchanges will, in some cases, offer a 0% commission, meaning that you stand to keep 100% of any money that you make. Obviously, the more frequently that a betting exchange offers a 0% commission, the higher it will score in this aspect.
Diversity of Markets	This is the final aspect which is crucial to our evaluation of betting exchange sites, and the only aspect which is not completely unique to betting exchanges.   Betting exchanges are famous for generally having an extreme diversity of markets compared with traditional bookmakers, because the markets are in theory only limited to what wagers bettors wish to put money behind. That being said, a market cannot exist if there is not enough interest and investment in it for there to be sufficient liquidity behind the market. Some betting exchanges do also seem to limit their range of markets much more than others do.   The way bettors can make money on betting exchanges is by finding and taking advantage of good odds. The more markets on offer, the more likely a bettor is to be able to discover and capitalise on good odds. A betting exchange with limited markets will probably only offer the largest events, and such events will always receive so much attention that discovering potential value in them will be effectively impossible.

 

Best betting exchanges in the UK

Matchbook

Matchbook is one of the most well known betting exchanges in the UK and they have a lucrative offer of 0% commission for the first 30 days of a user being a new member and they have probably one of the easiest websites to use. As well as having the low commission to start with they also offer a free bet welcome offer which definitely tops the industry at present. They are a strong contender based on reputation alone and should definitely be considered when looking for betting exchange sites to start using.

Pros of using Matchbook:

• They offer 0% on everything for the first month after signing up
• They have a strong reputation within the industry
• Known for having fantastic customer service agents

Cons of using Matchbook:

• They have a high minimum cashout amount at £500
• Their customer support is not available 24-7 unfortunately
• They have a relatively small collection of sports markets available

Smarkets

Smarkets has been one of the best known betting exchanges sites in the Uk and for good reason. Not only do they have a modern website for their users to navigate but they also have a straightforward betting mobile app. The site can seem a little cluttered by the charts on various options but that is such a minor detail most punters can simply overlook it. They have one of the widest ranges of betting markets and sports available so if you are hoping to place bets on slightly more unique or less desired sports, then Smarkets might be the best betting exchange choice for you out of sites available.

Pros of using Smarkets:

• Great mobile app for punters to use
• Wide range of betting markets available to choose from
• Cover even some of the less popular sports and events
• The website is available in multiple different languages

Cons of using Smarkets:

• Cluttered website interface can make it seem complicated to use
• Not really known for having many deposit or welcome bonuses

Betdaq

Betdaq is a little less known than its competitors which is why it can sometimes be overlooked when comparing betting exchanges sites in the UK. But that’s not to say you shouldn’t look into them. They have a great app for both Iphone and Android users as well as some of the most competitive odds across the industry. Now, although they might have slightly less sports and games available for punters to choose from, when you do find that perfect sport to make wagers on, you’ll be confident you can take advantage of their low commission amount – which actually benefits you more!

Pros of using Betdaq:

• Some of the most competitive odds in the industry
• Have a great low commission amount for their punters
• They payout immediately when requested
• Have an easy to use app for both Apple and Android

Cons of using Betdaq:

• Less sports available for punters to bet on
• They’re not as well known as some of the others yet
• They have a small collection of games available for in-play betting

Ladbrokes did have a great exchange platform but it is unfortunately not available at present.It was a fan favourite so there is hope it returns eventually. The same goes for the Unikrn exchange who are currently renovating their entire website and will be back before the end of 2022!

To put it simply, a betting exchange site is a marketplace where gamblers can trade wagers on the results of certain events as you’d expect. It is distinct in that it enables gamblers to wager against one another as opposed to a bookmaker. In a way, you could say that the bettors actually become the bookmakers in a betting exchange scenario by setting their own odds on an outcome, while the punter also backs the odds set by other users of the exchange betting site. It sounds more complicated than it is.

The history of betting exchange stores and sites

The new exchanges and the old, established, high street bookies engaged in some competition in the early days. Fixed-odds (or regular) bookies were afraid of the exchanges when they first started appearing and started to attack them, lobbying MPs and alleging match-fixing on exchanges. However, bookmakers soon understood that these few exchanges were in fact helpful, particularly for determining their own odds. This means that what started as an aggressive competition soon became two opposing teams in sync and harmony with each other.

Understanding the difference between back and lay bets on exchanges

Back betting refers to betting on an event to occur, such as a horse, team, or player to win. This is a typical bet on a betting site. On the other hand, lay betting refers to a wager on something not taking place. If you wager on a football team to lose, for instance, or if the game ends in a draw, your bet will be settled as a winner, making two outcomes work in your favour.

Back bet	Lay bet
A typical bet made at a bookmakers	An optional bet allowed on betting exchanges
Betting “FOR” an outcome happening	Betting “AGAINST” an outcome happening

 

How does commission on betting exchange sites work?

The primary revenue stream for betting exchanges comes from a tiny winners commission. The precise figure varies across exchanges, although it often ranges from 2% to 5%.

If you want to know how much commission you will be expected to pay there is a relatively simple formula. It is calculated as follows:

Net Winnings x Market Base Rate x (100%-Discount Rate) = Commission.

A more simple way to explain it is like this:

((stake x odds) – stake) x commission rate = commission amount

Let’s say you want to bet on a football outcome. You have £150 to spend.

Italy at odds of 2.3 vs Hungary at odds of 5.4

Let’s say you made a stake of £150 on Italy to win the football match on an exchange platform that charges just 2%. The calculation itself would start to look a bit like this:

((£150 x 2.3 ) – 150) x 2% = commission amount

This commission amount will then be deducted from your overall winnings to understand what your profit is.

Does the commission value make a big difference?

Not all betting exchanges charge the same commission, so understanding how a betting exchange’s commission rate affects your profit is vital. By doing this, you’ll be able to compare prices and boost your chances of making a profit. Keep in mind that the odds with the best value always benefit you in the long run.

Let’s use the above scenario with two different commission rates. The example used 2% as the basic commission value. Let’s see what happens when you use a platform for the same bet that charges 5% instead.

The start of the equation is the same, until you get outside of the brackets and see the commission percentage.

((£150 x 2.3) – 150) x 2% = 3.9 (£3.90)

Becomes:

((£150 x 2.3) – 150) x 5% = 9.75 (£9.75)

As you can see, the difference between commission rates on just one bet is the difference between £3.90 and nearly £10. When your profit is expected to be high you won’t really notice the commission coming off of your profit. However, when your profit is only a small value you can definitely notice it a little bit more. If you’re able to go with the low commission betting exchange sites you’ll be able to save yourself a hefty amount of money over your betting career.

What is liquidity when it comes to betting exchange sites?

The amount of money available to either stake (if backing) or the maximum liability (if laying a bet) on an exchange market is known as liquidity. The quantity of offers that are readily available at that particular price effectively defines liquidity. The sum of matched bets is typically shown above the market. Larger events (like a championship match in the Premier League) will have more liquidity than a smaller event such as an unpopular cycling race for example.

Large exchanges like Smarkets offer a tonne of liquidity, so if you want to stake a sizable amount of money on minor events in particular, you are better off using Smarkets in this example. However, you should discover that all exchanges provide enough liquidity for the needs of the typical bettor for the majority of regular bets. The best exchange betting sites should have the correct pricing, odds and liquidity for the event you want to wager on. The best way to check is to compare each of the betting exchanges with each other so you can see which platforms offer what exactly.

Betting exchange sites	Commission as new user	Commission usually
Matchbook	0% for 30 days	2%
Smarkets	0% for 60 days	2% or 1% for pro tier members
Betdaq	2%	2%
Ladbrokes	2%	2-5% variable

 

What advantages are there to using betting exchange sites?

• They allow you the chance to “Lay” a bet

A betting exchange gives one the chance to wager on an unlikely result. This is a special opportunity that is not available through regular internet bookmakers. Lay betting gives players the opportunity to become bookmakers and profit from other bets that lose more money. For instance, one might just wager on Manchester United losing the summit match instead of betting on Real Madrid to defeat Manchester United in the Champions League finale match.

• No restricted accounts if you win multiple times

Unlike a regular bookmaker who will often restrict accounts of players that are doing really well, betting exchanges don’t limit bets or put you in jail if you win, making them the preferred platform for knowledgeable and experienced bettors who work in the sports betting sector. This is great for the bettors who make multiple big bets in a row, and can certainly entice people to use an exchange instead of a regular bookies site.

Main disadvantages of using betting exchanges instead of bookmakers

• Matching bets is challenging

This is because betting exchanges typically have less liquidity than traditional bookmakers, which makes it challenging to match bets. There are extremely few customers in the market for less well-liked games like darts or longshot betting. In another scenario, a person might recognise the type of wager but not be happy with the odds. Traditional bookmakers are more suited and provide more chances in this area.

• There are currently less betting exchange websites available on the market

Especially when you compare this to the number of bookmakers available in the UK. However, a few betting exchange websites are revolutionising the sports betting industry and are only set to become more significant in the years to come by allowing bettors to take advantage of their betting exchange platform as well.

What should you look for when comparing the best betting exchange sites?

As with any type of betting and not solely just the exchange markets, you will need to find out a few things about each platform to determine if you are making the right choice for you. To try and make your life a little easier when looking for the best betting exchange, I have compiled a list for you to look at when making your decision. Check this out below:

• Is there a big collection of sports and games to choose from?

If there is not a big collection of sports or events available for their users, then there is a chance you’re missing out. When comparing exchange platforms you should always take a look at the range of sporting events they cover to maximise your chance of actually betting on what you want. If you want to bet on a small sport that doesn’t have much media coverage, then you’d be unlikely to have success placing wagers on a small exchange site with only four sports.

• What is their commission rate?

In order to maximise your profit opportunity, the best betting exchange site for you will need to have a low commission. When you are comparing exchange sites you will need to make sure that the commission is reasonable and preferably lower than the competing platforms. The higher the commission, the less money you get in your profit pocket.

• What promotions, offers or bonuses are available – if any?

If you can get some free bets or free money, you’d take it! So when you have the option to join betting exchange sites that offer special promotions and offers to newcomers, why would you instead join a platform that doesn’t offer the same opportunity? When you want to make the most of your betting journey you will need to weigh up the various offers available to you to make sure you choose the right one.

• Are there many betting markets available to choose from?

So, we have already discussed the sports and events collection, but what about the actual betting markets? Let’s say you want to bet on a cyclist to make the top three positions in the Tour De france, and you know the betting exchange of choice covers cycling. But what if the betting exchange site doesn’t actually cover the Tour De France or it only allows you to bet on an outright winner, then you’d be out of luck. This is why you need to make sure the site you go for covers the individual markets within the sports to make the bets you want.

Step by step guide on how to use betting exchange betting sites

For our example we’ll be making an online betting exchange account and a lay bet on Smarkets.

Step #1: Log in or create a new user account

From the homepage click on the green “create account” button in the top right hand side of the screen. This will open a 3 page registration form for you to fill out. This will require you to input your personal information that matches your identification. On page one you will be prompted to type in your email address, password, country and currency.

Page 2 requires you to input your first and last name, date of birth, postcode to select your address and your phone number. Finally you will reach the third page where they ask you to confirm your deposit limits. These limits prevent you from overspending when using the exchange betting site as it stops you from depositing more than the maximum selected amount.

Step #2: Deposit your funds

After successfully making your account, you will be back on the homepage. From here you will be able to deposit money when you click the account button in the opt corner which looks like the silhouette of a person. In the image above you will see the options that appear when you enter the deposit screen on the bank transfer page. Should you need to use a different payment method you can select that here too.

Step #3: Finding your betting market

So your account is now funded and you’re ready to place your wagers. Now it’s time to head to the sportsbook to find the sport you want. To keep this example easy we will use football which is found at the top of the left sidebar. Once you click into it you will see a screen like the one below which shows some popular matches taking part in the next few days.

Let’s take the third match for example between Arsenal and Tottenham Hotspur. Arsenal has two different odds values. 2.06 in green (back bet) and 2.1 in blue (lay bet). What’s great about smarkets is the clear difference in colour of each odds to minimise confusion.

Step #4: Placing your bet

Since we are on a betting exchange I’d like to show you how to make a lay bet since you can’t make them on a regular bookmaker. So using our Arsenal example let’s place a bet against Arsenal winning. To do this we must click on the blue odds value of 2.1. This will then create a bet slip on the right side of the screen. If you are unsure which bet you are about to place you can actually see whether it is a back (for) or lay (against) bet in the bet slip itself. They also colour code it to make it match the odds value too.

Before finalising your bet make sure to confirm the bet so it is accepted.

Step #5: Settling the bet

Once the bet is placed there is nothing else to do but wait until the event has finished and an outcome has happened. Since you made a bet against Arsenal winning, you will technically be a winner if the game ended in a tie OR if Tottenham won. So you actually give yourself two chances of winning by just placing one bet. If you are a winner, your winnings (minus the commission) will be deposited into your account ready for withdrawal.

Final thoughts

As with any type of betting you always need to understand the basics before you dive in. Since you are involving finances and spending your hard earned money, you should make sure to do your research using the tips above to make the right decision. Betting should be fun, but it can be stressful if you find yourself losing too much. But by making sure you’ve chosen the best betting exchange sites for your needs, you can certainly make it a much more enjoyable experience while hopefully making a small profit.

Some of the best Exchange betting sites UK;