A betting exchange is a platform for customers to place bets against each other. Each bet that is matched is between someone backing the bet and someone laying the bet. For matched betting purposes we will be mainly using the exchanges for lay bets. 

Betting exchanges are different to more traditional bookmakers such as William Hill where the bookmaker lays the bet and takes on any associated liability. You will find that much of the time the bookmaker has lower odds than the exchange because they want to make sure that they make a profit. The odds on the exchange are usually higher because these odds are set by the free market with users betting against each other. In exchange for these higher odds, the exchanges take a small percentage of any winnings as commission. With the use of our oddsmatcher tool, you will be able to find great matches for your bets to ensure you make the maximum profit from each offer. 

 Betting exchanges make it much easier to ensure we can make a profit on every bet and are a very important part of matched betting. Oddsmonkey users will use five exchanges when matched betting including BetConnect which can be found exclusively on the Oddsmonkey oddsmatcher! The other four exchanges used are Smarkets, Matchbook, Betfair and Betdaq. 

Oddsmonkey members can activate 0% commission on Smarkets here and on Matchbook here.