Best Exchange Betting Sites in the UK 2024
We take you through the best betting exchange sites with pros and cons of each.
We take you through the best betting exchange sites with pros and cons of each.
So, what is a betting exchange site? The difference between an exchange betting site and a ‘normal’ online bookmaker, is that instead of placing your wagers with the bookie, you place them against other bettors.
This means you can sometimes find better odds, and benefit from fewer limitations. Sound like a good online betting site? Keep reading to find out more!
Best Betting Exchange Sites in Detail
Key Features
- Support:
- Licenses: UK
Established in 1999, Spreadex is a UK institution and a popular betting exchange for punters looking for great odds and markets.
Spreadex offers a range of sports for peer-to-peer betting, including football, tennis, basketball and greyhound and horse racing.
You can also find markets for eSports betting and the site offers live streaming on the most popular sporting events.
The Promotions page at Spreadex is impressive, to say the least.
At any given time, this exchange offers a range of offers to snap up, including a refer-a-friend scheme, as well as chances to boost your acca bets, spread-free bets, insurance and even fixed odds on some events.
There’s also a native app for both Android and Apple users, so you can enjoy everything on offer at Spreadex from the palm of your hand.
Pros
Cons
Key Features
- Support:
- Licenses: UK
Launched in 2004, Matchbook has become one of the UK’s favourite betting exchanges, offering an extensive range of peer-to-peer opportunities for savvy punters.
Popular sports to bet on at Matchbook include football, tennis, horse and greyhound racing, basketball and golf.
There’s also the chance to bet on prop bets including the upcoming US election.
Punters at Matchbook can pick up a ton of bonuses too, including free bets, 0% commissions and ‘best prices’ on certain events.
Check out the Promotions page the next time you visit to see what kinds of deals you can take advantage of.
Matchbook also offers a native app for both Android and iOS devices, but the mobile-optimised site is great on its own.
Unfortunately, Matchbook doesn’t offer in-play betting or live-streamed events, but it’s still a great destination for sports betting fans.
Pros
Cons
How We Review and Rank Online Betting Exchange Sites
All betting exchange sites that make it to our list of recommendations have to satisfy the following criteria:
License: A license is the first thing we check for when reviewing our list of betting exchange sites. The site must have a license from a well-respected body, either local or remote.
Payments: We prioritize bet exchange sites that make payments safe, free and fast.
Customer Service: It’s important to be able to contact customer support easily and receive a helpful response quickly.
Bonus: A welcome bonus is essential to be considered one of the best exchange betting sites. We also check the bonus terms to make sure they’re player-friendly.
Odds: A big benefit of online betting exchange sites is that you’ll usually find superior odds.
Markets: We check that all kinds of sports are available for you to wager on.
What to Consider When Choosing a Sports Betting Exchange Site
Before choosing a betting exchange, here are some pointers to consider:
Reviews: Looking into what other people have to say, can be a good way to gauge how trustworthy a site is. Do particularly thorough research if you’re looking at very new betting exchange sites.
Liquidity: If sports betting exchange sites don’t have sufficient cash reserves, then there can be problems getting paid out on time.
Availability: Not all exchange sites are available in every country. Check that your country isn’t on the restricted list (and check for a license too).
How to Bet on an Exchange
It’s easy to get started with betting exchange sites. Below is a step-by-step to guide you through the process.
- 1
Head to the site of your choice and click to register.
- 2
Complete the registration forms, making a note of your login details.
- 3
Make a deposit to your account (and claim a welcome bonus if you choose).
- 4
Browse the available markets until you’ve found the bet you’d like to make.
- 5
Place your wager, or lay a bet. Once it’s accepted, wait for the outcome.
- 6
Collect your winnings.
Difference Between Betting Exchange & Traditional Bookmakers
While on the surface, using a bet exchange site might seem the same as a normal bookmaker, there are some differences. Let’s take a look at the big ones.
Laying Bets
The main difference between a sports betting exchange and traditional bookmakers is that you are able to lay bets. If you think a team will lose, you can ‘become the bookmaker’ and select the odds yourself.
For example: A horse is priced at 2/1, but you don’t think it will stay the distance. You choose to lay it at 3/1 and your offer is taken for a stake of £20. If the horse loses, you win £20, if the horse wins, you pay out £60.
No Margins, Only Commissions
To be profitable, bookmakers build a ‘margin’ (or juice) into their odds, kind of like the house edge. The way betting exchanges work means there’s no built-in margin, so you benefit from better odds.
However, even top betting exchange sites charge a commission. You’re only charged on winning bets and commission rates should be 5% or less.
Let’s take the same example above, but imagine you placed the £20 bet at odds of 3/1. The horse wins and you’re paid out £60, plus your stake, for a total of £80. The bookmaker takes a 5% cut, bringing your total payout to £76.
Tips & Strategies for Betting on Betting Exchanges
When you’re betting at the top betting exchanges, it’s still just as important to do your research and bet within your means. However, there are also some additional pointers.
Watch the Odds
While traditional online bookmakers offer fixed odds, the odds at betting exchanges fluctuate all the time. Watch the odds to take advantage of the best prices.
Lay Bets Carefully
One of the easiest mistakes to make when using betting exchange sites is not calculating your bets properly. If you decide to lay bets on any sports events then carefully consider what you can afford to lose.
You might think that Aston Villa hasn’t got a hope of winning that football match, but remember just how much a win at 60/1 odds could cost you!
Different Types of Online Betting Offers
As betting exchanges are a peer-to-peer service, there tend to be fewer bonus offers. Below are the two most common types of offers you’ll find.
Free Bets - You’re offered a free bet with a set amount as the stake.
Deposit Match Bonus - A percentage match of your initial deposit, up to a certain amount.
How to Deposit and Withdraw Funds
Making payments at exchange betting sites is easy, below is a quick guide to help you.
- 1
Log in to your account and head to the cashier
- 2
Choose your payment method and enter the amount you’d like to deposit.
- 3
Confirm your deposit, your funds will appear instantly.
- 4
Place your bet and wait for it to settle.
- 5
Withdraw your winnings via the cashier and the same payment method.
- 6
Wait for your winnings to appear in your account.
Promote Responsible Betting
Betting on sports is supposed to be fun. If you find that you’re not enjoying it anymore, or you’re spending too much money take the following advice.
Use Responsible Gambling Tools: Tools like deposit limits, loss limits, time-outs, and self exclusion can all help you to take control.
Ask for Help: If you’re still struggling, call a helpline for free information and steps on how to take action.
FAQs
Betfair is the largest betting exchange in the world and offers excellent liquidity. So do Spreadex, Matchbooks, and Smarkets.