Betting exchange
A betting exchange is a platform where people can place bets against each other rather than against a bookmaker. Users can back an outcome they think will win or lay an outcome they think will lose. This creates a marketplace for betting where odds are set by the users themselves, leading to potentially better odds compared to traditional bookmakers. The exchange takes a small commission on winning bets as its profit. This system allows for greater flexibility and enables users to bet on a wide variety of events, both before they happen and in real-time.
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A betting exchange is a platform where individuals can place bets against each other rather than against a bookmaker. Users can either back a specific outcome (betting for it to happen) or lay it (betting against it). This means you can bet on a horse to win or bet against a horse winning. The exchange matches these bets, allowing for more flexible wagering options and often better odds than traditional bookmakers. Additionally, users can trade their bets in real-time, which adds a layer of strategy similar to stock trading.