On this page: Betting Exchange Explained How to Bet on Exchanges Using a Betting Exchange FAQs Using a betting exchange can be a little bit complex at first, especially if you have never had the pleasure of using one before. By using an online betting exchange, UK gamblers have the opportunity to bet against their fellow gamblers, instead of going against the bookmaker. This can be advantageous for a few different reasons. Today, we’re going to be exploring those reasons and explaining how you can use betting exchanges.UK online bookies offering betting exchange No Code Required 4.7/5 Up to maximum £100 in free bets Go to Betfair Go to review New customer offer. Place 5 x €/£10 or more bets to receive €/£20 in free bets. Repeat up to 5 times to receive maximum €/£100 bonus. Min odds 1/2 (1.5). Exchange bets excluded. T&Cs apply.Betting Exchange ExplainedSimply put, a betting exchange enables you to either offer odds to or request odds from other users. This means that you are working with your fellow gamblers, instead of with a bookmaker. When you bet with a bookmaker, you have to bet alongside your fellow gamblers, whereas a betting exchange allows you to match your bets against each other.This level of transparency means that you can either offer or request odds that are much better than those that can be found among bookmakers. Naturally, this makes the entire experience feel more like a level playing field and more enjoyable because of that.Betting Exchange vs. BookmakersWhen we look at both betting exchanges and bookmakers as gambling options, we can see that there are a few advantages that come with using a betting exchange instead of using a bookmaker. These include:1. ChoiceIn our opinion, one of the best things about using a betting exchange and not a bookmaker is the fact that you have more choice regarding what you bet for or against. For example, a bookmaker might never want to risk the odds that you want if they don’t feel like those odds will benefit them financially.But, with a betting exchange, you only need one other person on the exchange to decide that the risk is actually worthwhile. This can really enable you to push the odds to where you want them to be. You might also be able to find other users who are willing to bet on relatively niche markets that are harder to find with bookmakers.2. Financial GainBecause you can really chase the best odds, you can often stand to make more money with betting exchanges than you can with bookmakers. But, you can also use them to receive the true odds that you would never get from actual bookmakers.Bookmakers need to make sure that they maintain a healthy profit margin and they often do that by offering odds that are slightly less than the true odds would be.3. FlexibilityUsing a betting exchange is much more flexible than using a traditional bookmaker, as there are hundreds of thousands of bets that are being placed on an hourly basis by different users. You don’t have to worry about the initial financial outlay either. If a user decides to place a bet that is too high, then it might not be backed by any other users on the platform.This is usually enough to keep people placing sensible bets, as a bet that doesn’t get matched isn’t worth anything. You might also be able to trade your positions on markets when you are using a betting exchange, and doing so is much easier than it would be with a bookmaker.4. Lifelong AccountsAnyone who has ever had a successful streak with a bookmaker might already be aware of the fact that bookmakers close user accounts. This happens because bookmakers don’t like to feel threatened. A good gambler will eat into their own profit margin and that is quite literally the opposite of what they want to happen.Closing accounts, for this reason, is illegal in many countries around the world, but it is still completely legal here in the United Kingdom.Betting Exchange MarketsOne of our favourite things about using betting exchanges is the fact that they often offer more markets than traditional bookmakers do. This is because there are more individuals using betting exchanges and that alone is enough to open the door to unique markets.Remember that you only need one user to back your bet for your bet to be successful. This means that you will have the opportunity to bet on everything from football and horse racing to novelty specials.If you have a particular sport in mind, then we would highly recommend that you take a look at Betfair to see whether or not your sport is an option.