Top 5 Best Betting Exchange Sites In The UK for 2024

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How we rank the best Exchange Betting Sites

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.

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.