Best Betting Exchanges in the UK
Compare the best betting exchanges in the UK using our comparisons as we look at the Betfair Exchange, Smarkets and Betdaq.
What is a Betting Exchange?
Traditional betting sites work by setting odds and prices in a range of markets for a wide array of different sports. Customers then decide whether or not the odds are good value when thinking about if they want to have a bet, while they can also shop around for higher prices.
The difference with a betting exchange is that the prices are not set by a bookmaker, they are set by the customers themselves. Exchanges work on a peer-to-peer basis, with users betting against each other, rather than the house, which is how it works on a more standard sportsbook.
Many of the same markets can still be found on a betting exchange like Betfair. For example, football fans can bet on who scores the first goal in the big game, whether there will be more or less than 2.5 goals scored in the match, and what the score will be at the full-time whistle.
The benefits of using a betting exchange over a sportsbook are plentiful. Odds tend to be significantly better, which is the most important advantage to point out about exchanges. This is because sites such as Betfair and their rivals have not set the same betting margins in their odds to protect their profits. The margin on some markets can be more than 10% on some sites.
So how does a betting exchange make their money if they do not have a margin? They have something called commission, which means they skim a cut from the profits of winning bets. This percentage is usually quite low - it can range from two to five per cent - and means that players will generally still come out with more profit from a winning wager.
Top UK Betting Exchange Sites (December 2024)
UK punters have a few different betting exchanges to pick from but the dominant figure in the market is the Betfair Exchange, one of the largest gambling companies in the world.
Like a lot of betting exchanges these days, Betfair is now home to both an exchange and a more traditional online sportsbook, while customers on the site can even play casino games.
Having all these options with the same online betting account is good news for users who want to have multiple different opportunities to win cash every time they log in to play.
Those without experience in betting exchanges are likely to have plenty of questions, though, so we have put together a detailed breakdown of the top betting exchanges below...
#1 Best Betting Exchange: Betfair
Betfair has long been thought of as the market leader for UK betting exchanges, boasting the biggest public profile and a wide range of gambling products that are available to try out.
As well as the Betfair exchange, users on this site can bet on the site's sportsbook, as well as playing online bingo, poker and various other casino games such as roulette and blackjack.
Founded in 2000 by Andrew Black and Edward Wray, Betfair now claims to have in excess of four million customers, with more than a million of these having an active account on the site.
Betfair is known for its excellent odds, which the company says tend to be around 20% better than those that are offered by a more traditional online bookmaker in the UK. However, the default rate of commission at Betfair is five per cent, which is higher than other exchanges.
Having long been one of the independent bookmakers, Betfair went through a major merger with Irish bookmaker Paddy Power a few years ago, creating one of the biggest betting brands in the whole world. Then, that new company - Paddy Power Betfair - was part of another takeover as it became a part of Flutter Entertainment, which owns a host of globally famous betting organisations.
Betfair remains a leading light when it comes to betting exchanges in the UK, with a truly massive range of sports and markets to bet on here, as well as specials for politics, current affairs, TV and film. Betfair customers are unlikely to ever run out of things to bet on.
Additionally, there are great live-streaming options on the site, which makes it simple for Betfair customers to be able to keep track of all of the live-action after they have placed wagers through the exchange. In-play betting is available on a variety of Betfair exchange markets as well.
Mobile apps are also an area of strength for Betfair, which has a large array of apps that can be downloaded on both iOS and Android devices to make it easier to bet while on the move. All in all, it is fair to say a Betfair account is a must for anyone who wants to use a betting exchange in the UK. The company is widely considered to be right at the top of the pile in its industry.
Betfair Pros and Cons
Massive choice of sports and markets available to bet on at the Betfair exchange
Live streaming is available for many sports, including UK and Irish horse racing
Much better odds and prices than at the majority of traditional bookmaker sites
Commission on the Betfair exchange is somewhat higher than with some rival sites
Some minor markets on the Betfair exchange may not have a great deal of liquidity
Despite guidance being available, the Betfair exchange can overwhelm newcomers
#2 Best Betting Exchange: Smarkets
While Betfair is the betting exchange that most UK sports fans would be able to name, Smarkets is growing in popularity and has a public profile that is expanding at a rapid rate.
The Smarkets exchange has one major selling point when compared to Betfair - the rate of commission is charged at just two per cent. This might not sound like a big deal, but anyone who uses betting exchanges a lot will find that extra potential profit all mounts up in the long run.
Smarkets usually has prices and odds that are broadly comparable to those that can be found on Betfair. The lower rate of commission, therefore, means more potential profit is up for grabs.
There are a couple of areas where Smarkets is unable to match up with Betfair at this time and these will hold them back from being a major player. First off, the Smarkets customer service is not quite up to the mark when compared to Betfair. And when it comes to using a betting exchange on a mobile device, Betfair's apps have the Smarkets offer beaten as well.
Newcomers, however, will find Smarkets to be very user-friendly indeed. The site is home to a wide range of explanatory guides that are designed to give those without the experience of betting exchanges a detailed overview of how to use such sites and get up and running.
As betting exchanges can be quite difficult for people to get their heads around when they join them for the first time, Smarkets has made a clever move in guiding people through the process.
Smarkets Exchange Pros and Cons
Lower rate of commission charged than at the other main exchanges in the UK
Good market liquidity with odds and prices is usually comparable to the Betfair exchange
New sports markets are added to the exchange on a regular basis by Smarkets
This exchange has suffered from some minor technical issues in the past
Smarkets does not currently offer any online casino games to exchange users
Customer service is a little limited compared to the rival UK betting exchanges
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#3 Best Betting Exchange: Betdaq
While Smarkets might have an argument with the site over whether or not this is now the case, Betdaq claims to be in second place behind Betfair when it comes to UK betting exchanges.
Betdaq is licensed and regulated by the UK Gambling Commission, so there should be no concerns in this department. The range of promotions that are available to both new users and those who already have an account on the Betdaq exchange is also very impressive.
Betdaq was acquired by Ladbrokes - now the Ladbrokes Coral Group - in 2013 but the site was then bought back by the original owner in 2021. The exchange has been around for about as long as Betfair. However, for some reason, it has not been able to grow nearly as quickly as its main rival.
With more than 30 sports available and good depth when it comes to the markets on the Betdaq exchange, most users are sure to find the bet that they are looking for on this site. However, one thing that could possibly be an issue is liquidity, which determines the odds that are available. History shows that liquidity at Betdaq is not nearly as strong as at Betfair on many markets.
Like a lot of betting exchanges in the world these days, Betdaq also offers its customers access to both a sportsbook and an online casino. What this means is that signing up for an account on this exchange gives users a lot of different online betting options to pick from.
Commission on the Betdaq betting exchange in the UK is only paid by customers based on their net winnings in a market. As is the case with most other major betting exchanges in the world these days, no commission is payable if a Betdaq customer records a net loss on a market.
Most sports at Betdaq are charged a two per cent commission - the same as Matchbook and Smarkets - but this site actually offers a zero per cent commission rate on some markets. This means that if there is enough liquidity in those markets, Betdaq might well have the best value odds around in some cases, beating out rival operators including the market leader Betfair.
Betdaq Exchange Pros and Cons
A low rate of commission means this exchange is similar to the Smarkets offering
Plenty of promotions for both new Betdaq customers and existing users on this site
Arguably the easiest and most functional UK betting exchange for newcomers to use
Often less liquidity in Betdaq markets compared to Betfair, meaning less value
The design of the site looks very outdated compared to its rivals
Not as many options to bet live in-play at Betdaq when compared to some other sites
Betting Exchanges FAQs
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Steven is an experienced iGaming content writer who has been working in the industry since 2018. He is passionate about sports betting and enjoys writing about all aspects of the industry, including bookmaker reviews, betting tips and strategies, and news and analysis.