Best Betting Exchanges to Lay, Back and Trade Bets in May 2024

Author Image Reviewed By Dan Kilbridge GDC - Icon - Black - Info
Fact Check Icon Fact Checked byChris SpiteriGDC - Icon - Black - Info
Date IconLast Updated: 

In the evolving landscape of US Sports Betting, betting exchanges are leading a transformative wave, revolutionizing the way you bet. Historically, exchanges have been difficult to understand and really only designed for sharp players.

The betting exchanges in the US, such as Sporttrade, are introducing a transformational different experience, and are especially stellar if you like in-play betting.

Note: Betting exchanges are now available in several US jurisdictions, marking a significant expansion in the online betting landscape. For bettors who prefer traditional sportsbooks, our selection of reputable platforms remains available. To access these options and their latest promotional offers, you can visit pages such as the top New Jersey sportsbooks and the upcoming NC Sports Betting

Current Best Exchange Websites

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What are Betting Exchanges?

Here’s how a betting exchange works is in a nutshell:

Instant In-Play Betting

Have you ever placed an in-play bet, got the spinny wheel, then had the bet rejected due to changing odds? On exchanges like Sporttrade, your bet is instantly accepted. If you’re serious about in-play betting, this feature is a must have.

Simple UI

For most people new to sports betting, the traditional layout and navigation of a sportsbook can be overwhelming and confusing. Some exchanges offer a sleeker, more intuitive design, including the ability to see prices in % odds alongside American odds.

% odds are simply percentages to win. Buying at 52% odds means $52 returns $100, and buying at 10% odds means $10 returns $100. On apps like Sporttrade, you can see the % odds right next to the American odds. For example, buying the Eagles on the Moneyline at 60% odds is equal to -150, and Sporttrade will show you that.


Betting Exchange Example Odds

Your bets always have a liquid value

This is the best part of an exchange, and worth trying just for this feature alone. When you place a bet on an exchange, that bet will always have a liquid value that you can sell out at, anytime, instantly. And it’s not just the basic markets you can bet on. With apps like Sporttrade, you can bet on game props, team props, player props, and futures.


Betting Exchange Liquid Value

Add up the value of all of your open bets, and that’s your Portfolio Value, shown to you on the home page in real-time. It’s so cool - you can see how you’re doing at a glance without even having to look at each bet individually.  

How do Betting Exchanges work?

An exchange operates differently from traditional betting siteskers. In an exchange, individuals bet against each other rather than against a sportsbook. Users can either offer odds to others (acting as a sportsbook) or accept odds from others.

This system allows for "back" bets (betting on an outcome to happen) and "lay" bets (betting against an outcome). The exchange facilitates these transactions and typically charges a commission on winnings with the commission rates that vary. This peer-to-peer betting format often leads to better odds and more betting options compared to traditional bookmaking.

But gone are the days when such platforms were seen as intricate and exclusive to seasoned bettors. These peer-to-peer exchanges have opened doors to a broader audience, changing the game by allowing users to bet against one another, not just a sportsbook.

This shift puts bettors in the driver's seat, offering them the chance to harness competitive odds for smarter, more controlled gambling choices.

Sporttrade Betting Exchange

Sporttrade shines particularly in its in-play functionality and is one of the largest betting exchange available. As the action unfolds, odds shift dynamically, mirroring the live pulse of the game. This allows savvy bettors to leverage real-time odds, optimizing their betting strategies for potentially greater returns. The user-friendly interface of Sporttrade makes in-play betting not just efficient but also a more engaging experience.

Does a Betting Exchange offer a Welcome Bonus?

Many betting exchanges offer a welcome bonus to attract new customers. These bonuses vary but can include bonus bets or deposit matches. To claim a welcome bonus, new users typically have to register and enter a promo code, make a qualifying deposit, and possibly place bets that qualify you for your betting exchange promos.

It's important to read the terms and conditions associated with these bonuses, as they often come with specific wagering requirements or other stipulations. Always check the specific offers and rules on the betting exchange's website.

How to Sign Up with a Betting Exchange

Signing Up with a Betting Exchange like Sporttrade: A Step-by-Step Guide

 

Exchanges vs Traditional Betting Sites

The main difference between an exchange and traditional sportsbooks is that, rather than betting against a gambling company, you are betting against another bettor similar to yourself. This bettor will have opposite views to you on the outcome of an event and, therefore, is likely to match your odds (matching becomes more likely the bigger stakes you wage).

So, for example, if you think Manchester United will beat Manchester City, then you will bet for this outcome to happen. The person against whom you are betting is wagering that an opposite outcome will occur. So, if you make a bet, then you do not stand to lose to the betting sites, but to a fellow backer instead.

How does a Sports Betting Exchange Earn Money?

A sports betting exchange primarily earns money through commissions. This commission is charged on the net winnings of the bettors. Unlike traditional sportsbooks who make money by offering less favorable odds, exchanges offer more competitive odds as they do not take on any betting risk themselves.

The commission rate varies but is typically a percentage of the winning bet. This model incentivizes the exchange to provide a platform with high liquidity and a wide range of betting options to attract more users and transactions.

Lay and Back Betting in the Betting Exchange Market

One of the unique advantages of the betting exchange market is that bettors are able to lay, as well as back. This is not a concept practiced by any of the major sportsbooks, and exchanges have discovered rather a niche.

The idea is a simple one: if you think an outcome is not going to happen, for example if you do not think that the Chiefs will beat the Patriots at the given odds, then you can place a lay bet that indicates your desire for Chiefs to lose to the Patriots. Same this with all other sports like soccer and horse racing.

This is a very popular method among bettors, particularly in live betting, when the odds are more favorable. If you think that a team is going to lose at halftime when it is 1-0 up, the lay odds are better than they would have been at the start of the match. This, of course, is the general rule of thumb for all traditional sportsbooks when it comes to standard bets, but with the added option to lay rather than back.

How Does a Lay Bet Work?

The ‘lay' bet is possibly what exchanges are most famous for. This is the only service that provides you with the opportunity to bet against an outcome.

This unorthodox option is a relatively new scheme offered to bettors, and it is popular because, for example, in a competitive race the chances of the favorite horse winning are most likely lessened. Using the same ‘matching' process as you find when you are ‘backing' a horse, you can lay bet a horse to lose and wait to see if your bet comes through.

How Does a Back Bet Work?

A back bet at an exchange is a wager placed on a specific outcome to occur. For example, if you back a team in a football match, you bet on that team to win.

If the team wins, you win the bet. This type of bet is similar to traditional betting with a sportsbook, where you bet on the likelihood of a particular event happening. In an exchange, you're betting against other users who are offering the odds, rather than betting against the sportsbook.

Matched Odds

There are many benefits of using a betting exchange as opposed to traditional online betting sites. Perhaps the most obvious is the fact that you are given the opportunity to offer your own odds on a horse, soccer team or any other sporting entity, and wait for your odds to be matched.

If your odds are matched, then you probably have better odds than you'd find if you bet with normal online sportsbooks since bettors, by nature, want decent odds. In all likelihood, the price will probably also be longer due to the fact that you cut out the ‘middle man' that gambling companies ultimately represent. Both these factors give you the chance to enhance your odds and allow you to stay with one betting site rather than rooting through different companies' offers.

Anybody can place odds and hope that someone else will follow them. Because an exchange is a free market, bettors are usually inclined to try and make their odds better, and this is the main difference when compared with other sportsbooks such as BetMGM and ESPN BET. The main benefit is that you are paired with a member of the public rather than having to go through a company to get your odds.

How does a Betting Exchange display odds?

Betting exchanges in the United States often display odds in American odds format. This format shows odds as either a positive or a negative number. A positive number indicates how much profit you would make on a $100 bet if it wins.

For example, +300 means you would win $300 on a $100 bet. A negative number shows how much you need to bet to win $100. For instance, -200 means you need to bet $200 to win $100. This format is straightforward and commonly used in American sports betting.

The exchanges are definitely worth exploring, if only because they offer the ‘lay' outcome, which can be very useful to a bettor who is against backing favorites. Add to that the user-friendly service, attractive odds and flexible betting options offered by sites such as Betfair Exchange and Sporttrade, and you can see why the betting exchanges are always an appealing alternative to things such as in-play betting for bettors.

Responsible Gambling with Betting Exchanges

Responsible gambling with betting exchanges involves self-awareness and control. Bettors should set limits on their deposits, losses, and time spent on the platform. It's important to gamble only with money you can afford to lose and not chase losses. Betting exchanges often provide tools for self-exclusion and links to support services for problem gambling. Understanding the risks and maintaining a disciplined approach is crucial for responsible gambling. Remember, gambling should be for entertainment, not a way to make money.

Final Words about Sport Betting Exchanges

As the US sports betting scene continues to mature, betting exchanges are set to become increasingly pivotal. Their innovative, transparent approach is attracting an ever-growing audience, eager for a betting experience that’s not just dynamic but deeply rewarding. Keep following Gambling.com to explore what's happening in the sports betting exchange market.

FAQ

Which exchange is best for betting?

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What is a sports betting exchange?

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Updated by GDC - Icon - Black - Info

Dan Kilbridge

Fact Checked by GDC - Icon - Black - Info

Chris Spiteri

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