Introduction to exchanges

A betting exchange (Betfair, Smarkets) lets you be the bookmaker — you LAY bets that other people back. This is the other half of every matched bet.

1. 1

   Open an exchange account

   Create a Smarkets or Betfair account and deposit enough to cover your lay liabilities (£40–£60 is plenty to start).

2. 2

   Commission

   Exchanges charge commission on net winnings — Smarkets 0–2%, Betfair ~2–5%. Our calculators account for this automatically.

3. 3

   Liability

   Your lay 'liability' is the most you can lose on the exchange if the selection wins. The OddsMatcher and calculators show this for every bet.