Betfair Exchange is the world’s number one betting exchange service. This is like a bookmaker in that the service allows you to place bets, but the main difference being that you bet against other players rather than a bookmaker.
Many use the comparison to the stock exchange market. Instead of trading shares, people trade bets on a betting exchange, covering everything from sports events to the entertainment world.
Of core, for this to work, you need a bet placed on either side, which is where the differences between bookies and betting exchanges become clearer. On a betting exchange like Betfair Exchange, one person places a bet on something to happen and the other places against it happening.
Those that think an outcome will happen – such as a team winning a football match – are called backers, while those that think the event will not happen (i.e., that same team will not win the game).
Betting exchanges like Betfair Exchange bet matches between two people, assuming they both agree on the odds of that event happening or not happening