Betting Exchanges UK: How They Work for Horse Racing

Betting exchanges allow horse racing bettors to back and lay horses against other customers rather than placing every bet directly with a traditional bookmaker.

An exchange acts as a marketplace. One customer offers a price and another accepts it, with the exchange facilitating the transaction.

This creates several differences from conventional betting. Customers can request their own odds, bet against a horse winning, trade positions as prices change and examine how much money is available at different prices.

Betting exchanges can also provide useful information about horse racing markets. Comparing exchange prices with bookmaker odds helps bettors understand market movements and assess the value of a potential wager.

The main UK betting exchange platforms include Betfair Exchange, Smarkets, BETDAQ and Matchbook.

This article explains how these exchanges operate, how commission affects returns and why liquidity matters when comparing horse racing prices.

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UK Betting Exchanges Compared

The principal UK betting exchanges operate on similar peer-to-peer principles, although their interfaces, commission structures and available markets differ.

Exchange	Main Characteristics
Betfair Exchange	Established racing markets
Smarkets	Back and lay betting
BETDAQ	Exchange price comparison
Matchbook	Exchange betting markets

The amount of money available to match, the prices offered and the applicable commission can change between platforms and accounts.

A displayed price is only useful when another customer is prepared to match the intended stake.

Betfair Exchange

Betfair Exchange is a peer-to-peer betting platform offering back and lay markets across British and Irish horse racing.

Customers can request prices, view available money and place bets against other market participants.

The exchange provides the marketplace rather than acting as a conventional bookmaker on every transaction.

Its interface displays the money available at different back and lay prices, allowing customers to assess market depth before submitting a bet.

Betfair Exchange also offers in-running markets on eligible races.

The platform should be distinguished from Betfair Sportsbook, which operates as a traditional fixed-odds bookmaker.

Commission depends on the customer’s applicable account and rewards arrangements.

Our Betfair Exchange review explains the platform’s mechanics in more detail. Although we like Betfair, we think the other bookmakers we list below are stronger.

Smarkets

Smarkets is a betting exchange where customers can back and lay selections at prices offered by other market participants.

Its interface allows users to inspect available odds and submit orders at their preferred price.

Smarkets has published a standard commission structure based on net market profits, with separate arrangements potentially applying to certain customers.

The effective cost of a bet depends on the applicable account terms.

For horse racing, the important considerations are the available price, market liquidity and commission.

BETDAQ

BETDAQ provides peer-to-peer betting markets, including horse racing.

Customers can back and lay selections, submit orders and compare the available prices with those offered elsewhere.

An exchange price may differ from another platform because the money available and the balance of backers and layers are different.

For example, a horse might be available to back at decimal odds of 4.0 on one exchange and 4.2 on another.

The second price produces a larger potential return, provided sufficient money is available and the applicable commission does not eliminate the advantage.

Our BETDAQ review provides further information about its exchange service.

Matchbook

Matchbook is another peer-to-peer betting platform.

It provides back and lay markets, allowing customers to submit bets at available or requested prices.

Like other exchanges, Matchbook’s practical usefulness depends on liquidity.

A larger displayed price may have little value when only a small amount is available to match.

Customers should also check the commission structure that applies to their account before comparing potential returns.

What Is a Betting Exchange?

A betting exchange is a platform that brings together customers who want to take opposite sides of a bet.

The UK Gambling Commission describes this business model as betting intermediation.

A conventional bookmaker accepts a customer’s wager and takes the other side of the bet.

An exchange instead matches the customer with another market participant.

For example:

• Customer A believes a horse will win.
• Customer B believes the horse will lose.
• Customer A backs the horse.
• Customer B lays the horse.
• The exchange matches their bets at compatible odds.

If the horse wins, the backer receives the winning return.

If the horse loses, the layer wins the backer’s stake, subject to any applicable commission.

The exchange earns revenue through its charging arrangements rather than simply relying on the selection losing.

How Does a Betting Exchange Work?

An exchange market contains offers from customers willing to back and lay different outcomes.

Suppose a horse called Red Star is running at Newbury.

The market shows:

• Back price: 4.0.
• Lay price: 4.1.

A customer who believes Red Star has a better chance of winning than the odds imply may back it at 4.0.

Another customer who considers the horse too short may offer to lay it at 4.1.

The bet is completed when compatible orders are matched.

If the prices do not match, an order can remain waiting in the market.

This is an important difference from accepting a conventional bookmaker price.

Backing a Horse on a Betting Exchange

Backing means betting that a particular outcome will happen.

In a horse racing win market, backing a horse means betting that it will win the race.

Suppose you back Red Star at decimal odds of 4.0 with a £10 stake.

If the horse wins:

• Stake: £10.
• Gross winnings: £30.
• Total return: £40 before commission.

If the horse loses, the £10 stake is lost.

Decimal odds of 4.0 are equivalent to fractional 3/1 odds.

An exchange may charge commission on net market winnings, reducing the final profit.

What Is a Lay Bet?

A lay bet is the opposite of a back bet.

When you lay a horse in a win market, you are betting that it will not win.

Suppose Red Star is trading at 4.0.

A backer believes the horse will win.

A layer accepts the opposing position.

If Red Star loses, the layer wins the backer’s stake before commission.

If Red Star wins, the layer must pay the agreed winnings.

Lay betting introduces an important calculation called liability.

How Does Lay Liability Work?

Lay liability is the amount a customer risks losing if the selection they have laid wins.

The formula is:

Lay Liability = (Lay Odds − 1) × Lay Stake

Suppose you lay a horse for £10 at decimal odds of 4.0.

The calculation is:

(4.0 − 1) × £10 = £30

Your liability is £30.

If the horse loses, you win the £10 lay stake before commission.

If it wins, you lose £30.

A £10 lay bet therefore does not necessarily mean that only £10 is at risk.

Lay Liability Examples

Lay Odds	£10 Stake Liability
2.0	£10
3.0	£20
4.0	£30
6.0	£50
11.0	£100

Liability rises as the lay odds increase.

Laying a short-priced favourite generally requires less liability for the same lay stake than laying an outsider.

Customers should calculate their maximum potential loss before submitting a lay bet.

What Does Matched Mean on a Betting Exchange?

A matched bet has found another customer willing to take the opposite side at compatible odds.

Until that happens, the bet may remain unmatched.

Suppose the best available back price is 4.0.

You request £50 at 4.2.

If nobody is prepared to lay £50 at 4.2, your order can remain unmatched.

The market may later move to your requested price.

Alternatively, the bet may never be matched.

Can a Bet Be Partially Matched?

Yes.

Suppose you request £100 at decimal odds of 5.0.

Only £35 is available at that price.

The exchange could match £35 and leave £65 unmatched.

You can then:

• Leave the remaining order waiting.
• Cancel the unmatched amount.
• Accept another available price.

Partial matching is particularly important when betting larger stakes or using markets with limited liquidity.

What Is Betting Exchange Liquidity?

Liquidity is the amount of money available to be matched within an exchange market.

It is one of the most important factors when comparing exchange odds.

Consider two hypothetical markets:

Exchange	Odds	Available
Exchange A	5.0	£8
Exchange B	4.8	£500

Exchange A displays the larger price.

However, a customer wanting to stake £250 cannot immediately back the entire amount at 5.0.

Only £8 is available at that price.

The remaining stake would need to be matched elsewhere in the price ladder or wait for additional money.

For a £5 bettor, the first price may be sufficient.

For a £250 bettor, the second market may provide a more practical option.

The available stake matters as much as the headline odds.

What Is Market Depth?

Market depth shows how much money is available at several prices.

A horse might have the following back offers:

Odds	Available
4.2	£20
4.1	£150
4.0	£800

The headline back price is 4.2.

However, a customer wanting to stake £500 cannot match the full amount at that price.

Only £20 is available at 4.2.

Market depth reveals the amount of money behind the headline price and how a larger bet might be matched.

This information is especially relevant to higher-staking bettors.

Betting Exchange Odds Versus Bookmaker Odds

Exchange prices can be larger than bookmaker odds because the two business models operate differently.

Traditional bookmakers build a margin into their markets.

Our explanation of bookmaker overround covers how this affects betting prices.

Exchanges instead bring customers together and commonly charge commission on net winnings.

However, a bigger exchange price does not automatically produce a better return.

Customers should consider:

• Commission.
• Available liquidity.
• Best Odds Guaranteed.
• Each-way terms.
• Extra places.
• Price boosts.
• Promotional conditions.

For example, a bookmaker offering 5/1 with qualifying Best Odds Guaranteed may provide a better overall proposition than an exchange offering a slightly bigger raw price.

The outcome depends on the final Starting Price, exchange commission and the terms of the wager.

How Commission Changes Exchange Returns

Commission reduces the net profit from a winning exchange position.

Suppose you back a horse with the following terms:

• Stake: £100.
• Exchange odds: 6.0.
• Gross profit: £500.
• Commission: 2%.

The commission calculation is:

£500 × 2% = £10

Your net profit is £490.

Including the returned stake, the total return is £590.

Without commission, the return would have been £600.

This demonstrates why exchange odds should be compared after commission rather than using the headline price alone.

Exchange Price Versus Bookmaker Price

Suppose the same horse is available at:

• Bookmaker: 9/2.
• Exchange: 5.0 decimal.

The bookmaker’s 9/2 odds equal decimal odds of 5.5.

The bookmaker price is already larger before exchange commission is considered.

Now suppose the prices are:

• Bookmaker: 4/1.
• Exchange: 5.5 decimal.

The bookmaker’s 4/1 odds equal decimal odds of 5.0.

The exchange displays the larger raw price.

The final comparison still depends on commission, liquidity and any bookmaker concessions.

What Is Betting Exchange Commission?

Commission is the fee an exchange charges according to its terms.

A common model applies commission to net profits from a market rather than every individual winning selection.

Suppose your activity in one market produces:

• Winning bets: £150 profit.
• Losing bets: £50 loss.
• Net market profit: £100.

With 2% commission on net market winnings:

£100 × 2% = £2

The resulting net profit is £98.

Different exchanges and account tiers can have different charging arrangements.

Comparing Exchange Commission

Exchange	Commission Basis
Betfair Exchange	Account-dependent
Smarkets	Standard net-profit rate
BETDAQ	Account-dependent
Matchbook	Net-profit rate

Smarkets and Matchbook have published 2% commission structures for specified UK customer arrangements. Other rates or charges may apply depending on the account.

Betfair’s UK commission arrangements depend on the applicable rewards package and account terms.

BETDAQ customers should check their current commission arrangements.

Because rates can change, customers should verify the relevant terms rather than relying solely on a comparison table.

Why Do Betting Exchange Prices Move?

Exchange prices change as the balance between backers and layers shifts.

Suppose a horse trades at 6.0 in the morning.

More customers begin backing it, taking the money available at that price.

The best available odds might shorten through:

• 5.8.
• 5.6.
• 5.4.
• 5.2.

The horse has shortened because the market has moved.

The reverse can happen when more money becomes available to lay the selection and the price drifts.

Exchange movements can provide useful information when analysing market moves and the best-backed horses.

However, a shortening price does not prove that a horse will win.

What Does Trading Mean on a Betting Exchange?

Trading involves taking positions at different prices as a market moves.

A customer may back a horse at one price and later lay it at a shorter price.

Alternatively, they may lay first and back later at a bigger price.

The objective can be to reduce exposure or create a position with a return across different outcomes.

However, price movements are unpredictable.

Trading can produce losses when the market moves against the original position.

Betting Exchange Trading Example

Suppose you back a horse:

• Back stake: £20.
• Back odds: 6.0.
• Potential gross profit: £100.

The horse shortens, and you can now lay it at 4.0.

A simplified hedge calculation is:

Lay Stake = (Back Odds × Back Stake) ÷ Lay Odds

Therefore:

(6.0 × £20) ÷ 4.0 = £30

You could lay £30 at 4.0.

Before commission:

If the horse wins:

• Back profit: £100.
• Lay liability: £90.
• Net profit: £10.

If the horse loses:

• Lay stake won: £30.
• Original back stake lost: £20.
• Net profit: £10.

Commission would reduce the final return.

The example also assumes both bets are fully matched at the stated odds.

Our hedging horse racing bets article explains the calculation in greater detail.

What Is a Betting Exchange Spread?

The exchange spread is the difference between the best available back and lay prices.

For example:

• Back price: 4.8.
• Lay price: 5.0.

The difference is 0.2 decimal odds points.

A smaller gap generally indicates a tighter market.

This is different from sports spread betting, which uses an entirely different settlement model.

Betting Exchange Versus Spread Betting

A betting exchange and a spread betting company are different types of betting service.

Betting Exchanges

Betting exchanges facilitate wagers between customers.

Examples include Betfair Exchange, Smarkets, BETDAQ and Matchbook.

Customers can back and lay selections, request prices and inspect available liquidity.

Sports Spread Betting

Sports spread betting involves taking a position against a quoted spread.

The customer’s profit or loss depends on how far the final result moves above or below the quoted level.

A spread bet can produce variable losses rather than the fixed potential loss of a conventional back bet.

Spreadex provides sports spread betting alongside fixed-odds markets, but it is not a peer-to-peer betting exchange.

Our Spreadex review covers its racing-related betting services.

Betting Exchange Versus Traditional Bookmaker

The most important differences concern who accepts the wager, how prices are determined and which betting features are available.

Feature	Exchange	Bookmaker
Back betting	Yes	Yes
Lay betting	Yes	Usually no
Request odds	Yes	Usually no
Commission	Often	Usually no
BOG	Generally no	Often
Extra places	Different model	Often

A bookmaker usually offers the customer a fixed price and accepts the bet directly.

An exchange provides a marketplace where customers offer and accept prices.

Neither model is automatically better for every bet.

Our best horse racing betting sites comparison examines conventional bookmakers and their racing features.

Are Betting Exchanges Better for Horse Racing?

Horse racing is particularly suited to exchange markets because prices can change significantly before the start of a race.

Major meetings also attract substantial betting activity, which can increase available liquidity.

Exchanges can be useful for:

• Comparing prices.
• Backing and laying horses.
• Monitoring market movements.
• Assessing liquidity.
• Trading positions.
• Examining market depth.

Bookmakers offer advantages of their own.

Best Odds Guaranteed, extra-place promotions and conventional each-way terms can make a bookmaker price more attractive than an exchange alternative.

The correct comparison depends on the particular horse, race and bet type.

Betting Exchanges and Best Odds Guaranteed

Best Odds Guaranteed is primarily a bookmaker concession.

Suppose you back a horse at 5/1 with a qualifying bookmaker.

The horse drifts to an SP of 7/1 and wins.

Under the applicable BOG conditions, the bet may be settled at 7/1.

An exchange bet is settled according to its matched price and market rules.

It does not ordinarily receive a bookmaker-style BOG upgrade.

Our Best Odds Guaranteed betting sites comparison explains how this concession works.

Betting Exchanges and Each-Way Betting

A traditional each-way bet consists of two wagers:

• A win bet.
• A place bet.

Exchanges generally offer win and place markets separately.

This gives customers flexibility to select different stakes and prices for each market.

However, it makes direct comparisons with bookmaker each-way terms more complicated.

Bookmakers may offer extra places or enhanced place terms at major meetings.

Our extra-place bookmakers comparison explains these offers.

Can Betting Exchanges Be Used for Value Betting?

Yes. Exchange prices can provide a useful reference when assessing the value of a bet.

Suppose your analysis gives a horse a 25% chance of winning.

The fair decimal price is:

1 ÷ 0.25 = 4.0

That is equivalent to 3/1.

If an exchange offers 5.0 with sufficient liquidity, the displayed price is bigger than your assessed fair odds.

This does not guarantee a winning bet.

It means the market price exceeds the price implied by your own probability estimate.

Commission must also be considered.

Our finding value bets in horse racing article explains the principle further.

Betting Exchanges and Closing Prices

Exchange markets can help assess how a horse’s price changes between the time a bet is placed and the start of the race.

Suppose you back a horse at decimal odds of 6.0.

Shortly before the off, it trades at 4.5.

You obtained a larger price than the later market.

Over a substantial sample, consistently securing prices better than a reliable closing market can provide useful evidence about the quality of your price selection.

It is not proof that every individual bet offers value.

Our closing line value in horse racing article explores this concept.

Do Betting Exchanges Have Betting Limits?

Betting exchanges operate differently from conventional bookmakers when it comes to stake restrictions.

The practical limitation is often the money available to match.

Suppose you want to back £2,000 at decimal odds of 7.0.

Only £120 is available at that price.

You cannot immediately match the entire £2,000 at 7.0.

The remaining amount would need to wait for more money or be matched at other prices.

Exchanges therefore do not provide unlimited liquidity.

Account restrictions, market rules and regulatory requirements can also apply.

Our no-limit betting sites article examines the wider issue of betting limits.

Are Betting Exchanges Better for High-Stakes Bettors?

Not automatically.

Major horse racing markets may accommodate substantial bets, particularly close to the off.

Smaller meetings can have much less liquidity.

Higher-staking customers need to consider:

• The money available at each price.
• The size of the intended stake.
• Commission.
• Market timing.
• Partial matching.
• The effect of their order on the available price.

A large stake may need to be matched across several prices.

The exchange model can offer flexibility, but it does not remove every practical betting limit.

How to Compare Betting Exchanges for Horse Racing

A useful comparison involves more than checking the advertised commission rate.

1. Examine Liquidity

Check how much money is available to match in the intended market.

An attractive price with insufficient liquidity may not be useful for the desired stake.

2. Compare Effective Odds

Calculate the potential return after commission.

A larger headline price does not necessarily produce the larger net return.

3. Check Market Depth

Inspect the money available at several prices.

This is especially important when placing larger bets.

4. Review Commission

Check the rate and charging structure applicable to the account.

Some platforms have different arrangements for particular customer groups.

5. Assess the Interface

An exchange displays more information than a standard bookmaker bet slip.

A clear price ladder and straightforward order controls can help customers understand what they are submitting.

6. Check In-Running Markets

In-running betting introduces additional risks.

Prices can move rapidly, and a televised race may be subject to a broadcast delay.

7. Check Withdrawals

Payment options, verification and withdrawal times still matter.

Our fast withdrawal betting sites comparison covers the wider betting market.

8. Consider Mobile Access

Exchange betting on mobile requires a clear view of prices, stakes and unmatched orders.

Our horse racing betting apps comparison examines mobile betting features.

Betting Exchanges and Horse Racing Market Analysis

Exchange prices show what other market participants are prepared to back and lay at a particular moment.

They do not explain why those customers are taking their positions.

A shortening horse might be attracting support because of:

• Changing ground conditions.
• New information.
• A significant non-runner.
• Professional betting activity.
• Market momentum.
• An earlier price being too large.

A drifting horse is not automatically a poor selection.

Price movement should be assessed alongside form, pace, going, handicap marks, course characteristics and the strength of the opposition.

Exchange data is one part of race analysis rather than a substitute for it.

Advantages of Betting Exchanges

Back and Lay Betting

Customers can take either side of an outcome.

This provides options that are not normally available through traditional bookmaker win markets.

Price Control

Exchange users can request their preferred odds.

The order will only be matched if another customer accepts the opposing position.

Market Visibility

Available money and price ladders provide information about the current market.

Trading

Customers can take positions at different prices as a market changes.

Trading still carries the risk of financial loss.

Competitive Prices

Exchange markets can produce attractive odds, particularly when liquidity is strong.

Commission and available stake must be included in the comparison.

Disadvantages of Betting Exchanges

Commission

The displayed odds do not necessarily represent the final effective return.

Limited Liquidity

The required stake may not be available at the preferred price.

Complexity

Lay liability, market depth and partial matching take time to understand.

Fewer Bookmaker Concessions

Best Odds Guaranteed and enhanced each-way places are primarily bookmaker features.

Unmatched Bets

A requested price may never be accepted.

Fast-Moving Markets

Odds can change rapidly, particularly immediately before and during a race.

Are Betting Exchanges Legal in the UK?

Betting exchanges serving consumers in Great Britain require the appropriate Gambling Commission licence.

The regulator classifies an online betting exchange as a form of remote betting intermediary.

The operator facilitates bets between customers rather than acting as the opposing party in the conventional bookmaker model.

Customers should check that an operator holds the appropriate licence and understand its account terms before using the service.

Betting Exchange Offers and Promotions

Exchange promotions can differ from conventional bookmaker welcome offers.

Some have previously offered reduced or zero commission periods.

Others may provide promotional credits or account-specific benefits.

These offers change and should not be assumed to remain available indefinitely.

A lower commission rate can improve the net return from a winning exchange position, but it does not guarantee that a bet offers value.

Readers comparing conventional sportsbook promotions can visit our horse racing free bets page.

Should You Use an Exchange or a Bookmaker?

The most useful approach is to compare the available markets before placing a bet.

For a straightforward win bet, compare the bookmaker price and concessions with the exchange price after commission.

For an each-way bet, the bookmaker’s place terms may be particularly important.

For a lay bet, an exchange provides the relevant market structure.

For larger stakes, liquidity and market depth become important considerations.

The choice depends on the price, terms, intended stake and type of wager.

Can You Use Betting Exchanges on Mobile?

Yes. Major betting exchanges provide mobile access, although app availability and features vary.

Mobile exchange betting involves more information than a simple fixed-odds bet slip.

Customers may need to view:

• Back and lay prices.
• Available liquidity.
• Matched stakes.
• Unmatched orders.
• Lay liability.
• Market movements.

A clear interface is particularly important when prices change quickly.

Customers should understand the order controls before using an exchange during live racing.

Can You Use a Betting Exchange in a Betting Shop?

Betting exchanges are primarily online services.

The Gambling Commission also recognises betting intermediary trading-room arrangements, but these differ from ordinary high-street bookmaker shops.

Most customers visiting a traditional betting shop place fixed-odds bets with the operator rather than matching wagers directly against other customers.

Our betting shops near me directory covers physical betting locations across the UK.

Betting Exchange FAQs

What Is the Best Betting Exchange for Horse Racing?

There is no single exchange that is best for every customer or wager. Betfair Exchange, Smarkets, BETDAQ and Matchbook operate peer-to-peer markets, but their available odds, liquidity, commission and account conditions differ. Compare those factors for the specific race and stake.

What Is the Difference Between Betfair Exchange and Betfair Sportsbook?

Betfair Exchange facilitates bets between customers, allowing back and lay betting and requested prices.

Betfair Sportsbook operates as a conventional bookmaker offering fixed-odds bets.

Can You Bet on a Horse to Lose?

Yes. This is called lay betting.

A lay bettor wins if the selected horse loses the relevant market and loses the calculated liability if it wins.

How Do You Calculate Lay Liability?

Use:

(Lay Odds − 1) × Lay Stake

A £10 lay bet at decimal odds of 5.0 creates £40 liability.

What Does Back Mean?

Backing means betting that an outcome will happen.

In a horse racing win market, backing a horse means betting that it will win.

What Does Lay Mean?

Laying means taking the opposite side of a back bet.

In a win market, the layer is betting that the selected horse will not win.

What Does Matched Mean?

A matched bet has found another market participant willing to accept the opposite position at compatible odds.

What Is a Partially Matched Bet?

Only part of the requested stake has been matched.

The remainder may stay unmatched, be cancelled or match later.

What Is Liquidity?

Liquidity is the amount of money available to be matched in an exchange market.

Higher liquidity generally makes it easier to match larger stakes near the displayed price.

Do Betting Exchanges Charge Commission?

Many exchanges charge commission on net market winnings.

The exact rate and structure depend on the platform and customer account.

Is Spreadex a Betting Exchange?

No. Spreadex provides sports spread betting and fixed-odds betting rather than operating as a conventional peer-to-peer betting exchange.

Is Sporting Index a Betting Exchange?

No. Sports spread betting is a different model from peer-to-peer exchange betting.

Are Exchange Odds Always Better Than Bookmaker Odds?

No. Commission, liquidity and bookmaker concessions can make a conventional bookmaker price more attractive.

Can You Request Your Own Odds?

Yes. Exchange customers can submit orders at their preferred price.

The order is only matched if another customer accepts the opposite side.

Can You Trade Horse Racing Prices?

Yes. Customers can back and lay the same selection at different prices.

The outcome depends on the stakes, prices, commission and market movement.

Are Betting Exchanges Useful for Value Betting?

Exchange prices provide another market reference when comparing odds with an independently assessed probability.

They do not guarantee profitable betting.

Are Betting Exchanges No-Limit Bookmakers?

No. Betting exchanges are not conventional bookmakers, and available liquidity places practical limits on how much can be matched at a particular price.

Can Betting Exchanges Be Used In-Running?

Yes, selected exchange markets operate during races.

In-running betting involves rapidly changing prices, possible bet delays and differences between live events and broadcast pictures.

Summary

Betting exchanges provide a different way to bet on horse racing.

Customers can back and lay horses, request prices, examine liquidity and trade positions against other market participants.

The principal concepts are back odds, lay odds, liability, market depth, matched bets and commission.

Betfair Exchange, Smarkets, BETDAQ and Matchbook are examples of peer-to-peer betting platforms. Their prices, liquidity and charging arrangements differ, so they should be assessed using the terms available for the intended wager.

Exchange prices should not be compared with bookmaker odds without considering commission, available money and concessions such as Best Odds Guaranteed.

For horse racing bettors, the strongest approach is to analyse the race, establish a fair price and compare the available markets before deciding whether to place a bet.

18+. Gamble responsibly. Betting involves financial risk.