How to Use a Betting Exchange
.png)
*If you don't know what a Lay Bet is you should quickly read through our Backing and Laying Guide.
What is a Betting Exchange?
A Betting Exchange is where we can place a Lay Bet as well as a Back Bet, making them different from Bookmakers such as Bet365, which only allow you to place a Back Bet.
With an Exchange you are not betting against a bookmaker but instead you are betting against others users of that Betting Exchange around the world.
For every Back Bet placed on an Exchange there is another user placing a Lay Bet on that same event and this is how it works, where the exchange isn't directly involved in the bet, but they make money through taking a commission on the bet between 2 users.
Making an Account with Smarkets
The Exchange that we recommend for Matched Betting is Smarkets, and here we will show you how to Sign-up to Smarkets and make sure you get 0% commission for your first 60 days.
Smarkets is not the only Betting Exchange but it is the one we use most often, since it gives you 0% commission for your first 60 days.
You can also place Lay Bets on Betfair Exchange, Betdaq and Matchbook.
How to Sign up using Mobile
Go to Smarkets on your app store and Download the app. Once it has downloaded you should go to the Sign up page and follow the instructions below to make sure you get your 0% commission for your first 2 months.
How to Sign up using Desktop
Go to the Smarkets Site Sign Up Page or Click the Button below to go straight there.
Once you are on the Smarkets site you should follow the instructions below to sign up and get your 0% commission for 2 months.
_edited_edited.jpg)
Signing Up to Smarkets
1) On the Sign-up Screen fill in your details and then use the Promo Code 'COMMFREE' as shown below, this will make your first 60 Days of Matched Betting easier as you will pay a 0% commission instead of 2%.
_edited_edited.jpg)
2) After making your account and redeeming the Promo Code you should click continue, then you will be prompted to fill out some basic details such as your name and address. Fill in these boxes and move onto step 3.
3) Now you should be asked to deposit money into your account and we recommend you do this, so you are ready to start placing bets. They accept all payment methods and you can withdraw at any time.
How to Place a Lay Bet with Smarkets
Below you can see what the Smarkets site looks like for an event, in this case, Arsenal Vs Brentford. We are now going to walk through placing a Lay Bet on this event so it is extremely important that you have read our Backing and Laying Guide, so you know what a Lay Bet is.
For all events on Smarkets the Back Odds are always in the Green Box, and the Lay Odds are always in the Blue Box.
The Lay Odds are always slightly higher than the Back Odds, and to place a Lay Bet you simply click the blue box for the event, and in this case we are going to lay Arsenal to Win at lay odds of 1.24.
Once you click on the Appropriate Lay Bet Box a Bet Slip will appear on the right side of your page.
Here is where you can enter the Lay Stake, which is how much you are staking AGAINST Arsenal to Win.
We type in a Lay Stake of £10 and Smarkets tells us the Return for this bet as well as the Liability.
The Return is NOT the return we would get from the bet since we are placing a Lay Bet, not a Back Bet.
The Liability is what we care about, as this is what we lose if Arsenal do win and Smarkets is telling us that the Liability is £2.40, they get this by calculating the liability as Lay Stake X (Lay Odds - 1).
If Arsenal Don't win then we would win the Bet and Gain the £10 Lay Stake, as when you win a lay bet you are taking the stake as your winnings just as a bookmaker like Bet365 would take your stake when you place a bet with them and lose.
If Arsenal Win: -£2.40
If Arsenal Don't Win: +£10
What Other Betting Exchanges Can You Use For Matched Betting
There are a few options when it comes to betting exchanges now, as more and more are being made each year, due to growing popularity.
All of these 4 Exchanges below are great options, and it is up to your preference, so we recommend you Sign-up to all of them and make sure you redeem any Sign-up Offers that they have.
Why Smarkets
Smarkets are great because they give you 0% commission for the first 60 Days and this is extremely useful for beginners in Matched Betting as it becomes a bit less complicated, and also more profitable.
They are also a very reliable site with good liquidity and very good UX and UI. They also have 24/7 Support and a dedicated blog section helping you on your betting journey.
_edited_edited.jpg)
Why Betfair Exchange
Betfair are the biggest betting exchange, so they cover lots of markets. Meaning they allow you to bet on more outcomes such as a certain amount of places on a horse race, or a very specific event.
Also, being the biggest betting exchange means they also have the most liquidity so its easier to place your bets.
Betfair Exchange give you a £20 Bonus when Signing up and you can redeem that here
Why Matchbook
Matchbook are also a great option for matched bettors as, like with the other exchanges above, they are a reliable site with good liquidity and lots of markets.
They also additionally have a very useful section called 'Matchbook Enhanced Specials'. This is great for matched bettors as it's where you can lay some of the price boosts which may not have a market on the other exchanges.
Matchbook also have a Sign up Bonus of £30 when you Sign Up and use the Promo Code: MATCHBOOK30
Why Betdaq
Betdaq is another good exchange for matched betting as they are reliable and have good liquidity. Though, they do charge a 5% commission on every bet, which is higher than the other exchanges.
However, they also have a system where you can reduce this down to 2% by gaining loyalty points. But, this might take a while, so we do recommend that you choose one of the other exchanges if you want to maximise profits.
New customers may also be able to get 0% commission for their first 100 days using the Promo Code: 0COMM100