Unlike the traditional fixed odds bookie, the betting exchange is
the next generation of online bookie.
Rather
than betting against a bookie on an outcome and the bookie adding
their profit margin into the market (typically around 10-20%) the
betting exchanges offer people the ability to bet against each other
on an outcome, removing the bookies margin. Instead you'll be charged
commission on any winnings, currently 5%.
Theoretically
you'll get longer odds giving you a higher payout when you win.
Click
on an exchange below for further information: