Many people who are new to online 사설토토 betting exchanges such as Betfair and Betdaq can struggle to understand exactly what a betting exchange is. A common misconception is that a betting exchange is the same as a bookmaker. This fundamental misunderstanding can lead to problems when learning how to use the exchanges profitably.

To help understand exactly what a betting exchange is, it is helpful to compare it with the stock exchange rather than with a bookmaker.

The stock exchange is a regulated marketplace in which registered users can buy and sell shares in listed companies. Prices on the stock exchange aren’t set by the exchange themselves, they are determined by what users are prepared to pay.

Stock exchange users don’t know who they are buying and selling shares from, they simply see the current buy and sell prices for a share, and decide whether they want to accept them or not.

Similarly, the betting exchange is simply a marketplace in which users can buy and sell bets on listed betting markets. Prices or odds are not set by the exchange, they are determined by whatever odds users are prepared to offer and accept.

As a betting exchange user you won’t know who you are betting against, and the other person won’t know they are betting against you. All you would both know is that someone out there has a different opinion, the odds and stakes are agreed in advance, and the betting exchange will pay the winner once the result is confirmed.