Exchanges match bettors to each other; bookmakers take the other side. That difference shapes back/lay, liquidity, commission, and how to read “best price.”
Tag: bookmakers
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Myth: Bookmakers and Exchanges Are Alike; Reality: The Market Rules Differ
Are betting exchanges just another kind of bookmaker? No—bookmakers set prices and take your bet, while exchanges match bettors who back and lay each other.