review · August 6, 2024
PIWI247
Our complete PIWI247 review: a Betfair- and Pinnacle-powered betting site with 2.5% commission, fast payouts, high limits and no winner restrictions.
Read articleExchange category
Best betting exchanges
A betting exchange lets you back and lay bets against other punters instead of a bookmaker, with sharper odds and the freedom to trade positions in-play. We review exchanges for liquidity, commission rates, available markets, and tools, then rank the best for trading, arbitrage, and matched betting.
Updated May 202610 picks ranked by our editorial scoring
Top betting exchanges, ranked
Ordered by our overall rating — based on liquidity, commission, market coverage, and trading tools.
- 1
SharkBetXBest for: Matched and volume bettors chasing the best price: exchange odds with no bookmaker margin, Polymarket-grade liquidity, self-custody, and no KYC or winner limits.
9.8 / 10 - 2
BFB247Best for: Surebettors and matched bettors wanting Betfair liquidity plus Pinnacle odds in one account: 2.5% commission, no winner restrictions.
9.8 / 10 - 3
SharkbettingBest for: Matched bettors and arbers: live back/lay comparison across 20+ sportsbooks with exchange liquidity shown per opportunity.
9.8 / 10 - 4
96.comVIP Rewards and Exclusive Welcome Bonus
9.5 / 10 - 5
BetdexGet the highest odds possible and the lowest commissions possible
9.5 / 10 - 6
BetfairBest for: Exchange traders who need the deepest liquidity: the original exchange with the broadest order books and symmetrical in-play fills.
9.5 / 10 - 7
BetInAsiaGet up to 0.1% cashback on BLACK
9.5 / 10 - 8
MadMarket0.1% Cashback on all bets placed on Edge!
9.5 / 10 - 9
MatchbookBest for: Exchange bettors who want the lowest commission: 1.5% on UK/Irish racing and 2% on other sports, with a clean interface.
9.5 / 10 - 10
Orbit ExchangeBest for: Bettors who want Betfair liquidity at lower commission: 2.5% base rate, no premium charge, plus Pinnacle and ISN access.
9.5 / 10
More best betting exchanges
4 more reviews in this category.
review · April 12, 2025
ProphetX
Bet on ProphetX, a new US sports prediction exchange: peer-to-peer pricing, 3% commission, strong liquidity and no restrictions. Our 2026 review.
Read article
review · August 4, 2024
Sportmarket
Sportmarket is a long-running betting broker (since 2004) offering one account across many bookmakers and exchanges, high limits and no winner restrictions.
Read article
review · August 4, 2024
Smarkets
Our Smarkets review: a clean, low-commission (2%) betting exchange that's great for matched and arbitrage bettors, though liquidity trails Betfair.
Read articleHow a betting exchange works
On an exchange you can back an outcome (bet it will happen) or lay it (bet it won't), effectively acting as the bookmaker. Odds are set by supply and demand between users, so they're typically sharper than a traditional book, and the exchange takes a small commission on net winnings instead of building margin into the price.
Because you can both back and lay, exchanges are the backbone of matched betting, arbitrage, and trading — letting you hedge, lock in profit, or cut losses before an event ends.
Liquidity and commission matter most
Liquidity is how much money is available to match your bets. High liquidity means you can get large stakes down at the displayed odds without moving the price — essential for serious stakes and in-play trading.
Commission is your main cost. Standard rates sit around 2–5% of net winnings, and the lowest-commission accounts (including broker-routed access to exchanges like Orbit) meaningfully boost long-run returns. We compare both in every review.
How we rank betting exchanges
We score each exchange on liquidity, commission, market and sport coverage, trading tools and API access, and reliability, then order the ranking by that combined score.
Frequently asked questions
What's the difference between an exchange and a bookmaker?
A bookmaker sets the odds and you bet against them; an exchange matches you against other users and you can both back and lay. Exchanges usually offer sharper odds and charge commission on winnings instead of margin.
Why is commission important?
Commission is the exchange's cut of your net winnings, so a lower rate directly increases your profit. Routing access (e.g. Orbit via a broker) can secure reduced commission versus standard accounts.