Want the best odds online? Use a betting exchange (compare the top three here)
Betfair is without a doubt the biggest betting exchange, but that doesn’t necessarily make it the best. Here we look at the two alternative betting exchanges who are competing with Betfair.
You can read our full review of Smarkets here, but in brief, they were founded by a bunch of ex bankers, who wanted to put the financial trading model into sports betting. Smarkets is well backed by some serious venture capital funds and have just processed £1bn in bets.
They offer a discounted commission on winning bets of 2% and a free £10 bet for all new players. It’s worth signing up just on that basis. If you are using betting exchanges to hedge positions it’s also worth running your backing bets through Smarkets to win an extra 3% (against Betfair’s 5% commission).
BetDaq have been around almost as long as Betfair (you can see the dates in our betting exchange comparison table) and like Smarkets offer lower commission than Betfair to entice customers to switch. What makes BetDaq a particularly good Betfair alternative is their liquidity. As they are more established they offer more sports and have betting market depth than Smarkets.
Why use a Betfair alternative?
Firstly, using one of the smaller betting exchanges will mean winning more money because commission is lower.
Secondly, the whole premise of betting exchanges is to offer customers better odds – so by checking prices before you bet you can bet significantly better long odds by using either Smarkets or BetDaq.
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