Betting Exchanges are a crucial part of making risk-free profit with matched betting. To learn more about matched betting in the United States, click here.
For any matched bet to work, we need to both back and lay a person or team in a match. We can easily back a team at regular sportsbook like FanDuel (Click here to see in which states you can use a sportsbook), but in order to properly lay a team, we’ll need a betting exchange.
Think of a betting exchange like eBay for bets. Rather than betting against/buying from a big company (like FanDuel or Walmart), you’re betting against/buying from people just like you (like eBay!)
For example, on this tennis match, you can choose to back Izquier (player 1, back in the blue box) for 2.52 odds, or lay Izquier (player 1, lay in the red box) for 2.58 odds.
What we’re interested in is backing one player on the sportsbook (Fanduel, for example) and laying them on the betting exchange – either way, we win!
Are Betting Exchanges Legal in the United States?
Here’s where it gets tricky. Because the US is dividing its online sports betting legalization by state (click here to see which states are legal as of now), that means betting exchanges can also only exist within those state borders. So if you live in New Jersey, you cannot bet against bettors who live in Indiana, even though online sports betting is legal in both states.
Just like eBay, if there aren’t enough sellers & buyers, (think: backers & layers), then the website won’t work.
Betfair is currently only running in the State of New Jersey. If you’re in New Jersey, congrats! Click here to learn how to start making risk-free profit with matched betting.
If you’re not in New Jersey, then you’ll need to be patient. As of now, there are a few other betting exchanges looking to enter the US market, so be sure to bookmark this page and check back for updates regarding smarkets.com and tradesports.com betting exchanges!