What does Betting Exchange mean in betting?

Betting Exchange is a betting exchange, which means a betting format where players bet against each other rather than against the bookmaker. One side takes the outcome to happen, the other takes the opposite side, while the platform itself only matches those bets between users.

How does it work?

In a regular sportsbook, the bookmaker sets the odds. In Betting Exchange, the price is formed within the market. Because of that, it is possible not only to bet on an outcome, but also to bet against it. That is why a betting exchange looks more flexible than a standard bookmaker, but it also requires a slightly better understanding of how the system works.