Betting exchanges are becoming increasingly popular in todays betting marketplace.
They are a platform for those that want the thrill of being a bookmaker, or for backers to get better odds the

A betting exchange is a platform for the average man/woman/dog in the street to bet against each other.
You set the odds and the amount you want to bet. Simple as that.
You can Back, which is the most traditional way of betting, where you back an event to happen, say Tiger Woods to win a golf Tournament, or you can lay.
Laying is you being a bookmaker, plain and simple, if you lay Tiger Woods and he does not win then you get the stake money that was betted with you. If Tiger Woods wins, you lose and you have to payout the winnings to the person who betted against you.

On both occasions you can set your own odds and amount you wish to stake/lay, or you can back/lay at the odds available. The simplist way is to take the odds available, you can have your bet made in just a couple of seconds.



I could right here all the in and outs about exchanges thetre layouts, how to place a bet etc, but to be honest the exchanges will do a better a job of it.
So Click here for a detailed explanation of how to bet on the exchanges.
 
It is extremly simple and as I mentioned before you can place you bets in a matter of seconds.
Also anouther great thing is, once you hace set up your real money account, you can also set up a play money account, so you can have a play around and see exactly how it works, without ever risking your own money untill you are ready and comfortable.

One more point to remember is Betfair is just a platform for you to bet against other peopl, they make there money by taking a % cut from your winnings between 2-5% depending on your frequency of betting.
However as odds are usually upto 20% better than those of a traditional bookmaker you will be quids in using the exchange.