Betting exchange sites are on the rise worldwide, and Canada is not an exception. Many individuals are seeing the advantages that it presents.
However, choosing a platform can be pretty difficult as there are numerous options. We identified this issue and have come up with this guide to reveal the best exchanges in Canada.
Our ratings come from experts who have experience with both good and bad platforms, so they know exactly what you need.
You can trust that we did extensive research before recommending any of these exchanges.
Let’s get into it immediately.
- Get Bonus: £10Make a deposit of at least £10. Place a bet with minimum odds of 2.0 and receive a £10 free bet once your initial bet is settled.Promocode: TheTrader
Pros and cons
- Reliable platform
- Low 2% commission rate
- Offers competitive odds
- Nice welcome bonus
- Low amount of markets
- Available in 4 countries only
- Lack of livestreaming
- Get Bonus: £0Depends on a brokerPromocode: –
Pros and cons
- Low commissions on winning
- Fast and responsive platform
- Great liquidity
- Wide variety of sport
- No live chat feature
What is a Betting Exchange?
Only persons that understand what betting exchanges are and how they work can understand how these platforms work.
And for that sole reason, we will start from the basics.
Read on and find out the mechanics of betting exchanges.
A betting exchange is a platform that allows you to bet against your fellow punters. That definition may seem confusing, but allow us to explain further.
Traditional bookmakers offer you fixed odds, and you place your bets against the house. When you win, the house loses, and when you lose, the house wins.
However, an exchange does not give you fixed odds. Instead, they allow you to work with your preferred odds; you place your bet.
Then another player who would like to stake at the same odds places a bet against you. In short, an exchange does the work of matching two bettors.
How Does it Work?
The logistics may not still make sense to many, so let us break down how it works. A betting exchange offers you the platform to bet on events; however, they don’t do the job of fixing the odds.
Whatever odds you wish to bet with is in your hands as a punter.
So when you spot an event, you set your odds and specify the amount you would love to stake. At that point, your bet is not successful until it is matched with another player. So what do we mean by matched?
For that same event, another player must be willing to bet on the opposite outcome, which is against you. And when both of you do so, at the same odds, the stake is successful.
However, since the reasonable thing from traditional bookies is placing bets to back an event, how is there an opposite outcome?
The answer is back and lay bets!
Back and Lay Bets For Dummies
Back and lay bets make it possible for two bettors to stake against each other in exchange. In traditional bookmakers, there are numerous options like moneyline, parlay, etc. However, every option involves you backing an outcome or event.
The second option that an exchange offers you is a lay bet. A lay bet means betting against an event, which makes it the exact opposite of a back bet.
When you bet on a team to win a football match, that is a common back bet. However, a lay bet on that team would be staking on them to lose the match.
If you use regular bookies to bet, you may not understand because they only offer back bets. Only exchanges allow you to place back bets and lay bets.
And for every successfully matched bet in an exchange, there are two sides to it. One bettor is backing an event, while another is against it. However, they are both staking at the same price but opposite odds.
To dig deeper into laying and backing we recommend you to read this in-depth guide on our website.
What you do on an exchange is called sports trading. The reason is that exchanges expose you to real price charts of events.
So you will get to see how price really movies and generate profits when you make your stakes. It is very synonymous with stock trading, hence, the name, sports trading.
Matched betting is one of the few strategies that, if done rightly, will make you profits with very little to zero risk. And to make it work, you need to have an account with regular bookies and sports betting exchange sites in Canada. However, we don’t use just any bookmaker for matched betting; we need ones that offer free bet bonuses, no deposit bonuses, and other freebies.
Dive in and get 5 matched betting tips from the real expert.
On the regular bookie, claim your bonus, find a suitable event, and use it to place your bets. And because you are using their offer to stake, you have almost nothing to lose, depending on the type.
Then go to your sports betting exchange and find the same event. This time, place a lay bet on it. So you have two bets running— one on the bookie, one on the exchange. That way, winning is guaranteed because one outcome will surely win. To make the most profit, use matched betting calculators to know the estimations beforehand.
Difference Between a Betting Exchange and a Sportsbook
From explaining back and lay bets, you should begin to understand that betting exchanges and sportsbooks are different.
So read on and find out other things that differentiate them.
Since you can place bets on both exchanges and sportsbooks, many individuals assume they are the same.
Apart from the fact that sports betting exchange allows you to place a lay bet, let us consider other things that set them apart:
- Fees: It may seem like sportsbooks don’t charge any fees from afar, but it isn’t so. Bookies don’t provide you with real market odds. Instead, they add their fees to the odds before presenting them to you. It is the reason why different bookies have significantly different odds; because they independently add their fees, and we call it betting margins.Exchanges, on the other hand, work more transparently. They provide you with real market odds; however, they charge commissions on your wins. Different brands have their commission rates, but it mostly varies between 3% and 5%. In addition, most platforms don’t charge you for losing trades.
- Odds: Exchanges and sportsbooks don’t work with the same odd system. Bookies use what we call fixed odds, while exchanges have dynamic odds. When placing bets on a bookmaker, you must use their odds; hence, the name fixed odds. However, bookies allow you to use any odds you prefer.
If you want to know more then check betting exchange vs sportsbook article.
Why Should I Use a Betting Exchange?
Now that you know that a sports betting exchange is different from a bookie, why should you opt for them?
Let’s give you a few reasons:
- Sports betting exchange sites allow you to place both back and lay bets
- Exposure to price charts in exchanges allows you to understand how betting works
- The best platforms don’t charge commissions on your losing trades
8 Points to Pay Attention to When Choosing a Betting Exchange
We don’t like to rush the process of choosing an exchange.
For a brand to be considered as one of the best, it needs to meet certain criteria in our books.
Read on and find out the eight things that you must always pay attention to.
Rather than following the brands with the hype, choose the one that checks all these requirements:
Reliability translates to how much you trust your sports betting exchange. To answer this question, you need to consider its certifications in the industry.
You should avoid brands without a license; we deem them illegal and unreliable. Several gambling bodies provide licenses, and if an exchange can’t show you one, you should avoid it.
The customer base of the exchange also says a lot about its reliability. If a brand has scanty numbers registered on its platform, you need to dig deeper.
Try to look for information about how long they have been in the business and if they have previous sanctions or not. Putting these pieces together helps you to the reliability of a betting exchange in Canada.
Liquidity refers to the flow of money within an exchange. If there are many traders on an exchange, there would be more money in circulation, which means more liquidity. Every sports betting exchange needs liquidity to thrive. And you also need liquidity to get your bets matched.
Platforms with low liquidity would only frustrate the players because most of your bets will not be successful.
On such platforms, you will find that there is nobody to bet against you, and if you are lucky, your bet gets partially matched to odds closer to yours, which is not good enough.
In short, the number of players on an exchange directly affects liquidity.
Range of Markets
The range of markets is straightforward, and it means the number of games available on an exchange. There have to be several options like horse racing, soccer, tennis, basketball, etc.
You may have preferences, but there may be accidents when no activity is going on in your favorite sport.
In times like this, you should easily have other varieties of choices at your disposal.
To be frank, not most bettors don’t like commissions. However, it is the only way these exchanges can profit since they offer you dynamic odds.
However, doing so, these commission rates should not be too much. There is no specific industry standard, but most often charge between 3% to 5%. And for special offers, you may enjoy even lower percentages.
If you find a brand that charges you more than 5%, it is best to seek other options. We see that as exploiting customers, and we also stay away from them.
When exchanges started, there were no bonuses or promotions. People only associate bonuses with traditional bookmakers, but things are changing.
Sports betting exchanges also offer eye-catching offers to lure customers, and we all love it.
You should look for brands that offer the best welcome bonuses to new sign-ups as it speaks a lot about how much they cherish their customers.
Some also offer additional incentives to their existing players, which is amazing.
By payment methods, we refer to both the deposit and withdrawal methods.
Several platforms are fond of giving you several deposit options but only restricting you to very few withdrawal options. So whether you are putting your money in or removing it, there should be varieties.
It is important also to ascertain that the available methods are trusted and reliable. An exchange may have more than then withdrawal and deposit options, yet none is well-known.
In your best interest, go for only brands that give you the methods you know. Some of the most reliable payment options in the industry are credit/debit cards, bank transfers, and e-wallets like PayPal, Neteller, Skrill, etc.
How usable is an online betting exchange? The only way to answer this question is to visit their website.
Take your time to navigate the website and observe the designs and response time.
Depending on your preference, you may also choose to prioritize things like the color blend of the site,
We advise that you click all the clickables and ensure that they give you good feedback. Also, check the size of the trade buttons to make sure they are large enough for you not to miss.
Finally, when under pressure, it is easy to click the wrong commands when the site has a poor layout. All these little things contribute to the usability of an exchange.
We always take our time to rate the responsiveness of the customer support of these exchanges. And we also advise you to do the same because it matters.
While some might debate that they don’t need customer support, problems may arise at any time.
You can get the best directions and solutions from the brand’s customer support because they know more than anyone.
Best Betting Exchanges in Canada
We already highlighted the criteria for picking a bookie, now, how about we show you the ones that passed the test?
Allow us to introduce the best betting exchanges in Canada.
We have five top betting exchanges in Canada.
Let us show you their features, bonuses, and what we think about them.
Dafabet was originally a sportsbook, but they launched their exchange services sometime in 2018.
And since then, several Canadian players have seen it as a good place for sports trading. They have a very functional website, both on mobile and desktop, and as far as we are concerned, they seem good.
- Responsive customer support
- Accepts crypto transactions
- Awesome mobile optimization
Since Dafabet owns a sportsbook, they offer lots of bonuses. However, their bonuses are dynamic, and they tend to change them after only a few weeks.
For that reason, it is quite difficult to keep track of which welcome bonus it offers to new sign-ups at the moment.
However, you could get a 150% deposit bonus with up to 15x wagering requirements.
- Great website layout
- Bountiful welcome bonuses
- Exclusive In-play betting options
- Fewer sports are available on the exchange
Overall, Dafabet is a very decent platform with lots of benefits, and It is great for starters.
However, the brand pays more attention to its sportsbook and casino section.
People barely know that they have an exchange because they don’t market it.
For a website that offers its caliber of services, we believe they have every reason to show the world.
Betdaq betting exchange is also among the early pioneers of sports betting exchange, and they are still topping the ranks in the industry.
The brand has gone through several upgrades in recent years, and they appear to be one of the best options for Canadians. Let’s look at an overview of their services.
- Great Odds
- Lower Commissions
- Amazing Offers and Promotions
- Good Range of Markets
Betdaq does not lag in their bonuses, as they offer more than one for new sign-ups. On your first bet, place a £10 bet at a minimum odds of 2.0, and the exchange will credit you with an additional £10 free bet. Players need to use the promo code BDQ10 to claim this offer.
The second offer from Betdaq is a bigger £1000 cashback offer. And the deal is to give you back all your commissions after one month of dealing with them.
So depending on the volume of your trades, you can receive up to £1000. To claim it, use the promo code DAQBACK.
- Great Bonus Offers
- Wide Gaming Selections
- Easy-to-Use Platform
- In-play Betting Options
- Questionable liquidity on small events
Seeing an old brand like Betdaq still active in the business is exceptional. And after careful evaluation of their services, they seem to be doing fine.
The bonuses and services are great, and Canadians would have a good time playing on this platform.
Fairlay is one of the few betting exchanges that offer purely crypto betting services. It came into the spotlight in 2013, and Canadians are still enjoying its services to date.
For now, Fairlay only accepts bitcoin, but we hope that soon, players will be able to trade with other cryptos.
- Crypto Betting Exchange
- Decentralized Trading
- Low Commissions
For now, Fairlay does not offer any welcome bonus. Although the reason is not clear, we assume that it is because of decentralization.
Since they use Bitcoin, a decentralized cryptocurrency, they have very limited access to your funds, so crediting your account may be difficult.
- Fairlay charges as low as 2% commission rates
- Fast withdrawal time
- Good betting odds
- No bonuses or promotions
Successful crypto exchanges are not common, but Fairlay dared to be different.
Seeing them excel so much in the industry is great, and we hope they keep improving.
It would also be nice to see them try to offer bonuses and promotions to both new and old players.
Orbit Exchange is what we like to refer to as the Betfair clone. Since Canadians cannot access Betfair, their best alternative is Orbit.
This exchange is affiliated with Betfair to the extent that they share the same liquidity. The only main difference is the website interface and commissions, which is even lower than Betfair.
- Same liquidity with Betfair exchange
- Lower commission fees
- Wide range of market
Orbit exchange does not offer any direct welcome bonus. So if you want to sign up for Orbit exchange, you can’t do it directly on their platform; you need a broker that works in your location.
This simple measure is why the exchange can work in locations where Betfair is banned. So except your broker offers bonuses, you can’t receive any from Orbit.
- The exchange works in Canada, where Betfair is restricted
- Commission rates as low as 3%
- Good liquidity
- Excellent markets
- No mobile app
- Signing up with a broker can be quite tasking
Overall, Orbit exchange is doing a great job extending its Betfair-like services to Canadians.
However, we believe that the brand can go the extra mile to provide bonuses and promotions to its customers.
Asides from that, everything with them seems to check our box.
What is the Best Crypto Betting Exchange?
Fairlay remains the best crypto betting exchange for Canadians. It is solely a crypto exchange, allowing the brand to fully focus and concentrate on bringing the best crypto services.
If you are looking for an option that will allow you to process all transactions in Bitcoin, look no farther than Fairlay.
What is the Best Football Betting Exchange?
Almost everything about Dafabet screams football. The exchange offers one of the best football trading services for Canadians.
In addition, they offer special promotions and bonuses that are exclusive to football alone.
It drew our attention to them, and after careful evaluation, we rate Dafabet as the best exchange for your football betting.
What is the Best Horse Racing Betting Exchange?
Betdaq stands out as the best for horse racing of all our recommendations. The brand focuses a lot on horse racing, and you will find it in their adverts and promotions.
Also, they have several options for horse racing traders. Finally, their liquidity for horse racing events is high because they offer a lot of coverage.
So, Betdaq is the obvious choice for Canadians looking to bet on horses.
What is the Best Cricket Betting Exchange?
Orbit exchange is the best option for Canadians looking for cricket trading. The exchange gives special treatment, and they have a special section of their site called the Cricketbook.
Here traders have access to several options and cricket events.
And because many players are active on the Cricketbook, it is fairly easy to get your bet matched because of the higher liquidity.
We considered our recommendations and it is time to draw the curtains.
The only way you can enjoy sports trading is to bet in one of the best exchanges.
So, which one stands tall among the others? Read on and find out.
With the right exchange, sports trading is fun, enjoyable, and profitable. It is also quite obvious that betting on a sports betting exchange is more advantageous than a bookmaker.
And of all our picks, Orbit exchange is an all-rounder exchange.
So if you are confused about which one to choose, Orbit is a good place to start.
Is there a Betting Exchange in Canada?
Yes, there are betting exchanges in Canada. Most of them are offshore brands, but Canadians have full access to them.
How to Choose the Best Betting Exchange?
To choose the best betting exchange, you need to make sure they meet our eight requirements. So if you didn’t pay attention, go back and check them.
What is the Best Betting Exchange in Canada?
Based on services, we rated four exchanges as the best for Canadians. They are Dafabet, Betdaq, Fairlay, and Orbit exchange.
Which Exchange is the Best for Betting?
It depends on the sport you prefer. Dafabet is great for football betting, Betdaq for horse racing, Fairlay for crypto, and Orbit for cricket betting.