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.

Sports Trading

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

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 site 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.

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

Dafabet Exchange

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.

Betdaq Exchange

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.

Fairlay Exchange

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.

Orbit Exchange

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.

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 trading and 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.

Reliability

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

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. 

Commission

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.

Welcome Bonuses

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. 

Payment Methods

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.

Usability

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.

Support

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. 

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 and our research we have rated Orbit Exchange as the Best for Canadians.

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.