Best Betting Exchange Sites in Ireland
If you’ve been here before, you already know we only list the best fully licensed betting sites for Irish players. And if you’re new, don’t worry, we’ve got you covered with safe, trusted sites that meet our high standards for a top-notch betting experience, as per our rating guidelines.
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Betting Exchanges: A Way to Bet Smarter
A betting exchange gives you more control over your bets by letting you wager against other players instead of a traditional bookmaker. This means you can set your own odds, choose whether to back (bet for) or lay (bet against) an outcome, and often get better value compared to standard sportsbooks.
Since there's no bookmaker margin, odds are typically more competitive, and you have the flexibility to trade bets, cash out mid-game, and take advantage of shifting markets. While it takes a bit of learning, betting exchanges are a smarter choice for those looking to maximize their betting strategy.
💡 Pro Tip: On a betting exchange, odds fluctuate based on market demand. If you're backing a bet, try placing your wager early when the odds are higher. If you're laying a bet, wait for momentum to shift in your favour to get better value. Timing is everything!
Types of Bets You Can Place on a Betting Exchange
Let's take a look at the two types of bets players can use:
Backing a Bet
The first type is the customer who wants to place a back bet. It is very similar to how you would place a bookmaker bet. You choose your wager and set your bet. However, unlike bookmakers at an exchange, you need market liquidity. If there are not enough players laying the bet, you may have to wait for your bet to get matched, or you may have a partial match and will have to wait till there is enough liquidity to match it fully.
The odds will move and may even go against you. Then unmatched bets will automatically cancel if you don’t readjust your new wager when the match goes into play. So, you have to watch it and ensure it is fully matched.
Laying a Bet
The next type of bet is the customer who lays the bet. If betting on a positive outcome, you bet against it happening. A classic example is a football match between Manchester City and Arsenal. If you think Arsenal will win, you can lay a bet on Manchester City not to win. Once you place your bet, it will get matched if there is enough liquidity. If not, you must wait for another player to place a back bet, and your bet will get accepted and matched.
We have to point out that these bets are costly, and we don’t suggest newbies use these till they have more experience. For example, if you lay a €10 bet on odds of 10, your back bet lay is €90. If it loses, you must pay the winnings of €90.
These are the two main types of bets, but that's not it:
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In-Play Betting: This allows you to place bets during the course of an event. As the match progresses, odds can change rapidly based on what’s happening, so you can capitalize on shifting situations in real time.
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Trading Bets: Similar to how stocks are bought and sold, betting exchanges allow you to "trade" your bets. This means you can place an initial bet and then adjust or sell it later to either lock in profits or cut losses, depending on how the event unfolds.
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Arbitrage Betting: This is a strategy where you take advantage of different odds between a betting exchange and a bookmaker. By betting on all possible outcomes of an event, you can ensure a guaranteed profit regardless of the result.
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Hedging: This strategy involves placing a bet that opposes your original bet to reduce potential losses or secure a profit. It’s commonly used when you’ve already placed a wager and want to manage the risk as the event progresses.
How do Sports Betting Exchanges Work?
In a nutshell, they work like this:
Bring bettors together to place bets on different outcomes.
You can set your own stake and desired odds.
May charge a commission on any profits (usually between 0% and 5%).
You bet against other players, not a bookmaker.
Access to more competitive odds than traditional sportsbooks.
You can lay a bet against other teams, players, or results.
No betting limits are imposed, giving you more flexibility.
Using a betting exchange instead of a sportsbook has various advantages – the main one is the opportunity to lay a bet. Another factor is exchange prices are much more in your favour as bookies have to factor in profit when they set their odds. Another benefit is that if liquidity is available in a market, you can place significant bets with no restrictions, unlike bookmakers.
A few drawbacks to keep in mind are: sometimes there are fewer available markets and no guarantee you will find someone to buy your lay bet. If you fancy placing an accumulator, you cannot bet on more than one outcome.
An exchange typically takes a fee of around 2% of a net market profit earned. Unlike bookmakers, betting exchanges manage bets between people with different opinions on the outcome of the bet. It allows you to set your own odds against other players without involvement from the bookies.
How To Use A Betting Exchange
To start trading at a betting exchange site, there are some straightforward steps:
Decide on the exchange and open up the website.
Click on the “Join Now” or “Register” button and proceed to provide your details, including your name, address, telephone number, email, etc.
If a welcome bonus is offered, you may have to input a promo code at the registration or deposit stage to activate it on your account.
Once registered, you can make your first deposit and start betting on back or lay bets.
How Do We Select The Best Betting Exchange Sites?
We look at the 10 characteristics below before listing the best Irish betting exchange sites:
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Reputation and licencing
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Liquidity
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Low Commission Sites
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User Experience
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Range of Markets and Events
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Mobile Compatibility
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Security and Privacy
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Best Odds
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Best Welcome Offers
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Top Markets
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Reputation and Licensing
Before we recommend a betting exchange, we will ensure they hold a licence from one of the prominent Irish regulators. The United Kingdom Gambling Commission (UKGC) and the Malta Gaming Authority are the top ones. All betting operators must also register with the Gambling Regulatory Authority of Ireland (GRAI). It ensures that they operate under Irish laws. A licence is non-negotiable for us. We won’t recommend any that don’t have one. We also look at reputation. We do this by looking at reviews on various online sources like Trustpilot, and if we see a pattern of complaints, we dig a bit deeper to understand why and include it in our findings.
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Liquidity
The liquidy is the amount of money available for customers to place back or lay bets on the corresponding odds on the selection. You can see how much liquidity is available under each bet you can select. If there is not enough liquidity, your bet goes unmatched until another customer buys your wager. When there is a significant event like the Euros or the Irish Grand National, there will be loads of liquidity, and you will have more options for choosing your odds. We will let you know which sites have the best liquidity across multiple markets.
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Low Commission Sites
The exchanges make a commission by charging you a percentage of your winnings bets. If you place a bet, the commission ranges from a typical amount of around 2% to a maximum of up to 5%. Many betting exchanges will introduce promotions that will reduce the commission you have to pay. With so many betting exchanges available, it's the only way they can stay competitive, intending to pull in punters from their competitors. They may even reduce the commission down to zero to gain your custom.
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User Experience
We are looking for a well-laid-out exchange. If you are looking for markets or odds, you will want to locate markets quickly and efficiently. There should be a customer support service to assist you if you encounter any issues or have any questions.
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Range of Markets and Events
The top betting exchanges will offer a range of markets, including football, horse racing, cricket, rugby, boxing, tennis, and much more. You can even bet on politics or TV shows. There should be a selection of many events; if we feel they are lacking, we will point it out.
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Mobile Compatibility
Many of us prefer to gamble on the go. If the betting exchanges have an app you can download it for iOS and Android for one-tap access. Or, you can access them via your mobile web browser. We test them out on all available devices to bring you our feedback.
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Security and Privacy
This is a significant concern for many bettors. You have to provide not only your personal information but also your financial details. You will want to know that they are kept safe and out of hackers' hands. We check that the site has SSL encryption software, which encrypts any details you share to keep you safe and maintain your privacy.
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Best Odds
While the odds on betting exchanges work differently from the traditional bookmakers, the first difference is that you can only place your bets on decimal odds. If betting at bookmakers, you can also choose fractions. Betting exchange odds change rapidly and are updated in real time. We monitor the odds and report back if we find any discrepancies or lower odds on one platform compared to another. You can also use odds comparison sites, which will show you where the best exchange odds are at a quick glance.
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Best Welcome Offers
The major drawcard for many bettors is the welcome offer. If there is a welcome bonus, we inspect the offer to test its generosity. A typical offer is a matched bet. Let's say you deposit and place a €20 bet. The exchange will reward you with a free bet of €20 that you can use on any market. The bet is a stake not returned, so if you win, you can collect your winnings but not the free bet stake. Others may include a risk-free first bet. If your first bet loses up to a certain amount, you will receive a free bet back. If you win, the offer is complete. Some may offer 0% commission for 3 months, which can be a massive saving for those trading. If there are various options, we will list them so you can decide which option will suit you best.
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Top Markets
We all have multiple events we prefer to bet on. If you are like many of us who like football, while others may only bet on the horses. Therefore, we want to see a wide range of all the Irish betting markets, from our significant events to those that are further afield. If we find anything missing at exchanges, we will include them in our review.
Pros & Cons of Betting Exchange Sites
There are many reasons to use betting exchanges, and we’ve highlighted our top 3. If there are bettors with limits on bookmakers, they can place higher bets on exchanges if there is enough liquidity. The odds are almost always better. You can also trade out your match when your team or player goes up to guarantee a profit even if they lose. Factors to consider are the commission charges and the lack of ongoing promotions you can receive at bookmakers.
- 😃 No betting limits
- 👏 Much better odds
- ⭐ Trading to lock in a profit on an event
- 😔 Commission charges
- 🚫 Limited liquidity doesn't allow you to match bets
- 👎 Fewer promotions than bookmakers
Sports Betting Exchange Sites Offers
Betting exchange sites have various perks and bonuses when you join a betting exchange. We have listed the 8 popular offers that sports betting exchange sites in Ireland typically have for Irish players.
Welcome Bonuses
A welcome bonus is how the betting exchanges will attempt to attract new customers. A typical welcome bonus is a matched bet offer if you join a new exchange. It may consist of a bet and getting a bonus.
There will be some terms, and it is essential to know what they are. There are typically minimum odds to either claim the free bet or when using it. You will also only receive the winning portion of the free bet and not the free bet stake. Other factors to consider are the time frame in which you have to use your bet, any unallowed events, or if there is a winning cap on any winnings.
Commission Discounts
Another popular promotion is where you can receive a discount on your commission on any winnings. It is part of attracting customers from other betting sites, and they may even reduce the commission to 0%. It will last for a set period, after which it will go back to the regular rate.
Referral Bonuses
A referral bonus is another way to claim extra free bonus funds. If you have a friend or family member who you recommend, you can earn a bonus when they sign up, deposit, and bet. You will have to send them your referral link. When they join up with your unique link, the exchange will reward you with your free bet once they meet the criteria.
They allow you to do this multiple times at some exchanges, so if you know enough people wanting to join, it can be lucrative.
Promotional Free Bets
A promotional free bet is for existing users, often on a set event. Some we have seen include where you bet on a particular outcome, and if your bet doesn’t win, you can receive free bets. Other forms will consist of matched bets or a no deposit free bet for you to enjoy.
Cashback Offers
A cashback offer is where you can claim all or part of any losses. If you have had an invite, these are great offers. You will place your bets as usual, and if they lose, you will receive a percentage of any losses back. While some will be 100% back, you may find them at less like 50% or even less.
While some exchanges will reward you with a free bet, others will return the funds to your account as cash, which is an excellent offer.
Enhanced Odds
Betting exchanges don't usually offer enhanced odds because they operate on a peer-to-peer platform, where users determine the odds instead of the platform.
Reload Bonuses
A reload bonus is for existing customers, like a deposit match. It may be open to all customers, or you may receive a special invite to claim. If you have received an invite, the instructions will be detailed in the terms. Similar to a welcome bonus, you will make a deposit and can claim a free bet.
Seasonal Offers
When there are significant events, the bookmakers have many offers to retain their customer base. If, for example, the Euros or Champions League finals are happening, you will find plenty of promotions around the event. These offers will vary but are usually a combination of many of the above, like reload bonuses, cashback, or even discounts on commision.
Betting Exchanges vs Sports Betting Sites
So, what are the main differences between a traditional sportsbook and an exchange? If you are new to betting, our table has the primary ones. It can help you decide which option will suit your requirements best.
Reason | Betting Exchange Sites | Sports Betting Sites |
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🏷️Type of platform | A betting exchange is an online marketplace where you can trade bets. You can bet on an outcome to happen by backing a bet or for an outcome not to happen by laying a bet. At a betting exchange, odds get determined by supply and demand, and you'll typically find better odds than at a sportsbook. | A sportsbook is a traditional bookmaker that offers odds on various sports and other events. |
🎯 Bet matching | You can match bets with other users, acting as the backer or layer. This peer-to-peer model allows for greater flexibility in setting and accepting odds. | You place bets against the bookmaker, and the sportsbook determines the odds. There is no direct bet matching with other users. |
📊 Odds | The odds are set by users, allowing for potentially higher odds than those offered by traditional sportsbooks. Users can request or accept odds of their choice. | The sportsbook sets odds, and users can choose from the provided odds. The bookmaker also determines the range of odds. |
💸 Exchange Commission | Betting exchanges charge a commission on net winnings. This commission is a percentage of the profit. | Sports betting sites make a profit by adjusting the odds in their favour. |
🤝 Commission | You pay a commission on net winnings, which can vary across different betting exchanges. | A bookmaker's margin is built into the odds; you do not pay a separate commission on winnings. |
✨Transparency | Exchanges provide more transparency in showing market movements. This lets you observe and understand how odds change based on various market dynamics. | Sports betting sites may have less transparent processes, as the bookmaker sets odds without any direct user influence. |
🧠 Market depth | Market depth on betting exchanges depends on user activity. Popular markets may have higher liquidity, while less popular markets might lack depth. | Sports betting sites generally offer consistent market depth across various events, regardless of activity. |
🚨Risk management | Players can actively manage their risk by placing lay bets to offset their exposure. The ability to trade positions during an event provides risk management opportunities. | Risk management is typically passive for players, as they are limited to selecting from the offered odds. They cannot offset their risk within the sports platform. |
Common T&Cs On Betting Exchange Sites
All online gambling sites and their associated bonuses have terms and conditions. If you have joined a betting site, when you register, you usually have to click a button to confirm you have read them. It contains all the information to provide you with an optimal betting experience. Here's a breakdown of some of these terms:
Market Rules
The market rules define the conditions under which bets get placed, matched, and settled. If, for example, a match is cancelled or postponed, it will detail what will happen in these scenarios. Knowing these rules is crucial for placing informed bets.
Minimum Bet Size
The minimum bet size is the smallest amount you can wager on a particular market. It will vary between exchanges, and it is designed to keep the platform accessible to all while managing the cost of processing numerous small bets simultaneously.
Maximum Bet Size
Unlike bookmakers, there are no maximum bet limits at betting exchanges. If you find a market with enough liquidity to place your bet, you won’t have any restrictions. However, even betting exchanges, like bookmakers, don’t like constant winners, and you may find your commission goes up or, as a worst-case scenario, ban you from the site, but this is incredibly rare.
Settlement Rules
The settlement rules will outline exactly how and when winning bets get paid. It will also include how the exchange will handle any dead heats, disqualifications, or events that can impact your outcome.
Account Verification
This is a standard process at exchanges and bookmakers. If you have joined, you must prove your identity and other personal details. You must upload ID documentation, which can consist of a form of personal ID, address details, and payment source. It is a regulatory requirement to make it impossible for underage players to gamble and to prevent fraud and money laundering.
Withdrawal Terms
The withdrawal terms will detail how you can withdraw your winnings. It will include the various withdrawal methods, the times to process, and whether there are any fees or limits. For larger withdrawals, the exchange may ask for additional verification documentation.
Bonus Terms
The bonus terms will detail any conditions attached to free bets or promotional offers. If you read the bonus terms of each offer, you will discover if there are wagering requirements, excluded markets, and expiration dates. We recommend you always read these as they reveal precisely what is required.
Betting Exchange Tips From An Expert
Here are our 6 expert tips to improve your approach and potentially increase your success on betting exchange platforms:
Understanding market liquidity: Before you place a bet, check the liquidity of each market. If there is not enough liquidity, your bet will go unmatched.
Mastering the art of odds: The odds are set by users, and understanding them can give you an edge and insights into how bettors view them. A sharp movement may indicate new information that can alter the outcome.
Use lay betting: You can lay bets on exchanges. Laying bets effectively can diversify your strategy and increase profitability.
Use trading techniques: Using techniques like backing a bet and then later laying it can let you lock in a profit no matter the final results. They require a solid understanding of the market dynamics and timings to reduce risks.
Check commission rates: The rates can vary between platforms. Consider the rate when choosing an exchange betting site.
Learn from losses: All bettors have losses at some point. Understanding why and learning from any setbacks will help you adjust your strategy
Essential Betting Exchanges Phrases
There are many terms you will encounter when betting at exchanges. If you need clarification on what they mean, we have listed 15 must-know terms.
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Back bet: When you place a bet on an outcome to happen.
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Lay bet: Betting against the outcome, acting like a bookmaker, and taking risks.
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Odds: The representation in a numeric format of the likelihood of the event occurring, which influences the potential return.
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Market: A collection of bets on a specific event, including back and lay bets.
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Commission: The fees the exchange charges on the net winnings.
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Stake: The amount of money wagered on a bet.
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Matched bet: A bet with both a backer and a layer agreeing on the odds, resulting in a matched position.
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Unmatched bet: A bet that has yet to find a match, remaining open until it gets matched or cancelled.
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Market depth: The liquidity or volume of bets in a particular market.
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Arbitrage: Exploiting the price differences between different platforms to guarantee a profit.
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Scalping: Making small, quick profits by exploiting short-term price movements.
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Greening up: Ensuring a profit on all possible outcomes by adjusting the bet sizes during the event.
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In-play betting: Placing a bet on an event while it is active.
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Starting price: The odds of settling a bet if no specific odds were requested.
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Market suspension: Temporary halt in betting due to various events or significant market changes.
Betting Exchange FAQs
How does a betting exchange work?
It works differently from a sportsbook in that you don’t just place a bet, and it's on. With a betting exchange, you must wait for another bettor to lay a bet, which becomes your back bet.
Is betting exchange profitable?
For many people, yes, it is. Many full-time traders spend their days making money by backing and laying bets. It is not easy, and it does take time to practise with smaller bets and how the experts started their journeys.
What is the difference between a betting exchange and a traditional sportsbook?
People can place back and lay bets on exchanges and only back bets at a bookmaker. The bookmakers set odds, while returns from exchange betting are much more significant due to users setting the odds.
How do I place a bet on a betting exchange?
You must first consider whether you want to back or lay a team. Then you must go to the market and the bet you want to place. Check there is enough liquidity to match your bet instantly. If that's not enough, you must wait for another player to buy your bet.
How are bets settled on the exchange?
They are settled similarly to a sportsbook. Once the event ends, if you were a winner, you will see your balance update as soon as the match settles, which is typically not long. The bet will settle, and if you look under your transactions, you will also see the commission you paid on your bet to get your final amount.
Are there any risks involved in exchange betting?
Yes, there are. The risk is you place a large back bet and then go to lay it later to make either a guaranteed profit or less loss, but it is not all matched, and the odds go against you due to the goal or another event in the match like perhaps a player gets sent off.
How can I maximise my potential winnings on a betting exchange?
You can increase your potential winnings by asking for better odds. When you see the odds in front of you on the screen, you can use the + and - buttons to bring them up or down in your favour and see if you can sell them to another player.
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Sports & sportsbook expert of 8 years. Specialising in a subject close to her heart, sports, Siobhan informs online sports betting fans about the latest news & best sports betting sites.
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