Bookmaker: When you bet with a bookmaker, you’re betting against them directly. The bookmaker sets the odds, carries the risk, and ultimately determines the outcome of your bet. In short, the bookmaker is your opponent, not other players.
Betting Exchange: A betting exchange, however, operates differently. It’s a peer-to-peer platform, meaning you bet against other players, not the house. The odds are generally more competitive, driven by supply and demand. This means you could end up betting against just one person or several, making it more dynamic.
However, there’s a catch—while the odds are often better on a betting exchange, you’ll pay a commission on your net winnings for each market.