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Best Betting Exchange Site for 2023

Looking for the best sports betting exchanges for US players? You’ve come to the right place. At cddschecker, we’ve got our fingers firmly on the pulse of the newest betting exchanges for US-based bettors. Each of which is designed to give you better value than conventional sportsbooks. Read on to explore the most popular betting exchange sites for 2023.Find out how exchange betting differs from a typical sportsbook and get your hands on the latest welcome bonuses available from the best US exchanges.

Our Top Betting Exchange Site

Wondering how to choose the best sports betting exchange? We’ve got you covered. We rate the leading betting exchanges for US players based on the following parameters:

1. Licensed and regulated We only consider sports betting exchanges that are fully licensed and regulated by state authorities. This oversight ensures bettors like you have 100% recourse should you encounter any unlikely issues with their services.

2. Available on desktop and mobile Cross-platform sports betting exchanges are worth their weight in gold. They allow you to open, close and manage positions in the markets, regardless of whether you’re using a desktop web browser or a native mobile app. Having the flexibility to choose either platform to back and lay pre-game or in-play is a major advantage.

3. Low commission The best betting exchange sites will offer super-low rates of commission on winning bets. This can be as low as 1-2%, which is the exchange’s cut for providing the platform for backing or laying your wagers.

4. Choice of betting markets The leading US betting exchanges provide a wealth of markets, covering all the major league sports – and more. They will also open markets in plenty of time before the event, giving you time to take your positions early if you can find a value price to back or lay.

5. Customer support Users of exchange betting in the US deserve access to multiple customer support channels. It could be 24/7 live chat, allowing you to get a real-time response, or email helpdesks and telephone helplines.

6. Great range of payment methods In the 21st century, today’s betting exchange sites should also offer a wealth of deposit and withdrawal methods. Flexible, fast and secure payments can give you peace of mind.

What is a Betting Exchange and How Does it Work?

A betting exchange operates differently to a traditional betting site. That’s because it’s a peer-to-peer (P2P) platform with no sportsbook to set pre-game or live odds on a sporting event. Instead, the available prices are determined by those entered by the backers and layers on the exchange.

A backer is someone that is “backing” a certain outcome to win. A layer is someone that is “laying” a certain outcome to lose. For sports betting exchanges to work, there always needs to be a backer to accept a layer’s price and vice versa. If a backer accepts odds offered by a layer and their back bet loses, the layer keeps the backer’s stake. However, if the back bet wins, the layer must pay the backer at the agreed odds.

Conventional sportsbooks will take on risk by accepting wagers from customers and going head-to-head at predetermined odds. In betting exchange terms, sportsbooks act as the layers. An exchange betting site is not required to take any risk whatsoever. It simply provides the technology and medium for backers and layers to match bets against one another.

There are many benefits to wagering on major league sports with US betting exchanges instead of sportsbooks. If a sportsbook is not prepared to offer the odds or stake size you want, the bet is not accepted. On a sports betting exchange, you can get your bet placed, providing there is a layer willing to accept the risk at the odds you want.

The other huge benefit to using sports betting exchanges is the chance to get better value odds. Sportsbooks rarely offer the “true” odds on a sporting event. That’s because they factor in their margin on top of the true odds or implied probability of a sporting event. On betting exchange sites, the market is not priced up by a single entity or individual. Instead, the prices are determined by the order flow of the backers and layers. Layers are incentivized to offer up fair prices, otherwise the backers will never accept or “match” the bets.

Betfair was the world’s first exchange for sports betting. Established in 2000, Betfair changed the game for betting on many types of sporting events. Today, Betfair remains the most liquid and largest exchange of sports bets, although Betfair is not licensed to serve customers in the US at the time of writing.

Many users of sports betting exchanges also treat them like a stock exchange, attempting to “trade” their sports bets. The fluid nature of a betting exchange means that the price of an outcome pre-game can fluctuate depending on the weight of money from backers or layers.

If more backers are active in the market, the price will naturally fall. If more layers are active in the market, the price will rise or plateau at the very least.

Betting exchange “traders” will attempt to lock in a guaranteed profit. They achieve this by either backing an outcome and laying it at a lower price or laying an outcome and backing it at a higher price. It’s the same principle as those who day trade the stock markets and look to take advantage of price movements on equities, forex, and commodities.

Betting with Prophet Exchange

The first US sports betting exchange is on the verge of launching. Prophet Exchange has partnered with Caesar’s Entertainment to provide its P2P exchange betting platform in the regulated sports betting markets of New Jersey and Indiana.

One of the main issues for winning sports bettors is the fear of being limited by their favorite sportsbooks. If you are limited, the maximum stake you can wager on a sporting event is much lower than normal. Limiting customers is one way sportsbooks attempt to limit their losses against “sharp” bettors that take value odds and lines. At Prophet Exchange, no bettor is limited. That’s because Prophet Exchange benefits from regular winning bettors through their commission on net winnings.

On the Prophet Exchange, if you don’t like the prices available on-screen, you can simply request your own odds and see if anyone else is prepared to back or lay your desired price. If you request a price on the Prophet Exchange and the bet remains unmatched, your request will eventually become lapsed. Your wager will be immediately refunded to your account.

If you wish to place bets on the Prophet Exchange once live, you’ll need to complete the registration form first, before making a real-money deposit. Locate the sports betting market you wish to bet on. Decide whether you want to back or lay a certain outcome in the market and do one of the following:

• Request your own odds at a line or price for others to wager on

• Choose a market with existing liquidity and accept a back or lay bet at the current line or price.

The Prophet Exchange will be available on both desktop and mobile. Its mobile app will be available on both iOS and Android devices. The platform will also be made available via public API, enabling third-party developers to design and build web applications to make it easier to “trade” the sports betting markets on the Prophet Exchange.

Betting Exchange FAQs

Are betting exchanges legal in the US?

Betting exchanges for US players are legal and legitimate providing the operators secure viable market-access deals in each US state. The newest sports betting exchange in the US – New Jersey-based Prophet – has secured a market-access arrangement with Caesars to launch its peer-to-peer (P2P) betting platform in New Jersey and Indiana. Prophet is one of only two US betting exchanges legalized, following the launch of Sporttrade in New Jersey in 2021. The Wire Act also means exchange liquidity must be supplied by users within the same state.

How much commission do betting exchanges charge?

Betting exchanges are designed to offer more competitive lines and odds than those available with conventional online betting sites. They do so because the odds do not need to factor in a sportsbook’s margin. There’s only one small catch – exchange betting sites do take a small commission for each bet you place. This is their way of making money, given that the P2P platform allows backers and layers to interact with one another for free. Losing exchange bets do not incur commission. At the new Prophet Exchange, 2% commission is charged on net winnings per market.

On which sports can I bet on?

You can be sure of getting access to exchange betting markets across the major league sports – NFL, NHL, NBA, MLB, and MLS. The emerging US betting exchanges will also cover the leading college football and basketball action in the NCAAF and NCAAB. As the exchanges grow and benefit from greater liquidity, more sports markets are sure to be covered in the months and years to come.