Operator
The company named in the exchange's own terms. Betfair names three, depending on where you live.
List of Betting Exchanges: Find the Broker That Opens Each One
Eight exchanges in our register, listed alphabetically. The order is not a ranking.
The four brokers that open these exchanges
Our list of betting exchanges holds eight names, in alphabetical order: Betdaq, Betfair, Kalshi, Matchbook, Mollybet, Orbit Exchange, Polymarket and Smarkets. The order is not a ranking, and Kalshi and Polymarket are tagged as prediction markets in our register.
The four brokers open these exchanges through tools of their own: BetInAsia with BLACK and Sharp Exchange; AsianConnect with PIWI247 and OrbitX; MadMarket with Edge and Sharp Exchange; Sportmarket with FairExchange or with no named tool. The table gives the operator and the commission each exchange publishes, and the broker route to each one.
Full list of betting exchanges at a glance
The table is the list. Each row gives the operator named in the exchange's own terms, the commission the exchange publishes and the way in through each of the four brokers. A dash marks a cell with no entry.
List of betting exchanges in alphabetical order: operator, published commission and the broker route to each one
| Exchange | Operator | Published commission | Route through each broker |
|---|---|---|---|
| Betdaq | Exchange Platform Solutions Ltd | Commission on net winnings in a market, none on a net loss | BetInAsia: BLACK MadMarket: Edge Sportmarket |
| Betfair | Betfair International Plc, TSE Malta LP or Betfair Pty Limited, depending on where you live | Commission on net winnings in a market, none on a net loss | BetInAsia: Sharp Exchange AsianConnect: PIWI247 and OrbitX MadMarket: Sharp Exchange and Edge Sportmarket: FairExchange |
| Kalshi (prediction market) | - | Transaction fee on the expected earnings of the contract; fees differ by market, and some markets add maker fees | BetInAsia: BLACK MadMarket: Edge |
| Matchbook | Triplebet Limited | 2% on net profits for clients in the United Kingdom, Isle of Man, Channel Isles and Ireland, 4% for all other clients; 2% on enhanced special markets for everyone | BetInAsia: BLACK MadMarket: Edge Sportmarket |
| Mollybet | Colet Systems Limited | - | BetInAsia: BLACK MadMarket: Edge Sportmarket |
| Orbit Exchange | - | - | BetInAsia: Sharp Exchange AsianConnect: OrbitX MadMarket: Sharp Exchange Sportmarket: FairExchange |
| Polymarket (prediction market) | - | - | BetInAsia: BLACK MadMarket: Edge Sportmarket |
| Smarkets | Smarkets (Malta) Limited | 2% of net winnings in each market by default; Pro Tier 1% and Select Tier 3% per bet | BetInAsia: BLACK MadMarket: Edge Sportmarket |
A broker named without a tool opens that exchange with no named tool in our register. Mollybet sits in the register as an exchange; its own site names a Molly Exchange inside a sports trading platform, covered on Molly Exchange inside Mollybet.
Eight rows. That is the register.
New to brokers? Start with bet brokers explained, then come back to the table. For the wider picture, read betting exchanges via brokers.
Betdaq, Betfair, Matchbook and Smarkets: the betting exchanges one by one
What does each of these four say about itself? We kept to the wording of their own terms.
Betdaq
Betdaq is run by Exchange Platform Solutions Ltd, registered in Alderney. Its terms describe the Exchange role in one line: BETDAQ acts "as a facilitator between Customers who wish to make offers to each other". The Sportsbook, the Multiples and the Virtuals are different products with the operator as counterparty, and so are bets at the Exchange Starting Price (XSP).
The current minimum stake for an offer on the Exchange is £/€/$0.50, the same number in whichever currency the account uses. Commission falls on net winnings in a market. The terms reserve the right to apply other rates to API and commercial customers, and they state that "BETDAQ allows the use of 3rd Party Software including the use of Bots".
Betfair
Three companies, one exchange. Your contract is with Betfair International Plc, TSE Malta LP or Betfair Pty Limited, depending on where you live. Where customers bet with each other on the Exchange, the terms say, Betfair "acts as a facilitator and does not act as a counterparty", and the same clause lists the cases where it does take the other side.
Commission is "calculated by reference to your net winnings on a Market", so stakes do not enter the sum and a net loss on a market carries none. Betfair's charges page adds that for the vast majority of Exchange customers commission on net winnings is the only charge paid to Betfair. Exchange Games, incidentally, is a games product run by a different company, PPB Games Limited, and not the Exchange. The routes in through the four brokers are set out under Betfair via broker.
Matchbook
Six words set out what Matchbook is for: "recreational betting and gaming purposes only". The operator is Triplebet Limited, trading as Matchbook, incorporated in Alderney. Offers match by price and then by time of entry ("first in, first matched"), and an offer can be withdrawn until it is matched.
The API runs on authorisation: Matchbook "shall have total discretion as to which customers are permitted access to the API", and READ requests are charged at 100 GBP per million in a calendar month. The terms also mention "approved agents" for offline registration and betting, and the terms name no agent.
Smarkets
Two per cent is the figure Smarkets leads with. The default rate is 2% of net winnings in each market, and its commission FAQ calls Smarkets "the original 2% commission exchange". Two further tiers charge per bet instead, Pro Tier at 1% and Select Tier at 3%.
The operator is Smarkets (Malta) Limited; Smarkets Limited, its UK parent, designs and maintains the platform. Bets match on percentage odds, with decimal, fractional or American odds converted first, by price and then in order of receipt. Accounts open in GBP, EUR or SEK. On the API, the betting rules state that "The Smarkets API is made available to liquidity providers", Hanson Applied Sciences Limited, a company in the same group, among them.
Exchanges reached through a broker's own tool
Six tool names carry the routes in the register: BLACK, Sharp Exchange, PIWI247, OrbitX, Edge and FairExchange. BLACK and Edge are trading platforms; the other four each carry an exchange of their own. They are the ways in to the eight exchanges above, kept apart from the list itself.
Sharp Exchange
BetInAsia and MadMarket both open Sharp Exchange, and BetInAsia's page is blunt about the door: "You will need to use a broker like BetInAsia to access Sharp, as you can't access it directly." Both describe a back and lay exchange with in-play betting and cash out, and both put the minimum stake at €10.
The sports list is shared too: the two brokers agree on a core of twenty sports, football, basketball, tennis, baseball, cricket and golf among them. BetInAsia's help centre adds that horse racing takes back bets only and, incidentally, that Sharp Exchange carries a Games section of simulated tables such as Blackjack and Hi-Lo. The detail sits in our Sharp Exchange review.
PIWI247 and PIWIXchange
AsianConnect describes PIWI247 as a platform that unites an exchange, a sportsbook and a casino. The exchange goes by PIWIX or PIWIXchange: "PIWIXchange, a.k.a. PIWIX is PIWI247's betting exchange", in AsianConnect's words, and its blog writes "PIWIX is powered by Betfair". PIWI247's own terms say that for the vast majority of customers the only charge is commission on net winnings in a PIWIXchange market, at the rate set when the account is opened or notified later. That clause belongs to the PIWI247 terms, not to AsianConnect's.
OrbitX and Orbit Exchange
Orbit Exchange has one route per broker in the register: OrbitX at AsianConnect, Sharp Exchange at BetInAsia and at MadMarket, and FairExchange at Sportmarket. AsianConnect's site names OrbitX as Orbit Exchange and marks it "(Powered by Betfair)". Orbit Exchange's own terms name Eight Central Limited N.V., a Curaçao company, as the operator and describe a commission on net winnings in an Exchange market without publishing a rate. The detail sits in our Orbit Exchange review.
FairExchange
Sportmarket presents FairExchange as its own peer-to-peer exchange, and the register lists it as the Sportmarket route to Betfair and to Orbit Exchange. Access starts with a registered, verified account and funds in the Main Account, then a request to support. The minimum stake is €5, the minimum activation deposit is €100 and two-factor authentication is mandatory.
Molly Exchange
Mollybet's site names a Molly Exchange as the platform's own source of liquidity, inside a sports trading platform for professional betting. The register files Mollybet among the exchanges, with BLACK at BetInAsia, Edge at MadMarket and no named tool at Sportmarket. Both roles are explained under Molly Exchange inside Mollybet.
Two names that are platforms
BLACK is the BetInAsia platform and Edge is the MadMarket platform. They open the exchanges of this list beside the Asian bookmakers; they are not rows of the list.
Prediction markets: Kalshi and Polymarket
Kalshi and Polymarket both work from an order book, and our register tags both as prediction markets while filing them with the exchanges. The comparison between the two models sits in prediction markets vs betting exchanges.
Kalshi
Kalshi's help centre describes contracts whose payouts go to a cash balance once a market settles, which happens "when the official outcome is confirmed and our markets team finalizes the result". The page puts most settlements within a few hours of the outcome, often about three, and adds that a market staying open after the event has ended is not a sign that the payout criteria are unmet.
Kalshi "makes money by charging a transaction fee on the expected earnings on the contract". Fees differ from market to market, and in some markets resting orders carry a maker fee that is charged only when the trade executes; cancelling one costs nothing. In the register Kalshi opens through BLACK at BetInAsia and Edge at MadMarket.
Polymarket
On Polymarket each share trades between $0.00 and $1.00 on a Central Limit Order Book, and the price reads as a probability: $0.25 means 25%. The documentation is plain about who sets it: "Prices aren't set by Polymarket", they "emerge from supply and demand as users trade with each other".
The displayed price is the midpoint of the bid-ask spread (the last traded price takes over if the spread passes $0.10), while a buyer pays the ask. With a bid at $0.34 and an ask at $0.40, the screen shows $0.37 and a purchase costs $0.40. Every order is technically a limit order, and a market order is simply one priced to fill at once. In the register Polymarket opens through BLACK at BetInAsia, Edge at MadMarket and, with no named tool, Sportmarket.
How we compare betting exchanges
Three columns, three criteria.
Published commission
The base and the rate as the exchange publishes them, on net winnings in a market or on the contract.
Broker access tool
Which of the four brokers opens the exchange, and with which tool, read from our access register. The count of exchanges for each broker comes straight from it.
Liquidity, country lists and scores stay out of the table. Country restrictions belong to each operator and each broker, and each broker publishes its own list: BetInAsia's sits at BetInAsia restricted countries.
Which betting exchange should you use?
Choose the tool first; the exchange follows. The register ties each exchange to a tool and each tool to a broker, so the useful question is which tool you want to trade on.
Enough description. Here is the choice, broker by broker, read from the register.
BetInAsia
Opens all eight exchanges: BLACK for Betdaq, Kalshi, Matchbook, Mollybet, Polymarket and Smarkets; Sharp Exchange for Betfair and Orbit Exchange.
AsianConnect
Opens two of the eight exchanges: PIWI247 for Betfair; OrbitX for Betfair and Orbit Exchange.
MadMarket
Opens all eight exchanges: Edge for Betdaq, Betfair, Kalshi, Matchbook, Mollybet, Polymarket and Smarkets; Sharp Exchange for Betfair and Orbit Exchange.
Sportmarket
Opens seven of the eight exchanges: FairExchange for Betfair and Orbit Exchange; no named tool for Betdaq, Matchbook, Mollybet, Polymarket and Smarkets.
Where to start
Verdict? Find the exchange in the table, then take the broker whose tool you want to trade on. For the side-by-side view of the four brokers, see which broker gives access to which exchange.
Betting exchanges FAQ
Which exchanges does each broker open?
In our register BetInAsia opens all eight exchanges, through BLACK and Sharp Exchange. AsianConnect opens two of the eight exchanges, through PIWI247 and OrbitX. MadMarket opens all eight exchanges, through Edge and Sharp Exchange. Sportmarket opens seven of the eight exchanges, through FairExchange and with no named tool for five of them.
What is Sharp Exchange?
Sharp Exchange is a back and lay exchange that BetInAsia and MadMarket open in our register. BetInAsia writes that you reach it through a broker, and both brokers put the minimum stake at €10.
What is FairExchange?
FairExchange is the peer-to-peer exchange of Sportmarket. Access starts with a registered, verified account and funds in the Main Account, then a request to support; the minimum stake is €5, the minimum activation deposit is €100 and two-factor authentication is mandatory.
Are Kalshi and Polymarket in the register?
Yes. Our register tags both as prediction markets and lists them among the exchanges, and both work from an order book. Kalshi opens through BLACK at BetInAsia and Edge at MadMarket; Polymarket opens through the same two tools and at Sportmarket with no named tool.