Betting exchanges have revolutionised the way people bet. Bookmakers like Betfair offer more choice than a traditional bookmaker as they allow you to bet against other punters. This means that you will find on average 20% better odds at where you can bet on a team to win (back), draw OR lose (lay). The option to bet on a team losing is another major feature of betting exchanges.
At a betting exchange you will often find Odds Betting, Asian Handicap Betting and In-play Betting. In-Play betting was very popular at Betfair during the recent Ashes series. According to reports over "£30m was matched on the fifth Test on Betfair alone".
For many a betting exchange is a new experience. If you want to learn more about person to person betting then Betfair have introduced a 'play for fun' area. They describe this as the new risk free way to sharpen your betfair skills and learn about betting exchanges. Weekly winners in the fun league can even win a free £50 bet on betfair and the monthly winner will receive a free £100 bet.