What a betting exchange is, how lay betting works, and how Ireland's exchange compares with fixed-odds sportsbooks.
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A betting exchange is a fundamentally different product from a traditional fixed-odds sportsbook — you bet against other punters rather than the house, which means you can "lay" (bet against an outcome) as well as back, and short-priced favourites often carry better value than at a standard bookmaker because there's no bookmaker margin baked into every price.
A sportsbook sets its own odds and takes the other side of every bet; an exchange matches you with another punter taking the opposite view, and takes a small commission from winnings instead of building margin into the odds.
Yes, that's the core feature of exchange betting — it lets you back or lay most major markets.
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