Horse racing and betting is of course one of the most popular pastimes in the UK.  Until quite recently, all bets on horses were placed by punters via their local bookies. However the internet has brought with it the latest concept in horse racing and betting - the use and concept of betting exchanges.

With the advent of betting exchanges, the way bets are placed have changed dramatically. This is why it is predicted that betting exchanges will grow rapidly in the near future where there will be an increased number of people using betting exchanges as their chosen method of betting.

A number of betting exchanges have sprung on the internet recently, namely Betfair and BETDAQ. With them comes the opportunity to bet against other people, and it is for this reason that a betting exchange is often referred to as person to person betting.  Because of this, there is no need of having a bookmaker around - bookies are not involved in making these bets.

The greatest and most popular attraction of a betting exchange is that it not only lets you back a horse to win in a race, it also possible for you to lay the horse if you think it will lose the race. There are other advantages of UK betting exchanges that include the ability for you to suggest your own price for the bet.  Additionally, you have access to prices on races the night before the race.  It is even possible for you to place bets after the race has started, called ‘in running betting’.  And most importantly, the odds tend to be better when winning with a betting exchange, than those you get from a traditional bookmaker.

There is not much difficulty in using a betting exchange either, you just have to choose a horse race and have a look at the list of prices that are currently available. The prices on the left hand side are prices for backing horses while those on the right hand side are prices for laying a horse. You are always advised on the best price available by the betting exchange.

Simply click on the prices you like, and then you are taken to a screen to enter the amount you want to bet or lay. Once this is done, you are shown the amount you stand to win or lose in the race.  Finally you have to confirm your bet for the race. I normally advise you when to use betting exchanges, although many members prefer to use them all the time, as they are familiar with using them.

There is another advantage offered by a betting exchange where if you don’t like the price on the exchange, you can post a price of your own and see if anyone else is ready to ‘match’ you and accept your bet. However it is important that you place orders for better prices that are realistic. It is only then that you can expect someone else to be prepared to lay bets on these odds.

Find out for yourself how simple, easy to use, and fun betting exchanges are, so visit Betfair and BETDAQ to see what they have to offer you, they’re great fun and profitable too.