A betting exchange is a platform where bettors can bet against each other instead of betting against a bookmaker. Bettors can place bets on the outcome of sporting events and set their own odds, which other bettors can choose to accept. Betting exchanges charge a commission on winnings and offer a range of betting options, including lay bets, which allow bettors to bet against a particular outcome. Betting exchanges provide an alternative to traditional bookmakers and can offer better odds and more flexibility to bettors.