What is the difference between a bookmaker and a betting exchange?

When betting with a bookmaker, you’re betting against the bookmaker itself, not other players. The bookmaker sets the odds and takes on the risk. For example, at BetJili, you bet against BetJili’s offered odds, and they bear the risk of payout.

A betting exchange on the hand operates on a peer-to-peer basis, offering more competitive odds due to market supply and demand dynamics. It matches bets from different players, allowing you to bet against one or more people. This system often results in higher odds compared to traditional bookmakers. However, betting exchanges charge a commission on your net winnings for each market, which is a key difference from the traditional bookmaker model.