# Betfair Exchange: Complete Beginner's Guide
Betfair Exchange revolutionized sports betting by allowing players to bet against each other instead of against a bookmaker.
What is Betfair Exchange?
Betfair Exchange is a platform where players can:
Instead of playing against the bookmaker, you play against other players, and Betfair takes a small commission on winnings (usually 2-5%).
Advantages of Betfair Exchange
1. Better Odds
Exchange often offers 10-20% better odds than traditional bookmakers since there's no bookmaker margin.
2. Lay Betting
Unique ability to bet AGAINST outcomes opens new strategies.
3. Trading
Like a stock exchange, you can "buy low" and "sell high" during a match.
Use [Exchange mode](/live?mode=exchange) on our platform to track Betfair odds movements!