// UK · Ranked
Betting Exchanges UK: Smarkets, Matchbook and easyBet Compared on Commission and Offers
How UK betting exchanges work, what Smarkets, Matchbook and easyBet charge, and which 0% commission or rebate Promo Code suits you.
On a betting exchange there is no bookmaker setting the price. You bet against other people, the odds move with the money, and the exchange takes a cut of what you win: 2% at both Smarkets and Matchbook. That is the whole model, and for anyone who bets regularly at bigger prices it often beats a traditional bookmaker on value, because the margin a trader builds into fixed odds is replaced by a small, visible commission.
Three UK-licensed exchanges are covered here. Smarkets and Matchbook are the established names; easyBet, which bills itself as the UK’s newest exchange, runs under the Matchbook licence. Below we explain backing, laying and liquidity with pound-note figures, then compare what each charges and which sign-up offer makes most sense for different kinds of punter.
Betting exchange offers
Smarkets
0% Commission for 60 Days
Use Smarkets code COMMFREE to trade with 0% commission for 60 days. New UK, IE & Malta users only. Min. £10/€10 first deposit only using Debit Card or Instant Banking. Full T&Cs apply.
Matchbook Exchange
0% Commission for 110 Days
New Customers Only. Sign up using Bonus Code: COMMFREE110. Pay 0% commission on all sports bets for your first 110 days. Users making their first deposit by Skrill, Neteller or PaySafe card will not qualify for this promotion. T's and C's Apply.
Matchbook
20% Rebate on Exchange Losses up to £1,000
- Min odds
- 2.0
Sign up today with Bonus code 'REBATE20". Qualified Users will receive a 20% rebate on Overall Qualifying Losses recorded 30 calendar days from Registration. These losses are exclusive to Matchbook Exchange markets only. Losses on Multiples, Bet Builders, Casino or other products do not count and are excluded. Only T’s and C’s Apply. Gamble Aware. Full T&Cs
easyBet
Bet £20 Get £20
- Min odds
- 2.0
New customers only. To qualify for free bets, the new user must place and settle £20 on easyBet markets. The user must bet on at least 2 different events to qualify. The user must place and settle bets at odds of 2.0 or more. An event is classed as two different sporting events. Bets can be placed on singles, multiples and Bet Builders. The user must place and settle bets before the closing date of the promotion to qualify. Users making their first deposit by Skrill, Neteller or PaySafe card will not qualify for this promotion. T's and C's Apply. GambleAware.
UK betting exchanges compared: licences, commission and Promo Codes
| Exchange | Licence holder (UKGC account) | Standard commission | Welcome offer | Promo Code |
|---|---|---|---|---|
| Smarkets | Smarkets (Malta) Limited (39173) | 2% on net winnings | 0% commission for 60 days | COMMFREE |
| Matchbook | Triplebet Limited (39504) | 2% on net winnings | 0% commission for 110 days | COMMFREE110 |
| Matchbook | Triplebet Limited (39504) | 2% on net winnings | 20% rebate on exchange losses, up to £1,000 | REBATE20 |
| easyBet | Triplebet Limited (39504) | See site | Bet £20 Get £20 in free bets | EB20 |
Licence details come from the Gambling Commission’s public register, which lists both “matchbook” and “easybet” as active trading names of Triplebet Limited. In other words, two of the three brands share an operator, and the choice between them comes down to interface and offer rather than to who holds your money.
Smarkets, Matchbook and easyBet reviewed
-
Smarkets
Smarkets charges a flat 2% on net winnings in a market and nothing on a market where you finish down, and says it builds no margin into its prices. Its own illustration is a useful benchmark: £100 backed at 5.50 wins £450, commission is £9, and you keep £441 profit. Register with Promo Code COMMFREE, make a first deposit of at least £10 by debit card or Instant Banking, and every bet that settles within 60 days of that deposit is commission-free. Forget the code and your account opens at the standard 2%. The offer is open to new users in the UK, Ireland and Malta.
Two exclusions matter. PayPal, Skrill, Neteller and prepaid or virtual cards (including virtual Monzo cards) do not qualify as a first deposit, and anyone trading through an API or trading software is ineligible. That makes Smarkets best suited to football and racing bettors who want a clean, low-commission exchange and quick Instant Bank withdrawals rather than to automated traders. Full details are on our Smarkets promo code page.
-
Matchbook
Matchbook describes itself as a peer-to-peer exchange owned and operated by Triplebet Limited, with standard commission of 2% on net winnings and nothing on losing bets. It runs two sign-up deals, and you can claim only one. Promo Code COMMFREE110 sets your commission to 0% for 110 days from registration, up to a value of £1,000, on bets through the Matchbook Exchange or Matchbook Zero interface; Enhanced Specials are excluded. Promo Code REBATE20 instead refunds 20% of your qualifying exchange losses over your first 30 calendar days, up to £1,000. Multiples, Bet Builders and casino losses do not count towards the rebate.
Under either offer, a first deposit by Skrill, Neteller or Paysafecard disqualifies you. The choice between the two is really a question of volume. Racing traders and heavy users will get far more from 110 days without commission; an occasional punter learning the ropes may find a 20% cushion on early losses more valuable. Our Matchbook promo codes guide compares them in detail.
-
easyBet
easyBet’s app is listed on Google Play as “easyBet – Betting Exchange”, and the listing calls it a peer-to-peer exchange that “connects you directly with other bettors”. It sits under Matchbook’s licence. With Promo Code EB20, place and settle £20 of bets at odds of 2.0 or more across at least two different events, and you receive four £5 free bets: one for football, one for horse racing, one for multiples and one for any market. Singles, multiples and Bet Builders all count towards the £20, but backing and laying the same selection does not, and a first deposit by Skrill, Neteller or Paysafecard rules you out. For newcomers who would rather try exchange betting with a small, simple free bet than a commission holiday, it is the gentlest entry point. The easyBet promo code page has the full terms.
How exchange betting works: backing, laying and liability
Back betting: staking on an outcome to happen
A back bet is the same as a normal bet: you win if the selection wins. Back a horse with £10 at 5.0 and it pays £40 profit if it wins. The difference is who takes the other side. On an exchange it is another customer, and the price is whatever the two of you are prepared to agree. If nobody will offer 5.0, you can ask for it and wait, or accept the best price currently available.
Lay betting: acting as the bookmaker
A lay bet is a bet that something will not happen. Lay the same horse for a £10 stake at 5.0 and you win £10 if it loses, falls or is pulled up. If it wins, you pay the backer £40. That £40 is your liability, and the exchange sets it aside from your balance until the race is settled. Smarkets’ help centre makes the same point with a football example: lay Real Madrid to beat Roma, and you win on a Roma win or a draw.
The rule of thumb is that liability equals stake multiplied by the odds minus one. Laying a 2.0 favourite for £10 puts £10 at risk; laying a 21.0 outsider for the same £10 puts £200 at risk. Laying at long odds is cheap to win and expensive to lose, so check the liability figure on the bet slip before you confirm.
Trading: backing high and laying low
Because you can both back and lay, an exchange lets you take a position and close it later. Back a horse for £10 at 6.0 in the morning and, if it shortens to 3.0 by the off, laying it for £20 at 3.0 means you collect £50 from the back bet and pay £40 on the lay if it wins (a £10 profit), or lose the £10 back stake and win £20 on the lay if it loses (again £10 profit). The market has moved in your favour and you have locked in a return whatever happens. If it drifts the other way, the same mechanics lock in a loss, which is why trading demands discipline as much as judgment.
Exchange commission in pounds: what 2% really costs
Commission is charged on your net winnings in each market, not on every individual bet. If you have several bets on the same race and come out £30 ahead overall, the 2% is levied on that £30. At the standard rate the sums look like this.
| Bet | Outcome | Gross profit | 2% commission | Net profit |
|---|---|---|---|---|
| Back £10 at 3.0 | Wins | £20.00 | £0.40 | £19.60 |
| Lay £10 at 3.0 (liability £20) | Selection loses | £10.00 | £0.20 | £9.80 |
| Back £100 at 5.50 | Wins | £450.00 | £9.00 | £441.00 |
| Any bet | Net loss on the market | None | £0 | None |
With COMMFREE or COMMFREE110 active, the commission column is zero. On small stakes that saving is pennies; on a £100 winner at 5.50 it is £9 a time, which is why the length of the commission-free period matters more to regular users than the headline.
Exchange liquidity: why a bet might only part-match
There are no fixed account limits on an exchange. Smarkets explains that what you can bet “is determined by the liquidity”, meaning the amount other users have available in that market. On a Saturday Premier League match or a big race there is plenty. On a lower-league fixture you might ask for 4.0 and have only part of your stake matched, with the rest waiting in the queue. You can leave the unmatched part to be taken later, accept a lower price, or cancel it.
Liquidity is also the main practical difference between exchanges. A price is only as good as the money behind it, so a punter who bets large sums on minor markets should look at how much is waiting at each price before committing, not simply at the odds displayed.
Betting exchange or bookmaker: which gives better value?
Exchange odds are set by customers rather than by a trader, and Smarkets says it adds no margin of its own; you pay 2% on winnings instead. On popular markets that usually means bigger prices than a bookmaker offers, particularly on outsiders. Only an exchange lets you bet against a selection, and only an exchange lets you trade a position in the way described above.
Bookmakers still win on concessions. Best Odds Guaranteed, extra places and price boosts are bookmaker features with no exchange equivalent, and they can be worth more than the commission saving on a typical Saturday racing bet. Our horse racing betting sites guide covers those. Welcome offers differ too: bookmakers hand out free bets, while exchanges cut commission or refund losses. Compare both kinds on the UK free bets page.
Which exchange sign-up code should you choose?
For the longest commission-free run, Matchbook’s COMMFREE110 is the clear leader at 110 days, capped at £1,000 of value. Smarkets’ COMMFREE is simpler, with 60 days that start from your first deposit rather than from registration,. Matchbook’s REBATE20 is the safety net, returning 20% of first-month exchange losses while you learn. And if you would rather have free bets than a commission saving, easyBet’s EB20 delivers four £5 free bets for £20 of qualifying bets.
At all three exchanges the Promo Code goes in when you register. Taking COMMFREE110 at Matchbook or EB20 at easyBet also rules you out of future “0% Commission” promotions there, so it is worth deciding which offer you value most before opening either account.
Exchange withdrawals: how quickly Smarkets pays out
Smarkets publishes its payment times: Instant Bank withdrawals are processed within 12 hours, Visa debit within one to six business days and bank transfers within five to ten, all fee-free. UK customers cannot cancel a pending withdrawal. For bookmakers that pay faster still, see our fast withdrawal betting sites comparison.
Related UK guides: exchange codes, bookmakers and free bets
Each exchange offer has its own page with the full terms: Smarkets promo code COMMFREE, Matchbook’s COMMFREE110 and REBATE20 and easyBet’s EB20. For fixed-odds alternatives, our UK betting sites rankings cover the licensed bookmakers, and the UK promo codes hub lists every sign-up code we track.
Setting limits and getting help with gambling
Laying can expose you to far larger losses than your stake, and trading can feel more like work than leisure. Betting exchanges are for over-18s only. Check your liability on every bet, set a deposit limit when you open the account, and if you need a break from every UK-licensed site at once, register with GAMSTOP. Free, confidential help is available at GambleAware.org and on the National Gambling Helpline, 0808 8020 133.
18+. New customers only. T&Cs apply. Please gamble responsibly. GambleAware.org
FAQ
What is a betting exchange?
A marketplace where punters bet against each other rather than against a bookmaker. You can back an outcome to happen or lay it not to happen, and the exchange takes a commission on your net winnings instead of building a margin into the odds.
How much commission do UK betting exchanges charge?
Smarkets and Matchbook both charge 2% on net winnings in a market, and nothing on a market where you lose. Their sign-up Promo Codes cut that to 0% for 60 days at Smarkets and 110 days at Matchbook.
What does lay betting mean?
Betting that something will not happen. If you lay a horse at 4.0 for a £10 stake, you win £10 if it loses and pay £30 if it wins. The £30 is your liability, and the exchange holds it from your balance while the bet is open.
Is easyBet a betting exchange?
Yes. easyBet describes itself as a peer-to-peer betting exchange, and it runs under the same Gambling Commission licence as Matchbook, held by Triplebet Limited. Its welcome offer gives £20 in free bets for £20 of qualifying bets with Promo Code EB20.
What is liquidity on a betting exchange?
The amount of money other users have available to match your bet. Smarkets says the amount you can bet is set by the liquidity in each market, so big races and Premier League matches can absorb large stakes while minor markets may only match part of yours.
Can I use a betting exchange for matched betting?
The exchanges allow it in principle, but some welcome offers exclude it. Matchbook and easyBet say backing and laying the same selection does not count towards qualifying, and Smarkets excludes customers who use API or trading software from its 0% commission offer.