<p data-start="271" data-end="869">A Betting Exchange is an online platform where users can place bets directly against each other rather than through a traditional bookmaker. This system allows individuals to set their own odds and back or lay outcomes, providing more flexibility. Unlike fixed-odds betting, exchanges create a marketplace where supply and demand determine the odds. For newcomers, understanding the basic mechanics of how exchanges function is essential to making informed choices while engaging in sports or event-based predictions.