Exchange betting is a type of wagering where individuals bet against each other rather than against a traditional bookmaker. In this system, participants can either back a selection to win or lay a selection to lose, creating a marketplace for bets. This allows for more flexible betting options and often better odds, as the prices are determined by the users themselves. One of the key features of exchange betting is the ability to trade bets in real-time, similar to stock trading. This means that bettors can adjust their positions based on changing circumstances, such as injuries or weather conditions, making it a dynamic and engaging way to participate in events like sports or horse racing.