Best Online Betting Exchanges Betting exchange sites appear similar to traditional betting sites at first glance. You sign up, deposit, place bets at the day’s odds and get paid if your predictions are correct. Betting exchanges are marked by one key difference: you bet against other customers rather than against the bookmaker. Peer-to-peer betting sites offer a number of advantages over traditional wagering. The matchmaking system between punters leaves the host site with no stake in the outcome of any individual wager.