ELI5: Explain Like I'm 5

Betting exchange

A betting exchange is a type of website that you can use to place bets (wagers) on different kinds of games, events, and sports. When you place a bet on a betting exchange, your bet is matched with someone else's bet, so you don't have to deal with any middleman or bookmaker who'd take a cut of your winnings. With a betting exchange, you can pick the bet you want to accept and, if your bet wins, you'll earn the money you wagered plus any winnings you made.