Top 5 Betting Exchange Sites in India (2022)

Betting exchange sites do away with the conventional sportsbook and cricket betting sites, allowing punters to bet against each other instead of the bookmaker itself. You can set odds (and markets) against fellow bettors, increasing the size of returns. This article will focus on the best betting exchange sites available to Indian punters, plus credible Betfair alternatives in India, and reviews of the best exchange betting apps.

5 Best Betting Exchange Sites In India

  • Top Betfair alternative in India
  • 2% Commission on winnings
  • Supports in-play cricket betting

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Smarkets
MAIN FEATURES
Betting Exchange
In-Play Betting
Live Chat
Stats
24/7 Support
Mobile app
Fast payout speed
  • Excellent market coverage
  • Live chat support
  • Betting exchange apps for Android and iOS

Up to £20 money back if your first bet loses

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Matchbook
MAIN FEATURES
Betting Exchange
In-Play Betting
Live Chat
Stats
24/7 Support
Mobile app
Fast payout speed
  • Excellent cricket betting exchange site
  • Pay with UPI + 24x7 Customer support
  • Low minimum deposit of ₹200

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Crickex
MAIN FEATURES
Live Streaming
Betting Exchange
In-Play Betting
Live Chat
Stats
Mobile app
Fast payout speed
  • Pay with Netbanking, UPI, GPay, Visa, Mastercard
  • Excellent cricket betting exchange site for beginners
  • Fun88 betting app for Android and iOS

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Fun88
MAIN FEATURES
Live Streaming
Betting Exchange
In-Play Betting
Live Chat
24/7 Support
Mobile app
Fast payout speed
  • Brand new betting exchange
  • Brilliant website design and UX
  • Low minimum deposit of ₹200

150% bonus up to ₹20,000

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Parimatch
MAIN FEATURES
Live Streaming
In-Play Betting
Live Chat
Stats
24/7 Support
Mobile app
Bitcoin
Fast payout speed

Top Cricket Betting Exchange Sites

  • Smarkets: 2% commission on winnings
  • Matchbook: Live chat support
  • Crickex: Low minimum deposit of ₹200
  • Fun88: Betting exchange app for iOS & Android
  • Parimatch: Best website design

What Are Betting Exchange Sites?

First, let’s get the basics straight.

What happens when you’re betting with a regular bookmaker?

Let's say you are placing wagers with one of India’s best cricket betting sites. Here, whatever the market may be, you can only bet on one outcome. For example, you can bet on Ireland to win against England. But can you bet on Ireland to not win against England? No. That’s because conventional sportsbooks don’t have that option. Sure, you can wager on England to win against Ireland, but that will see a massive drop in odds, since England is a better team than Ireland across formats (at the time of writing).

This is where cricket betting exchange sites come in. They allow you to lay a bet, which means you can bet on an outcome not to happen. Taking the above example, you can bet on Ireland to not win vs. England when you’re wagering with a betting exchange site.

To Sum Up
  • With betting exchange sites in India, one punter ‘backs’ a bet (the conventional wager where you bet on an outcome to happen), while the other ‘lays’ (where you bet against a result).
  • For this bet to be valid, bettors must agree on the stake, betting market, and odds.
  • Therefore, a betting exchange here serves as a sort of matchmaker, pitting you against the other, allowing two opposing bets.
  • Essentially, you’re not betting against the bookmaker, but you’re simply betting against other punters, like yourself.
  • Unlike a traditional betting site, betting exchanges don’t profit from you losing. Instead, they charge a nominal commission on your winnings, so the more you bet and win, the more profit they make.
  • This means you usually get much better odds with betting exchange sites, but we’ll come to that later.


This video should help you gain a better understanding…

Betting Exchange Sites in India: Reviewed

 Smarkets

Smarkets Betting Exchange

  • Accepts Indian punters: Yes
  • Accepts INR: Yes
  • Licensed by: Malta Gaming Authority
Smarkets Pros
  • Good customer assistance
  • Supports in-play cricket, football, and tennis betting
  • Nominal commission on winnings
  • Supports Visa, Mastercard, Bank Transfer, NETELLER, Skrill
  • Good market coverage, including politics & current affairs
  • Excellent betting exchange site for cricket
Smarkets Cons
  • Doesn’t accept INR
  • Not the best welcome bonus
  • Lacks adequate India-specific banking options

Verdict

Smarkets doesn’t want to be a jack-of-all-trades. Instead, it is happy being the ‘Master of One’. The site has an easy-to-use design layout, plus it charges a nominal 2% commission on winnings, which is on par with industry standards. So while Smarkets doesn’t offer an online casino, it undoubtedly does its job well – that of being one of the finest betting exchange sites in India. Add to that the decent customer support, sizeable welcome bonus, and various cricket markets, and this UK-based betting exchange certainly makes a strong case for itself.

 

Matchbook

Matchbook Betting Exchange

  • Accepts Indian punters: Yes
  • Accepts INR: No
  • Licensed by: Alderney Gambling Control Commission
Matchbook Pros
  • Deep liquidity
  • Customer support through live chat
  • Extremely easy to use, beginner-friendly
  • Smarkets betting exchange app for Android, iOS
  • Decent welcome offer
  • 0% Commission on all sports for 30 days
Matchbook Cons
  • Charges 4% commission on winnings in India
  • Lacks adequate India-specific banking options
  • Doesn’t accept INR

Verdict

Matchbook is a top-notch Betfair alternative in India, suitable especially for casual bettors. It market coverage is decent, much like Smarkets. But the feather on the cap is their betting exchange app, available on both iOS and Android devices.

All in all, we were pretty impressed and have no qualms in rating Matchbook as one of India’s most reputable and user-friendly betting exchange sites. Slight drawbacks include the commission, which is 4% – higher than what most exchanges charge in India. In addition, the site doesn't accept too many India-specific deposit methods. However, everything else Matchbook has to offer more than makes up for these shortcomings.

Crickex

Crickex Betting Exchange

  • Accepts Indian punters: Yes
  • Accepts INR: Yes
  • Licensed by: Curaçao
Crickex Pros
  • Comprehensive sportsbook with focus on football, cricket, and tennis
  • Interactive live betting platform
  • Live cricket streaming
  • Good live casino games, including baccarat, Super Sic Bo Live, Deal or No Deal Live
  • Multiple deposit options preferred by Indians
  • Zero-charge withdrawals, 24×7 live chat support
  • Tailored offers and bonuses in keeping with wagering requirements and preferences
Crickex Cons
  • Focus is on cricket, so fans of other sports might feel left out
  • Casino bonuses could be better

Verdict

Although Crickex is new to the world of online betting, we believe they hold serious potential to become one of the best of their kind. Yes, there are limitations, including their almost tunnel vision on cricket. On the upside, however, this cricket betting exchange is designed primarily for Indian and Bangladeshi punters. Considering that the subcontinent doesn't have many betting exchanges available to punters in the region, this is a noteworthy accomplishment in itself.

Fun88

Fun88 Betting Exchange

  • Accepts Indian punters: Yes
  • Accepts INR: Yes
  • Licensed by: Philippine Amusement and Gaming Corporation
Fun88 Pros
  • Various sports betting options
  • Unique promos and bonuses
  • Excellent online betting exchange
  • Convenient deposit and withdrawal methods, including Google Pay, UPI, Net Banking, PhonePe
Fun88 Cons
  • UI for the web browser could improve
  • A little variety in casino games would be welcome
  • Nothing much to write home about for virtual sports betting
  • Stringent welcome bonus requirements

Verdict

They may not be the world’s best, but the Fun88 betting exchange is fun to use every once in a while, particularly if you are new to online gambling. However, if you are a more experienced punter, you might find this exchange lacking in certain features and betting options.

Parimatch

Parimatch exchange

  • Accepts Indian punters: Yes
  • Accepts INR: Yes
  • Licensed by: Kahnawake Gaming Commission
Parimatch Pros
  • Focus on cricket, football and tennis
  • ‘Live TV’ feature (for live streaming)
  • Special markets available
  • In-play betting on cricket matches
  • Deposit with Paytm, PhonePe, GPay, UPI, Visa/Mastercard
  • Live chat support + Assistance on Whatsapp/Telegram
Parimatch Cons
  • Exchange limited in scope, may not be suitable for the advanced punter
  • Exchange not available on the app
  • Live chat support can be more prompt
  • Not many cricket betting markets on the exchange

Verdict

A recent entrant as a betting exchange site, Parimatch doesn’t wow, nor does it disappoint. The sportsbook — in the exchange — is limited to football, cricket and tennis right now, but we expect horse and greyhound racing to be introduced sooner than later. To make amends for the scope of the betting exchange, the operator is offering live streaming of select cricket matches under the ‘Live TV’ feature (on the top left of the screen), but we should tell you that it isn’t exactly uninterrupted coverage.

Plus, the fact that you get easy and quick banking options to transfer money into your exchange account certainly helps.

All in all, we sure recommend the Parimatch betting exchange site, but only if the others don’t cut it for you.

Betting Exchange Sites vs Regular Bookmakers

exchanges vs bookmakers

How To Use Betting Exchange Sites

Now that we have listed and described the top betting exchange sites in India, we'll tell you how to use one. To that end, we have compiled three simple steps below:

  • Sign Up

Register an account with the betting exchange by submitting the required details.

  • Fund Your Betting Account

This is easy, especially with all the convenient betting payment methods on offer.

  • Use the Welcome Bonus

The betting exchange sites we recommend offer all kinds of welcome bonuses and free bets. The best welcome bonuses are usually available on signing up with the bookie, while for others, you will have to make your first deposit. We strongly recommend you utilise the free bets, as they also give you extra cash to play with.

Types of Bets at a Betting Exchange

  • Win

This is the most straightforward bet type, and one that’s offered by all sports betting sites. Suppose you are betting on The Ashes, one of the top cricket tournaments in the world. Here, a ‘win’ bet is simply when you back Australia to win the trophy (or England, depending on your pick).

In essence, you are putting your money on a specific outcome, and hoping the match/event will pan out that way. Also, there’s that possibility of landing higher odds with this kind of a bet.

  • Lay

It is this bet type that primarily differentiates a bookie from a betting exchange. While the former will only allow you to place win bet, with the latter, ‘lay’ bets are also an option. These allow you bet on a particular outcome of a match to not happen. When you do this, you essentially take on the bookmaker’s role.

A ‘lay’ bet is typically riskier, as it requires you to wager against the interests of fellow punters. Therefore, there’s a lot to lose if you don’t get it right (that is, if the outcome, which you are betting against, happens). That’s precisely why you should use a lay bet calculator before placing one of these with a betting exchange. We recommending using the one available at Smarkets, which also comes with a set of detailed instructions.

Betting Exchange Sites: Pros and Cons

  • Higher odds compared to conventional betting sites
  • Chance to earn a bigger profit
  • Usually more flexibility as you can lay a bet
  • Free market principle because there’s no bookmaker setting the odds for you
  • Matching bets could be a problem in less common markets
  • Bonuses may not be as great as regular betting sites
Tips On Using a Betting Exchange Site
  • Remember, you don’t get fixed odds when using betting exchanges. Therefore, take your time and ensure you get the most value from the odds.
  • ‘Lay’ bets can be tricky. It's a good idea to use a lay bet calculator before placing one so that you know you won’t lose more than you’d gain.
  • Compare different betting exchanges, the rate of commission they charge, and if they have any bonuses on offer. The lower the commission, the higher your profit will be. Also, a few betting exchanges even have skilled tipsters for extra insights.
  • Check if the betting exchange in question offers live betting. The best in-play betting sites provide handsome odds across a slew of markets, creating an exciting and dynamic wagering experience.

 

Betfair Alternatives in India

Before we explore some Betfair alternatives in India, let’s understand the issue here that’s nudging us to look for substitutes in the first place. Betfair is undoubtedly the world’s most popular and biggest betting exchange, but there are two issues worth bearing in mind. 

Firstly, Betfair charges a hefty commission (ranging anywhere between 5-7% of your winnings), which can lead to profit erosion in the long term. And secondly, and more importantly, Betfair doesn’t operate in India, and if you try to access it, you’ll get this message.

Betfair restriction message

Can I Access Betfair Using VPN?

Some forums will suggest you use a VPN to sign up with Betfair. However, this will only go so far. Sure, you’ll be able to gain access and register, but Betfair’s Know Your Customer (KYC) policy will kick in then, requiring you to verify your betting account with a valid ID document, address of residence, and possibly, proof of payment as well.

You could be asked to provide copies of these documents immediately after registration or when you proceed to withdraw funds. If you fail verification, your account will be frozen and your winnings confiscated.

So What Are the Betfair Alternatives in India?

Alternatives to Betfair would be all the betting exchange sites that accept Indian bettors: Fun88, Crickex, Smarkets, and Matchbook.

  • If you’re particularly looking for a cricket betting exchange site, Crickex will be right up your street. Moreover, the minimum deposit is a nominal INR 200.
  • Likewise, Fun88 is a great option for beginners, and you get to play on the move with the Fun88 betting exchange app for Android and iOS.

That said, we’d like to focus exclusively on Matchbook and Smarkets for this section, as they offer innovative betting products. And with their sports market coverage and competitive odds that are as good as any, they’ve never let Indians rue the absence of a giant betting exchange like Betfair.

Smarkets

Although it is the newest betting site in this list, it is arguably the best Betfair alternative in India you can find. Smarkets charges a 2% commission on net winnings, on par with industry standards. Plus, they’re focused on expanding market coverage — currently, they cover 18 betting options, including cricket, football, horse racing — and increasing liquidity. All this makes this site a top contender as a Betfair substitute, especially when you consider the competitive commission percentage.

Smarkets website

Matchbook

In India, Matchbook charges a 4% commission on your net winnings, compared to the 2% rate in the UK and Ireland. So yes, punters in the country are at a slight disadvantage here. That said, Matchbook one-ups Smarkets in departments like live chat, mobile betting apps for Android and iOS, and valuable promos, such as 0% commission for 30 days.

Add to that their market coverage (that’s as good as that of Smarkets), and Matchbook is a highly credible Betfair alternative in India.

A screenshot of Matchbook's website

Betting Exchange Apps in India: Reviewed

Matchbook App

  • Betting exchange apps for Android and iOS
  • Live chat support

The Matchbook betting exchange site is a little peculiar, in the sense that it has some solid selling points but a few glaring shortcomings. For example, on the one hand, it has a beginner-friendly layout, good market coverage, live chat support, and high-value promotions, such as 0% commission across all sports for 30 days. Going by these, you’d feel Matchbook is a top draw. And it is, really.

But then there are these downsides to the app – two being a dearth of India-specific banking methods and a relatively hefty 4% commission charged on winnings (the standard is typically 2%). INR is also not accepted as a viable currency.

Smarkets App

  • Betting exchange app for Android
  • 2% Commission on winnings

The Smarkets app practically shares the same weakness as the Matchbook app. There’s a shortage of deposit/withdrawal options commonly used in India, it does not accept INR, and the welcome bonus isn’t all that great. Still, we think these are minor blips that don’t take much away from the otherwise well-rounded betting exchange app that Smarkets offers.

Crickex App

  • Betting exchange app available on Android
  • Pay with UPI + Low minimum deposit of ₹200

Featuring a diverse mix of pre-match and in-play markets, the Crickex betting exchange app stands out for offering India-specific sports like kabaddi, something that you will not come across often. Moreover, you're offered 24/7 customer assistance and live streaming of select matches.

That said, Crickex isn’t the most versatile when it comes to the range of sports available, as currently, it only features cricket, football, tennis, and kabaddi betting markets. We’d definitely like to see them expand their coverage.

Unfortunately for fans of Apple, the Crickex betting exchange site is limited to Android devices only.

Fun88 App

  • App available on Android & iOS
  • Pay with NetBanking, UPI, GPay, Visa, Mastercard

The Fun88 betting exchange app has an easy-to-use and straightforward design, so that’s a plus. It’s a decent betting exchange, really. Sure, this isn’t the most versatile when it comes to betting options; it features markets for cricket, football, tennis, and occasionally horse racing.

However, if you’re particularly seeking a cricket betting exchange site, Fun88 does fit the bill.

Betting Exchange Sites FAQs

1️⃣ What are some of the best betting exchange sites in India?

The four best options punters in the country have are Crickex, Fun88, Smarkets, and Matchbook.

2️⃣ Can betting exchange sites legitimately operate in India?

Absolutely. Betting exchanges that accept Indians and are based out of the country (always check for licences and credentials on display from reputable gambling jurisdictions) are perfectly legal.

3️⃣ Can I bet on all sports with these betting exchanges?

Almost, but not all. It goes without saying that in India, cricket betting exchange sites are the most popular. That said, you can also wager on other sports, including football.

4️⃣ Is Betfair available in India?

Unfortunately, no. However, there are some Betfair alternatives in India, which we have discussed in this article.

5️⃣ What happened to the 1xBet betting exchange?

Although 1xBet used to have a betting exchange site, it has since been discontinued.

6️⃣ Are there betting exchange apps?

Yes. Fun88, Smarkets, Crickex and Matchbook have dedicated betting exchange apps for Android and iOS devices.

7️⃣ Lastly, why should I use a betting exchange over a conventional sportsbook?

Frankly, both have their pros and cons. But the one area where betting exchange sites one-up conventional sportsbooks is that you get longer odds with the former, and consequently, higher potential profits. In addition, betting exchanges operate on the free market principle, as no bookmaker sets the odds for you. Punters arrive at odds mutually, where one party ‘backs’ (bets on the outcome) and the other ‘lays’ (bets against the outcome).

Cricket Betting Advice Final Say

We hope you found this guide helpful. To derive more value from betting exchange sites in India, remember the points below:

  • Don’t expect as lucrative bonuses and promos as conventional betting sites offer.
  • You'll get much better odds than what you’d get from a traditional sportsbook.
  • Check the commission percentage charged by betting exchange sites before selecting one.
  • Before you lay a bet, check how much you could stand to lose from it using a lay bet calculator.
  • Bet on the more straightforward markets with a betting exchange – set aside the other relatively difficult ones for when you play with a traditional betting site.

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