A betting exchange is a platform where customers can wager on the outcome of events by offering and accepting odds directly to other customers. Betting exchanges offer the same opportunities to bet as a bookmaker with a few differences. You can buy and sell the outcome, you can trade in real-time throughout the event and you may trade out to cut your losses or lock in a profit. Bookmaker operators generate revenue by offering less efficient odds which include a margin for themselves. Betting exchanges generate revenue by normally charging a transaction fee for providing their platform to customers, facilitating betting transactions and settling bets.