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What are the Betting Exchanges in horse racing betting?

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Can you help me know, how one can place bets on horse races through a Betting Exchange. I would like to have adetailed information on the Betting Exchanges in horse racing betting.

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  1. n addition to traditional betting with a bookmaker, punters are able to both back and lay money on an online betting exchange. Punters who lay the odds are in effect acting as a bookmaker. The odds of a horse are set by the market conditions of the betting exchange which is dictated to by the activity of the members.

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