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iBetX is a bonded person-to-person betting exchange. It handles action on both UK and US horse racing and other sports such as NFL, NHL and baseball.

Customers first establish an account and make a deposit. The market on a horse race at iBetX is similar to a stock exchange where "bid" and "asked" prices for stocks are constantly fluctuating. The betting odds are typically about 20% higher than at the racetrack, or in a high-street betting shop (tote).

iBetX charges 1-3% commission on net winnings and is the only bonded betting exchange in the UK.

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