This is to be expected, since betting exchanges are based on open market principles while bookmakers control their markets. The bookmaker's spread will negate any advantage the bookmaker will have in setting odds vis-a-vis the market. Indeed, the market's ability to set better odds than bookmakers has to do with removing the traditional information asymmetry that exists in the bookmaking industry. The only point on which bookmakers may offer superior consumer welfare is with respect to liquidity. The concept applies to bookmakers as well, though, in that spreads are greater for events that receive fewer bets. In addition, the market is likely to remedy the liquidity problem and Metcalf's Law in the long-run, meaning that over the long-run betting exchanges are expected to deliver superior consumer welfare outcomes compared with bookmakers.

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