Well, according to our Gambling Commission licence we are an exchange. We are certainly not a bookmaker in the way bet365, Paddy Power and Ladbrokes are because we do not set our own odds. Instead we display odds available at some familiar online bookies and allow Pros to choose the price they want.
That said, there are many differences between BetConnect and the first online betting exchange, Betfair. If you are familiar with Betfair you will quickly find BetConnect works very differently.
Essentially we are a trading place: people who want to BACK horses, football teams or whatever to win are matched with people who want LAY them (and act as their bookmaker).