A sportsbook is basically a bookmaker. You will hear the term bookmaker a bit more in the euro world. In the states, most refer to it as a sportsbook or bookie.
A betting exchange is a whole different monster. A betting exchange is where you're betting on a game live while it's happening. Shares usually start at 0 and top out at 100. Share prices fluctuate based on how well (or bad) a team is covering the spread.
It's a very fun way of betting. We're currently doing some feature pieces on betting exchanges. Look for those to be posted on the site within the next month or so.
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