How do betting exchanges differ from traditional bookmakers, and what integrity concerns do they raise?

How do betting exchanges differ from traditional bookmakers, and what integrity concerns do they raise?

• A. They match bets that the operator backs with their own funds.
• B. They only operate in live events.
• C. They allow user-to-user bets and require strong surveillance to prevent manipulation and ensure liquidity.
• D. They have no need for liquidity management

Answer: (C)