Exchange22

What Exchange22 does

Exchange22 (also marketed as Playing Exchange) is an India-domiciled, direct-to-consumer online cricket betting exchange headquartered in Noida. Founded in 2019, the platform applies a stock-exchange paradigm to cricket wagering, enabling individual users to back (bet for) or lay (bet against) teams and players with odds that fluctuate in real time as opposing bets are placed. Coverage spans major cricket properties including the IPL, World Cup, and Ashes, with bet types ranging from match winners and top batsmen/bowlers to in-play wagers on individual balls and overs.

The underlying platform consists of a web-based front end (exchange222.com.in), an Android mobile application, and a tiered trading environment split into a Basic platform for casual users and an Advanced platform offering more indicators and customization. Core functional features include live in-play betting, integrated live streaming of matches, a cash-out option for open positions, and account-level tools such as loyalty cash-back, sign-up bonuses, free bets, profit boosts, and money-back specials. The technology stack is positioned as a peer-to-peer matching engine rather than a traditional bookmaker margin model, with the platform monetizing primarily through commissions on winning bets and supplementary fees for real-time data, broker-assisted trades, and wire transfers.

From a business-model standpoint, Exchange22 is a self-serve, single-country operation with no disclosed B2B or international footprint. Distribution is concentrated in organic search and WhatsApp-driven referrals; monetization is volume-based rather than subscription-based. The company self-describes as licensed and regulated under Indian law, although the specific regulator, license number, and corporate ownership are not disclosed. No funding rounds, financial results, management team, headcount trend, or partnership data are evidenced in available sources, leaving scale and capital structure as material gaps for any prospective investor or acquirer.

Name

Exchange22

Legal name

Exchange22

Website

https://exchange222.com.in

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Exchange22 is a Noida-based, India-only online cricket betting exchange that lets consumers back or lay teams and players via a stock-exchange-style platform. It earns commissions on winning bets across its web platform, Android app, and tiered Basic/Advanced trading interfaces.

Ownership category

akta.pro rank

Product category

Cricket Betting Exchange

NAICS

Gambling Industries (7132), Other Gambling Industries (713290)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro industry

PRIMARYMPAEAIAA

Peer-to-Peer Sports Betting Exchanges

Media, Entertainment & Sports/Gambling, Betting & Casinos/Betting Exchanges

SECONDARYMPAEACAL

Betting Exchanges & Peer-to-Peer Sports Betting

Media, Entertainment & Sports/Gambling, Betting & Casinos/Sports Betting (Retail & Online)

SECONDARYMPAEAIAD

In-Play (Live) Betting Exchanges

Media, Entertainment & Sports/Gambling, Betting & Casinos/Betting Exchanges

Keywords

• Cricket betting exchange
• Online sports betting
• In-play betting platform
• Peer-to-peer wagering
• Real-time odds trading

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Marketing or Sales, Operations, Personnel, Infrastructure

Revenue model

1. Trading Commissions: Platform charges commissions on winning bets placed through the exchange. The platform advertises competitive odds and low commissions with no hidden fees.
2. Data and Service Fees: Fees charged for real-time market data, broker-assisted trades, wire transfers, and other transaction services as outlined in the fee schedule.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Exchange22 operates a licensed online cricket betting exchange that works like a stock exchange, allowing users to back (bet for) or lay (bet against) teams and players with odds fluctuating in real time based on incoming bets. The service is delivered via a web platform and mobile app, supporting live in-play betting, integrated match streaming, and a cash-out option on active positions.

Product overview

Exchange 22 (also referred to as Playing Exchange) is a single-platform online cricket betting exchange that launched in 2019. The platform operates on a stock exchange model where users can back or lay teams and players. It offers a Basic Trading Platform for casual users and an Advanced Trading Platform with more indicators and customization for experienced traders. Key features include live streaming, in-play betting, and cash-out functionality. The platform is accessible via web and mobile app, covering major cricket tournaments like IPL, World Cup, and Ashes.

Differentiator

Problem solved

Functional benefit

Products and services

• Exchange 22 (Playing Exchange) Main Platform India's online cricket betting exchange that allows users to back or lay teams and players with real-time fluctuating odds. Accessible via web and mobile, and is the umbrella platform under which all other Exchange22 offerings sit.
• Basic Trading Platform Simplified exchange interface designed for casual bettors, providing real-time data and charting tools with an easy-to-use layout.
• Advanced Trading Platform Advanced web-based and mobile interface aimed at seasoned bettors, offering more indicators and customization options than the basic tier.
• Exchange 22 Mobile App Android mobile application that provides on-the-go access to Exchange22's betting exchange, including account management and live trading of cricket markets.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators2 records

Recent moves4 records

Expansion highlights3 records

Broad incumbents

• Bet365: Global sportsbook leader offering in-play cricket betting, live streaming, and cash-out. Competes with Exchange22 for serious cricket bettors globally via a much broader sportsbook product rather than a pure exchange.
• 1xBet: Large global online sportsbook with extensive cricket markets and aggressive digital acquisition. Competes for the same Indian and South Asian cricket bettor segment with a traditional bookmaker model.
• Betway: Established global sportsbook with a significant cricket offering (including India-focused brand presence). Comparable in terms of cricket betting market and customer segment, but operates as a traditional bookmaker rather than an exchange.

Direct peers

• Smarkets: Commission-based betting exchange offering back/lay markets, in-play betting, and cash-out across multiple sports. Closely comparable exchange model and customer proposition to Exchange22.
• Betdaq: Smaller exchange operator competing in the same peer-to-peer betting exchange niche as Exchange22, with similar commission economics and exchange-style market mechanics.
• Betfair: Global pioneer of the peer-to-peer betting exchange model that Exchange22 has adapted specifically for cricket. Same core architecture (back/lay, in-play, cash out) and same commission-based revenue mechanics.
• Parimatch: Operator that has rolled out a peer-to-peer exchange product alongside traditional sportsbook, directly comparable to Exchange22's hybrid exchange model and target customer profile.

Emerging players

• My11Circle: India-focused fantasy cricket platform from Games24x7. Targets the same cricket-betting Indian consumer with adjacent (fantasy) mechanics, competing for time and wallet share.
• Dream11: India's dominant real-money sports gaming platform focused on fantasy cricket. Competes with Exchange22 for the same Indian cricket fan wallet but on a different product (fantasy teams vs. peer-to-peer exchange).
• Mobile Premier League (MPL): Indian real-money gaming aggregator offering multiple formats including fantasy and skill games. Competes with Exchange22 for Indian sports-betting wallet share and uses similar digital acquisition tactics.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Exchange22