Abstract: A network based sporting event wagering system includes a licensed wagering exchange company having a central office with a central computer, memory storage unit, and an instruction set executable by the central computer and at least one licensed bookmaker associated with said wagering exchange company. A first network terminal is accessible by the bookmaker, and a second network terminal is accessible by a bettor for posting a desired sporting event wager with odds preferred by the bettor. An electronic network connects the first network terminal and the second network terminal with the computer at the betting exchange company. The executed instruction set operates on the central computer to receive the desired wager from the bettor and displays the desired wager to the bookmaker such that the bookmaker has the option of accepting the desired sporting event wager at the odds preferred by the bettor.