Hey @braveboat, here in the UK betting exchanges that exist today (Betfair, Betdaq etc.) are essentially the crowd betting against each other, and I can tell you from experience that:

• The crowd manages to increase the efficiency of liquid markets over time, as the ratio of shrewd punters increases. Bookmakers then start to follow the exchanges as a price guide!
• As there's no "house" there's also no house edge. Instead you pay commission on wins (5% with Betfair). Despite the commission this often works out better placing the bets with an exchange than at traditional bookmakers.

However, if I'm understanding correctly, Wagerr will be offering two outcomes that are priced at evens (minus 2% fee), and if the odds don't move like they would on an exchange, this could lead to big opportunities for experienced bettors! I'll watch with interest :)