It will indeed work similar to Betfair but amounts need to be matched completely, so if someone offers 100$ on 1 side it needs to be taken by 1 person on the other side for 100$. There will be 2% comission (instead of ~5% at betfair), but I'm not sure if odds are fixed or if they can be chosen and offered on wagerr similar to betfair.

Betfair is great for traders as you only pay fees on the winnings from a specific match. So if you bet 1000$ on 1 side and 1000$ on the opposing side with a middle position where you win 20$ no matter who wins you pay ~5% of that 20$. At wagerr you will pay 2% of the winning bet itself if you take middle positions which is a lot more. Their H2H margins should still beat average bookmaker odds by a lot so I'm quite confident that there is money to be made. There will for sure be tactics that can be used to exploit their system with small margins as I can't see many of the players there closely watching the market and the moves. I'm really looking forward to test it all out.