Smarkets

Smarkets Overview from Our Team

Established in 2008, Smarkets stands out as a betting exchange platform, setting itself apart from traditional bookmakers. Garnering a 5.8 out of 10 rating from our Match.Center experts, Smarkets offers a selection of 21 sports, with a particular emphasis on the football, horse racing, tennis and non-sporting bets. Their mobile applications for both iOS and Android mirror the main website’s functionality. However, their horse racing and greyhounds-only live streaming and limited bonuses for existing punters are areas of improvement. The 0% commission until 2024 as a welcome bonus is average across the industry. Still, Smarkets remains a viable choice for UK punters seeking a different betting style apart from traditional bookmakers.

Smarkets Basic Facts

Smarkets Pros & Cons

Smarkets Review

Smarkets, a distinguished betting exchange platform, stands apart from the conventional bookmakers. Established in 2008, it now operates under the regulations of the UK Gambling Commission.

The sportsbook of Smarkets bookmaker in the UK offers a selection of 21 sports, an average range by industry standards. Particularly, the football section shines, especially for English Premier League fans, offering more than 200 markets for each match. Beyond the top-tier, Smarkets covers a diverse range of leagues. Additionally, the platform extends its betting options to significant political events, entertainment, and even scientific occurrences. The sportsbook earns a good rating of 7 out of 10.

For those on the move, Smarkets UK bookmaker has developed mobile applications for both iOS and Android, mirroring the functionality of their main website. 10 out of 10 rating for this category.

When it comes to streaming, the Smarkets betting website falls a bit short, since they provide live-streams only for horse racing and greyhounds. As a result they get a score of 2 out of 10. Quantity of payment methods is decent, earning a 5 out of 10.

Newcomers to the Smarkets website for betting are greeted with a welcome bonus: a 0% commission until 2024, which is decent but still kind of weak. We would give it a 4 out of 10 rating. For existing players, the offerings are limited. By opting in and placing a bet at any odds using an OddsMonkey integration, players can get 0% Commission with Oddsmonkey Exclusive Promotion available. We rate it with 2 out of 10.

Support is accessible through various channels, but the live-chat feature is exclusive to registered users, resulting in a 5 out of 10 rating. In terms of legal information, Smarkets comes with a 10 out of 10, while navigation on the Smarkets UK betting website is fairly intuitive, though it may require some initial familiarisation, earning a 7 out of 10.

Overall, for those seeking a betting exchange website, Smarkets presents a viable option, though there’s still a lot to be improved in streaming and bonuses. All in all, The Smarkets has garnered a rating of 5.8 out of 10 from Match.Center experts.

Smarkets Screenshots

Smarkets home page

Smarkets mobile site

Smarkets mobile app

Smarkets Free Bets & Promotions

Smarkets Sign Up Offer

Get Bonus

Smarkets offers 0% commission for customers who deposit a minimum of £10 and use the code COMMFREE during registration. This rate applies to all bets settling before 23.59 GMT, December 31st, 2023. After this date, the commission reverts to the standard 2%. The offer is valid for sign-ups between 16:00 BST, 1st August 2023 and 16:00 BST, 1st September 2023. Read Full T&Cs.

How to Claim the Bonus:

1. Register a new account with Smarkets.
2. During registration, input the promo code COMMFREE in the designated field.
3. Deposit a minimum of £10 in a single transaction.
4. Start trading with a 0% commission rate on qualifying bets.

Bonus Terms and Conditions:

• The sign-up and deposit window is between 16:00 BST, 1st August 2023 and 16.00 BST, 1st September 2023.
• The promotional period lasts until 23.59 GMT, December 31st, 2023. After this, the default commission rate applies.
• Users registering outside the stipulated dates with the COMMFREE code get only 60 days of 0% commission.
• If the COMMFREE code isn’t used during registration, a 2% standard commission rate applies upon the first eligible deposit.
• Cannot be combined with other sign-up promotions.
• SBK sportsbook existing users are excluded.
• Skrill, Neteller, PayPal, or any virtual/prepaid card, including Monzo are excluded from the offer.

Smarkets Existing Customer Promotions

0% Commission – Oddsmonkey Exclusive Promotion

Get Bonus

Opt in with your Smarkets account email via the Smarkets landing page and confirm via the received email. After opting in, place a bet at any odds using an OddsMonkey integration and continue to do so at least once every 30 days. The 0% commission applies to all bets settled during the promotional period, which runs from 00:00 BST Tuesday August 1st 2023 to 12:00 GMT on Monday July 31st 2024. Skrill, Neteller, Trustly, or Paypal deposits are excluded from this offer. Read full T&Cs.

Smarkets Odds

Smarkets operates as a betting exchange platform, distinct from traditional bookmakers. There’s no margin in this model; instead, as Smarkets “Commission breakdown” section says, they charge a 2% commission on net market profits. Betting on an exchange offers the flexibility to both back and lay outcomes. The essence of this platform lies in its ability to pair bettors with opposing views on an event’s outcome, allowing them to set both stakes and odds, thus eliminating the role of a bookmaker.

The commission formula is: ((stake * odds) – stake) * commission rate

For example, if we take ATP Cincinnati match between Alexandr Zverev (2.88) and Daniil Medvedev (1.51) and bet £100 on Alexander Zverev (2.88), commission will be charged =

((£100 * 2.88) – £100) * 0.02 = £288 – £100 = £188 * 0.02 = £3.76.

So, a commission of £3.76 would be deducted from the profit of £184.22. The total return would be £284.22.

Zverev vs Medvedev match-up

What to Know about Smarkets

It’s always good to know exchange’s roots and betting features, so we will provide you with  such facts about Smarkets.

History of Smarkets

In 2008, Hunter Morris and Jason Trost founded Smarkets, launching its invite-only version by 2009. By 2010, the platform was publicly trading, and by 2012, it introduced a 2% commission structure. The company’s growth was marked by milestones like partnering with Queens Park Rangers in 2015 and launching the SBK sportsbook app in 2019. Their US expansion began in 2017 with an office in Los Angeles, and by 2020, they introduced custom multiples on their exchange. 2021 saw a record £200m traded on the Cheltenham Festival and a significant investment from Susquehanna Growth Equity. Smarkets has consistently evolved, offering users betting opportunities without traditional bookmakers.

Smarkets Betting Key Features

With the status of a betting exchange platform, Smarkets provides players with the following betting features:

• In-Play betting. Allows punters to bet on matches that are currently in progress. With Smarkets operating as a betting exchange, players can use the “bid” and “ask” buttons, meaning they can set the odds themselves during the live game.
• Dynamics of trading. Players can observe the dynamics of outcome trading for a chosen match pre-game and in real-time.
• Lay betting. This is the opposite of placing a back bet. Instead of betting on an outcome to win, you bet against it. When placing a lay bet, you essentially act as the bookmaker, offering odds on a particular result not happening.
• Horse racing and greyhounds streams. Players at Smarkets are allowed to watch live broadcasts with horse and greyhounds events.

Smarkets Sports and Markets

On the Smarkets platform, punters have access to a selection of 21 sports, which is not extensive and in line with the average offerings among competitors.

UK Favourites

• Football. The football section gives a good choice, especially for fans of the English Premier League, offering nearly 200 markets for each match. Beyond the top-tier, Smarkets covers leagues from the EFL Championship to the Scotland League Cup.
• Horse Racing & Greyhounds. Horse racing fans can place bets on UK races and events from over six other countries. For greyhound racing, the platform covers races from the UK, Ireland, Australia, and New Zealand.
• Tennis. Tennis betting on Smarkets is quite good. All major tournaments, including ATP, WTA, and ITF are covered. While the platform offers a decent range of markets for each match, we would like to see more markets for each match.

Other Sports & Non-Sporting Bets

Apart from the UK’s favourite sports, Smarkets also offers betting opportunities for:

• Baseball
• Basketball
• Esports
• Golf
• MMA
• Rugby
• Table tennis

Additionally, the platform stands out for its non-sporting bets. Punters can engage in betting on significant political events across the UK, USA, and Europe. Unique offerings also include betting on the next James Bond, the next Oscar’s Best Picture, and even scientific discoveries.

Betting on science with Smarkets

Smarkets In Play Betting

Smarkets allow punters to make bets during the game, here are some features that can be used while betting on live matches:

• In-Play statistics. During live matches, Smarkets provides detailed statistics, for example shots, yellow cards, and corners for football or runs and balls for cricket.

In-Play statistic for cricket

• Dynamics of trading. Players can observe the dynamics of outcome trading for a chosen match in real-time.

Dynamics of Trading for cricket match

• Trade out. A feature that enables users to lock in a profit or reduce losses per contract, both pre-game and in-play, with a single click.

Trade out indicator

Smarkets Streaming

At the moment, Smarkets offers horse and greyhound racing streams. There has been no observation of broadcasts of other sports yet.

Smarkets Payment Methods

Our Match.Center experts assume that Smarkets offers a limited range of payment methods, and here is the table showing available payment methods at Smarkets:

How to Deposit at Smarkets

To fund your betting account at Smarkets follow these steps:

1. Log into your Smarkets account
2. Click on your balance and then select “Deposit”.
3. Once on the deposit screen, choose a payment method.
4. Follow the on-screen instructions to complete your deposit.

How to Withdraw from Smarkets

If you wish to withdraw your winning then read and follow the instructions:

1. Log into your Smarkets account.
2. Select the withdraw icon.
3. The withdrawal page will display options based on your previous deposit methods.
4. Choose the desired withdrawal method and input the necessary details.

Smarkets App

For those who enjoy placing bets on the go, Smarkets offers a dedicated mobile app for both iOS and Android platforms. Here’s a closer look at some of the app’s features:

Smarkets Sign Up Process

For those looking to join the Smarkets community, the sign-up process looks like this:

1. Navigate to the Smarkets sign-up page and select “Create Account”.
2. Input your email address, which will also serve as your username, and choose a password. Select your country and preferred currency. If you possess a promotional code, ensure you input it on this page.
3. Provide your first and last name, date of birth, and address details. Optionally, you can also add your phone number.
4. Once completed, your account will be created.

Create Account button

The first step

The second step

Successful registered account

Verification at Smarkets

In accordance with the regulations set by the UK Gambling Commission, Smarkets, operating under licence number 39173, is required to confirm the identities of its new users before they can commence betting.

To comply with verification requirements, Smarkets may request specific documents to confirm your age and address. Here’s the lists of the accepted documents:

For Identity Verification:

• Passport
• Driving Licence with photo
• National Identity card

If you don’t have a photo ID:

• Birth certificate
• Front of the bank card used for depositing (showing the first 6 and last 4 digits)
• Recent bank statement displaying the transaction into your Smarkets account
• An additional proof of address

For Address Verification:

• Bank, Building Society, or Credit Union statement (dated within the last 3 months)
• Utility bill (dated within the last 3 months)
• Local authority or council tax bill (current year)
• Tax bill (current year)
• Residency certificate issued by a local government authority (dated within the last 3 months)

Note: Smarkets accepts paper and PDF documents but not screenshots of online documents. Mobile phone bills are not accepted. Documents can be uploaded on Smarkets’ file upload page or emailed to [email protected].

How to Bet at Smarkets

Betting at Smarkets offers two primary methods: Back Bet and Lay Bet. Here’s a step-by-step guide to help you navigate through both.

Placing a Back Bet

A back bet is a conventional wager you place in favour of a particular outcome, similar to what you’d do with a traditional bookmaker, here are the steps allowing you to make it with Smarkets:

1. Log into your Smarkets account
2. Choose the sport you wish to bet on and the tournament
3. Select the odds displayed in the green box.
4. Once you click the green box, the chosen contract will appear on your betslip, located on the right side of your screen.
5. Insert a willing amount of money and click “Buy”.

Log in button on the home page

Smarkets sports list

Odds for Back Bet

Betslip window

Placing a Lay Bet

A lay bet allows you to wager against a specific outcome on a betting exchange, essentially taking on the role of a bookmaker. These steps will help you with Lay Betting:

1. Log into your Smarkets account.
2. Choose the sport you wish to bet on and the tournament.
3. Click on the odds shown in the blue box.
4. After selecting the blue box, your chosen contract will be visible on your betslip on the right side of your screen.
5. Insert a willing amount of money and click “Sell”.

Log in button on the home page

Smarkets sports list

Odds for Lay Bet

Betslip window

How to Cash Out a Bet at Smarkets

The Cash Out feature at Smarkets is called “Trade Out”. It allows players to secure a profit or minimise potential losses based on the current situation in a game or event. Here’s a step-by-step guide on how to effectively use the Trade Out feature at Smarkets:

1. Navigate to the market overview. If the trade out option is available, you’ll see the “trade out” button adjacent to the contract you’ve previously wagered on.
2. Click on the “trade out” button. A form will then display beneath the contract, showing the buy/sell stake and the current price.
3. To finalise your cash out, select “confirm”. Upon successful processing of your cash out request, you’ll receive notifications indicating that your bet has been accepted and subsequently matched.

Trade out indicator

Trade out form

Confirm button

Keep in mind that due to frequent price fluctuations in both pre-game and live betting, the amount required to cash out might vary. After selecting “trade out”, a confirmation step will appear. Be aware that cashing out isn’t always guaranteed – for instance, if the market gets paused or if the odds shift before your action gets processed. If your attempt to cash out fails, an explanatory message will pop up, possibly presenting a revised cash out value.

Smarkets Security

Smarkets operates under the regulations set by the UK Gambling Commission with a licence number 39173, ensuring that it adheres to the highest security standards. To obtain the UKGC licence, Smarkets demonstrated its capability to deliver its services, segregates player funds from operational funds, maintains a clean record devoid of criminal affiliations, and promotes responsible gambling without targeting vulnerable individuals. Additionally, to safeguard all transactions on its platform, Smarkets employs both Transport Layer Security (TSL) and Secure Socket Layer (SSL) protocols.

Smarkets Customer Support

Smarkets offers a range of customer support options to assist its users.

• Live-chat support is available only for those who are logged in and operates from 08:00 to 22:00 UTC, which is lacking a bit.
• For those seeking assistance outside these hours or preferring other methods, they can reach out via email at [email protected].
• Queries can be directed to their Twitter handle, @SmarketsTech.
• Direct mail inquiries can be sent to their physical address at 1 Commodity Quay, St. Katharine Docks, London, E1W 1AZ, United Kingdom.

Smarkets Betting Tips & Tricks

Smarkets stands apart from the traditional betting landscape as it operates as a betting exchange bookmaker, so it’s necessary to know some betting tips and tricks especially for newcomers:

• Understand the betting exchange model. Recognise that the Smarkets betting site UK operates differently from traditional bookmakers. As a betting exchange bookmaker, Smarkets allows you to bet against other punters, offering a unique dynamic that can lead to better odds and more strategic betting opportunities.
• Learn about back to lay arbitrage betting strategy. Smarkets, as an exchange platform, allows players to use arbitrage betting, so you can take advantage of price disparities between and within markets. In the FAQ section you can read informative materials about arbitrage betting, there is also a hedging calculator there.
• Use In-Play betting. The Smarkets bookmaker offers In-Play betting, allowing you to place bets during live matches. This feature, combined with real-time statistics and trading dynamics, can provide valuable insights to make informed decisions.
• Get familiar with lay betting. On the Smarkets website for betting, you have the option to place lay bets, effectively acting as the bookmaker. This means you’re betting on an outcome not to happen, offering a different strategy to potentially increase your winnings.
• Stay updated with market trends. Regularly visit the Smarkets bookmaker platform to stay updated with the latest market trends, and potential opportunities. Smarkets provide the dynamics of outcome trading for a chosen match in pre-game or in real-time.
• Bet responsibly. While the aim is to win, it’s essential to set limits and bet responsibly. Smarkets provides features like deposit limits to ensure you bet within your means, promoting a healthy betting environment.

Smarkets Frequently Asked Questions

Is Smarkets Trustworthy?

It can be considered trustworthy if the UK Betting Commission licence is an indicator of reliability for you. It adheres to standards ensuring a secure and transparent betting environment. The Smarkets betting website uses advanced security protocols to protect user data and transactions.

How Do I Get Smarkets Sign Up Offer?

As for now, Smarkets offers a special promotion for new customers with 0% commission rate until December 31st, 2023. By depositing a minimum of £10 and using the code COMMFREE during registration, you can claim it. In our review, we have named all steps for you to get this welcome offer, as well as important terms and conditions.

How To Place A Bet at Smarkets?

Placing a bet at the Smarkets exchange in the UK can be done in different ways. Once you’ve logged in, select the market you’re interested in, choose between a back or lay bet, set your stake, and confirm.

Does Smarkets Do Cash Out?

Yes, the Smarkets betting website offers a cash-out feature which is called “Trade Out”. By using the trade out button on the market overview, you can quickly lock in profits or minimise losses both pre-game and in-play. After selecting the button, a form appears detailing the stake and price. Simply confirm to execute the cash out.

Is There A Smarkets app?

Indeed, there is a dedicated app for the Smarkets UK exchange. Available for both iOS and Android devices, both of which duplicate the site’s functionality. In our review we have mentioned the app’s features too.