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Smarkets Review 2024 - Markets, Features, Pros & Cons - 0% Commission for 60 Days
Overview
Smarkets is a betting exchange with a unique selling point – its companion sports betting site SBK (launched in 2019) is only available on mobile! Smarkets is the browser-based version of the exchange available on desktops and laptops as well as phones and tablets. It also remains one of the rare number of sites that is a betting exchange platform as opposed to a fixed odds betting site. This Smarkets review will take a considered look at all that this betting exchange has to offer.
0% Commission For 60 Days
0% Commission For 60 Days
- Lay betting selections
- Good liquidity
- Best rated exchange betting app
What is Smarkets?
Smarkets was founded in 2008 by a group of developers and investors who wanted to apply the principles of financial trading to online sports betting … perhaps unaware that Betfair had been doing exactly that since 2000. Undaunted, the Smarkets team created their app using Erland, a coding language devised specially for the ease of mobile connectivity.
Smarkets launched in 2009 and went public in 2010. It only took eight months for Smarkets to surpass £1 million in trades, and another two years to surpass £100 million. The company launched the Smarkets Android app as 2013 turned into 2014 (iPhone users had to wait another three years), and moved into US markets (or should that be smarkets?) in 2017. The mobile-only sports betting version of Smarkets, SBK, was launched in 2019. Despite its success, Smarkets only maintains a betting exchange market share around ten percent, being dwarfed by one betting exchange behemoth in particular.
- Date founded: 2008
- Ownership: Smarkets Limited
- Headquarters: UK
- Address: 7th Floor, 1 Commoditu Quay, London E1W 1AZ, UK.
- Licence No.: 33562
Smarkets, through a partnership with the Jockey Club, have sponsored dozens of horse races during their time in operation. They seem only to have ventured into football sponsorship once, partnering up with Queen’s Park Rangers and becoming their front-of-shirt sponsor for one season – 2016/17. We cannot find evidence of further Smarkets sponsorship.
Is Smarkets Safe?
First up, Smarkets’ record with the UKGC is entirely unblemished. Despite over 15 years of operation, Smarkets can boast of not even the hint of UKGC sanctioning. In terms of the site and how you will be treated, you have nothing to worry about. The site does have a responsible gambling section, even if the link to it is buried deep at the foot of the landing page. There are links to helpful organisations such as GAMSTOP. Smarkets UK is also a member of the Independent Betting Adjudication Service, so if you have issues with Smarkets, you can go to IBAS who may help you resolve any dispute.
In terms of your sensitive data, all transactions at Smarkets are encrypted using Transport Layer Security (TLS) and Secure Socket Layer (SSL) which means any information you send to Smarkets ends up where it is meant to go, and if that information was diverted it would be impossible to decipher, even with using the world’s current most sophisticated quantum computer.
Smarkets Sign Up Offer
Betting exchanges exchange bets, so all the cash collected from people with losing bets is paid to the people with winning bets (in a nutshell – it’s a little more complicated than that) which begs the question – how do they make money? Well, they make money by charging a commission on winning bets, which at Smarkets is two per cent. Therefore, if you win a £10 bet here, you’ll get back £9.90, with 20 pence going to Smarkets.
However, if you take up the welcome offer at the Smarkets UK site, you won’t have to worry about losing commission for your first 60 days of membership. You just need to make a first deposit at the site of at least £10 (using a debit card, just to be safe) using the ‘COMMFREE’ Smarkets bonus code to trigger your commission-free period.
Don’t worry about the ‘lay betting selections’ on the advertising blurb for this offer as this is just general information about the site. You do not pay any Smarkets commission on winning bets, no matter if they are back (to win) or lay (to lose) bets. Note that if you already have an account at SBK (the app-only, sports betting side of Smarkets) you will not be able to claim this commission-free deal.
Smarkets Welcome Bonus
| Smarkets welcome offer | Offer description | Wagering requirement | Minimum Odds | Offer expiry | Min deposit |
| Zero commission for 60 days | Pay no commission on winning bets for 60 days | None | None | 60 days | £10 |
In terms of promotions here that Smarkets 0 commission new customer offer is all you are going to get, and in terms of Smarkets sign up offers that is the only one. Smarkets takes itself very seriously as a sports trading site, and as such it does not offer other bonuses. Promotions-wise, there is simply nothing. There used to be a Smarkets refer a friend offer, but that seems to have been withdrawn.
Smarkets Reviews: Top features, Markets & Odds
Let’s now take a look at the Smarkets exchange betting or trading website itself – what it offers, how it works and the best way in which you can use it.
Smarkets Sports Betting Review
With a quick reminder that you trading sports as opposed to betting on them fixed-odds wise, here is a list of the markets available at the Smarkets UK site.
- American football
- Aussie rules
- Baseball
- Basketball
- Boxing
- Cricket
- Current Affairs
- Cycling
- Darts
- eSports
- Football
- Golf
- Greyhounds
- Handball
- Horse Racing
- Ice Hockey
- MMA
- Motorsports
- News & Politics
- Rugby League
- Rugby Union
- Snooker
- Table Tennis
- Tennis
- TV and Specials
- Volleyball
We make that out to be 26 markets although three of them are not sport related. Note that no matter which market you are setting out to bet on, you will only be able to bet on it if there is sufficient Smarkets liquidity.
Smarkets Odds
There are no odds at Smarkets, as this is a trading site or betting exchange. If you want to ‘use’ Smarkets as a fixed odds betting site you will have to use the SBK app instead.
The ‘odds’ at Smarkets are set by the site users themselves. You can make your own offers with odds decided by yourself, but if no one is willing to take you up on those odds then no one will take your bet, and you won’t win anything should your bet prove fruitful. Smarkets will always display the most popular odds offered so it’s easy to see the odds and liquidity that’s available.
Smarkets Limits
The limits are Smarkets are really up to you and other Smarkets users. You can ‘bet’ as little as you like as long as the liquidity (the money bet by other users on the opposite outcomes) exists, and you can ‘bet’ as much as you like but you will only get your share of that same liquidity. For example, in a snooker match between Ronnie O’Sullivan and John Higgins you may bet £100 on O’Sullivan, but if the money being bet on Higgins (with the ‘price’ taken into consideration) doesn’t match that, you will only win the money that’s available.
Smarkets In Play Betting
Smarkets does have an in play betting section but as this is an exchange it doesn’t work in the same way as fixed odds betting sites, in that there are no markets beyond back (win) and lay (lose), with draws thrown in for sports were a tied game is possible. You can’t bet on aspects such as next goalscorer, or next player to serve an ace, or next player to achieve a 100+ finish. They may be some handicap options but even then they may have zero liquidity.
The live section covers football betting, basketball, cricket, cycling, eSports, tennis and snooker, plus anything else that could be termed interesting for live betting. When you venture there, you will see the live events, the most popular prices that people are backing and laying on, and the amount of Smarkets liquidity that’s available.
Live Streaming
There is live streaming at Smarkets but on UK and Irish horse racing and UK greyhound racing only. No other sports are live-streamed here.
Other Features
Another section that is very easy to write, as Smarkets is simply devoid of other features. It is purely a sports betting exchange or trading site, and it purposely disassociates itself from the types of flim-flam so enjoyed by most other sites. Aspects such as bet builders and enhanced odds are simply not possible at a sports betting exchange, anyhow. You can create Smarkets multiples and accas though by combining singles.
If you are of a techy bent, Smarkets offers an API. This is a way of exchanging data over the internet without the need for a site. This allows you to build your own apps using a programming language such as Python, for example, and communicate with Smarkets via the API. You could even automate the bet-placing process if you are sufficiently skilled and motivated.
Smarkets Customer Service
There are plenty of helpful resources at Smarkets. To start any quest for aid, just click on the white ‘question mark in a circle’ at the top of any page. The FAQs are very good, and should prove helpful. If any problem you have is not resolved by them, you can get in direct contact with the site via the following portals:
- Smarkets email: support@smarkets.com.
- Smarkets contact number: 020 7617 7413.
- Smarkets live chat (when logged in): 9am to 11pm, Monday to Sunday.
Live chat is fully humanised and as yet Smarkets has chosen not to go down the customer service bot route, thankfully.
Smarkets review – How to Get Started And Claim Your Smarkets 0% Commission
Here’s a step-by-step guide on exactly how to use that process, and redeem a Smarkets promo code.
Step 1: Visit the Smarkets Website
Visit the desktop or mobile version of the Smarkets.com website by clicking the ‘Visit Smarkets’ button below, or download and boot up the app. Hit ‘Create Account’ on the homepage to start the process.
You will now see the first of three stages, called ‘Account’. Here, you must enter a few important pieces of information: your email address, a new password, and your date of birth. This is also the point at which you can enter a Smarkets promo code or a Smarkets referral code, if you have one (it is ‘COMMFREE’ for the Smarkets 0 commission deal), in the box under ‘Promotion Code’. Finally, you can decide your marketing preferences, before clicking ‘Continue’ (which also agrees to the standard terms for the website).
Step 2: Register a New Account
Stage 2 is called ‘Personal Details’. As the name suggests, you must provide a little more information about yourself here: your full name, household address, and (optionally) your phone number. After also confirming your preferred currency, hit ‘Save Details’ to progress to the next stage.
Step 3: Verify your account and make a deposit
After finishing the second stage, your user account will technically have been created. You must now confirm it, however. To do so, just check your inbox, where you should find a message from Smarkets. Now simply click the link there to activate your account.
You can now make your first deposit – which will need to be at least £10 for the Smarkets new customer offer – using one of the available payment methods. Note that not all payment methods are eligible to be used with the welcome offer (as explained earlier on in this article). After that, you’re free to start placing bets on the exchange.
Smarkets Betting App
Here we are going to talk about the Smarkets app, which is the app for the Smarkets betting exchange. Remember that there is a fixed odds side of Smarkets (based on the betting exchange anyhow) but that is only available via an app and it’s a different app to the Smarkets app, branded ‘SBK’ (which stands for Smarkets sportsBooK).
The app is available for all devices from the App Store or Google Play. If you are an Android user and are comfortable installing apps directly, you can download an APK file from the Smarkets desktop site itself. No doubt you will be able to download the APK file from other sources, but we recommend you only download it from Smarkets just to be safe.
The Smarkets app is very good indeed, and has all the functions of the Smarkets desktop site, presented in a very clear and concise manner. You can make your betting offers, and even watch the live streams of horse racing and greyhound racing via the app.
Smarkets Promo Code
Just in case you need a reminder, you have to use the Smarkets Promo Code ‘COMMFREE’ to claim that welcome deal. If you don’t use it you will have to pay that two percent commission on all your winnings at Smarkets from now until eternity. There is no other kind of Smarkets promotion code, such as for a Smarkets free bet.
If you enjoy making use of betting site promo codes then we gathered together for you all the best ones available across the world wide wagering web, and we present them to you below.
Betting Promo Code & Free Bet Codes
- All
- £30 Free Bet
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- Derby betting
- Each Way Bet
- Enhanced Odds
- Free Spins
- Live Streaming
- patent bet
- Placepot bet
- Trixie
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- Cash Out
- £25 Free Bet
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- New Free Bets
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New Customer offer. Place a min £10 bet on the Sportsbook on odds of min 1/2 (1.5), get £30 in Free Bets. Rewards valid for 30 days. SMS verification required. Only deposits via cards will qualify. T&Cs apply. Please Gamble Responsibly
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Place your FIRST bet on any Sportsbook market and if it loses we will refund your stake in CASH. Max refund for this offer is €/£20. Only deposits made using cards will qualify for this promotion. T&Cs apply
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#ad. 18+ Min deposit £10 • A qualifying bet is a ‘real money’ stake of at least £10 • Min odds <span class="odds">1/2</span> (1.50) • Free Bets credited upon qualifying bet settlement and expire after 7 days • Free Bet stakes not included in returns • Casino Bonus must be claimed within 7 days and expires after 14 days • Bonus valid on selected Casino games only • Bonus wins capped at £500, excluding Jackpot wins • You must wager Bonus amount x40 – this requirement varies by game. <a href="https://www.888sport.com/spt/betbuilder_cl.htm?utm_campaign=100136622_1867994_nodescription&utm_content=100136622&utm_medium=casap&utm_source=aff/#fullTerms" target="_blank" rel="noopener">Full T&C’s apply</a>. <a href="http://www.begambleaware.org/" target="_blank" rel="noopener">BeGambleAware</a>
Smarkets Betting Exchange Review
Betting exchanges work differently to fixed odds betting sites but it is not hard to understand them. You are betting against other Smarkets members, and not Smarkets itself (which is why Smarkets charges a commission else they would not make any money). Below is a brief explanation of how it works.
Here at the details of a World Snooker Championship match between Stephen Maguire and Shaun Murphy. The prices are the most popular prices being wagered on (other prices will be available, or you can offer your own). The green price is the back price (bet to win) and the blue price is the lay bet (bet not to win). The money amount is the liquidity – the amount of money available to bet against.
Back betting is very simple – if you backed Maguire at 2.64 for £5, you’d return £13.20 (5 x 2.64) if Maguire wins. Lay betting is a bit more complicated, If you lay bet on Maguire (bet on him not winning) at 2.72, you’d return £13.60 (5 x 2.72) however, should Maguire win you are liable for more than the £5 you staked because you are betting against other people, not Smarkets. Your liability is easy to calculate – you just subtract one from the lay odds and multiply your stake, so in our example, this is 5 x 1.72 = £8.60.
This is exchange betting in a nutshell and it’s best to imagine you are betting against just one other person. In the example, because Murphy is the favourite it would not be fair for both punters to bet £5 and the winner return £10. In this ‘lay’ trade if Maguire does not win (as is expected) you would win £8.60, gaining your £5 stake back. However, should Maguire win you would lose your £5 stake and would have to pay an extra £3.60 to make up your liability.
You can create Smarkets multiples and Smarkets accumulators, linking together separate trades or bets. They work in much the same way as accas at fixed odds sports betting sites, so if one leg fails, your entire bet fails.
Smarkets Trade Out
So, what does trade out mean on Smarkets? This feature allows you to cut your losses or lock in a profit before an event has concluded. If you were trading, say, gold on the stock exchange, you could sell your assets at any time – not just at the end of the day’s trading. Smarkets trade out allows you to do that when backing or laying bets – it’s kind of a Smarkets cash out. If a bet or trade you have made is available for Smarkets trade out during the event then a ‘trade out’ button will appear next to the event along with an offered price. Click it and your trade will be settled there and then. Note that if this bet is part of Smarkets multiples or Smarkets accumulators then only that leg of your multi-leg bet will be settled.
In addition, there must be enough Smarkets liquidity available for a trade out to be offered, and your trade out may not always be accepted. If your trade out leads to a winning wager, you will still have to pay the Smarkets back or Smarkets lay commission.
Smarkets review – Payment Methods
To fund your exchange betting at Smarkets you can use a large number of payment options, and all of them can be used for withdrawals too. Any debit card can be used, as well as the eWallets Neteller and Skrill and we are happy to report that we can add Smarkets to the list of betting sites in the UK that accept PayPal. You can also make bank transfers either directly or indirectly via Trustly.
The minimum for most deposits is £10 and as you would expect, deposits are processed instantly. You can also use all available payment methods for withdrawals, with the minimum for most of them being again £10. The Smarkets withdrawal time could be a little speedier though – bank transfers are the quickest at 12 hours but other methods can take up to six days. We think though that most withdrawals should be with you within 48 hours.
| Banking Method | Fees | Min Deposit | Min Withdraw | Smarkets Withdrawal Time |
| Visa debit | None | £10 | £10 | 1 – 6 business days |
| MasterCard debit | None | £10 | £10 | 1 – 6 business days |
| PayPal | None | £25 | £10 | 1 – 2 business days |
| Skrill | None | £10 | £10 | 1 – 2 business days |
| Neteller | None | £10 | £10 | 1 – 2 business days |
| Trustly | None | £10 | £10 | 1 – 2 business days |
| Instant Bank Transfer | None | £10 | £10 | 12 hours |
| Bank Transfer | None | Unavailable | £20 | 5 – 10 business days |
Smarkets review – Pros & Cons
We are sadly coming to the close of our Smarkets review so it’s time to sit down, have a think, and come up with what we like most about this site, and what we think needs improvement. Our Smarkets hits and misses are presented below.
What We Like:
What We Like:- It’s a Betting Exchange – if you prefer simple win/lose bets you can’t really go wrong with Smarkets. You will get better prices than a fixed odds betting site, even taking that Smarkets commission into consideration.
- Site Design – Smarkets is the perfect blend of style and simplicity. Too many other sites are either too fussy or too ugly. Smarkets is so good-looking you’d be happy if it married your daughter.
- Nothing Else – this site is just about sport. No casino, no poker, no bingo, no lotteries, no slots, not even virtual betting. That’s the way we like it. We like other gambling options, but prefer it when they are kept separate.
- Smarkets App – it’s a very good app for Android and iOS. If you like betting on mobile, then you need to download it.
What We Don’t Like:
- Slow Payments - other than instant bank transfers, payment times at Smarkets are a bit sloth-like and could do with speeding up.
- No Promotions - yes, we know that Smarkets takes itself very seriously, but having zero ongoing promotions is a shame, especially as other betting exchanges manage it.
Final thoughts on Smarkets
We understand that exchange betting is not for everyone, the same as spread betting. However, we feel it's something any committed sports bettor needs to at least consider if they want to up their returns. The concept of lay betting is a bit odd, but you don't ever have to place a lay bet at Smarkets if you don't want to. Smarkets is a smart, fine-looking betting exchange that more people really need to use, and we hope that you'll at least think about adding to their customer base.
0% Commission For 60 Days
0% Commission For 60 Days
- Lay betting selections
- Good liquidity
- Best rated exchange betting app
FAQ
Is there a Smarkets promo code currently available?
Yes - you need to use the Smarkets promo code 'COMMFREE' to get your initial two-month commission-free period.
Is there a Smarkets app?
Yes. There are apps available for both iOS and Android users. Alternatively, if you want to use a Smarkets sportsbook, its sister mobile app - SBK - fulfils this role.
What is the commission rate on Smarkets?
The standard rate is 2% on all net profits. For reference, Betfair charges 5%, while Betdaq charges 2% (or 0% on selected markets).
What are the available deposit methods on Smarkets?
You can make deposits using a Mastercard or Visa debit card, bank transfer, PayPal, Neteller, Skrill, or Trustly. The minimum deposit and Smarkets cash-out amount varies, depending on the chosen method, as does the Smarkets withdrawal time.
What customer support is available on Smarkets?
Most importantly, Smarkets bettors can get in touch via live chat 24/7. Support via email, phone, and Twitter are also available.
| Charge | Min. Deposit | |
|---|---|---|
 | None | £10 |
 | None | £25 |
 | None | £10 |
 | None | £10 |
 | None | £10 |
| Min. Withdrawal | Time | |
|---|---|---|
| £10 | 1 - 6 days |
| £10 | 1 - 2 days |
| £10 | 1 - 2 days |
| £10 | 1 - 2 days |
| £10 | 1 - 2 days |
 | £20 | 5 - 10 days |
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