Smarkets Pros & Cons
- 60 days commission-free trading or £20 back
- Low trading commission at 2%
- Better odds than regular bookmakers
- Nice graphs and visual information
- Only exchange where you can lay your own multibets
- Can be confusing for new players
- Source of wealth verification could be faster and simpler
|Deposit methods||Instant Bank Transfer, VISA card, Maestro card, MasterCard, Neteller, Skrill, PayPal|
|Withdrawal methods||Instant Bank Transfer, VISA card, Maestro card, MasterCard, Neteller, Skrill, Bank Transfer, PayPal|
|Betting functions||Betting Exchange|
|Apps||Smarkets App (Android; iOS)|
Smarkets Welcome Bonus
Use code COMMFREE to trade with 0% commission for 60 days. New UK, IE & Malta users only. Min. £10/€10 first deposit using card or online banking. Full T&Cs apply. 18+. BeGambleAware.org
Are you looking for the next big thing in betting?
Many people know about sportsbooks, but not as many use betting exchanges.
With Smarkets's betting exchange you can get access to better odds, no-commission betting for the first 2 months or £20 cash back, and multiple betting options.
In this Smarkets review, I will go over the welcome bonuses, which one makes sense for you to pick, I will discuss the quality of the customer support, how the betting exchange works, how many betting markets are available and who Smarkets is suitable for.
Read on to find out more about one of the most unique upcoming exchanges in the UK, which is trying to revolutionise the way bettors play with hyper-transparency and clear communication.
Is this going to be the exchange that everyone flocks to when they leave the 'big fish' bookmakers?
Let’s find out!
This bonus is for new players only!
If you are like me, you do some serious research when choosing anything online, including betting sites.
You like reading reviews before dipping your toes in the water, but don't know where to look or perhaps couldn't be bothered to read the tiny print of every betting site's Terms & Conditions.
Not to worry, this is why I did it for you!
So, how do you claim the Smarkets bonus?
First, here is a list of things you should AVOID:
- Do not make your initial deposit via Skrill, Neteller, PayPal, Monzo cards or any virtual/prepaid cards, as they are not eligible payment methods for the bonus
- Do not forget to use either of the codes
COMMFREE or SMK20
during registration, or you will not get the bonus
- Do not use an account that is not in your name to deposit
How to Claim the Smarkets Bonus
0% commission or £20 cash
Here is my Hold-My-Hand-As-I-Do-It type of guide to claiming either of the 2 bonuses:
(you read that right - there are 2 bonuses)
Step 1: Register with Smarkets and use the code COMMFREE for 60 days of commission-free betting or SMK20 for £20 cash refund
Step 2: Deposit at least £20 to qualify for the rebate
Step 3: Place your bets!
Generally, the requirements are pretty straightforward and both bonuses are very generous.
If you are experienced and like to wager bigger sums, then use what I selected - 0% commissions for 2 months.
This saved me a lot of money and I got the benefit of higher odds!
On the other hand, if you are new to betting or prefer punting with smaller amounts, definitely go for the £20 cash back on a lost bet!
Please note that the £20 cash bonus expires in 7 days!
What is a betting exchange?
In short, as a betting exchange, Smarkets enables users to place bets for or against an outcome (i.e. to back or to lay) and do so with other people.
This is known as a peer-to-peer exchange.
On an exchange, you usually get better odds compared to traditional bookmakers and you can see how much liquidity is available for an outcome before you place a bet.
If you back Man City to win against Liverpool with 1.97 odds you will see the available liquidity for profits to be made from that bet. In my case, it is £400 because the match is not on yet.
As matches get closer, odds change and liquidity increases.
What about the website?
Smarkets was launched in 2008 and is owned by Smarkets Limited. The exchange holds both a UK and a Maltese licence and is fully registered and legal.
The website is very well optimised for both desktop and mobile and is super user-friendly.
I like how everything is easy to access with a few clicks and how information is displayed aesthetically throughout the site.
As a person who understands information better visually, I am grateful for the feature that shows the % chance of a team winning and also appreciate the graphs which show the history of the match's odds.
Here are a few screenshots of what the website looks like on my Samsung Galaxy S21:
Does Smarkets have a lot of betting markets to offer?
Smarkets are trying to blow the competition away. We all know about Betfair and their betting exchange.
But Smarkets try and offer more betting options for football and most other sports.
You can read our Betfair review if you want to see what we think about them and how we rank their site.
|Smarkets vs Betfair||Smarkets||Betfair|
Because Smarkets is a peer-to-peer exchange, the market is usually pretty efficient and the odds offered are very high.
Smarkets makes money through its 2% commission and that means that the payout margin is the highest possible at 98%.
In comparison, Betfair charges 5%, leaving it with a 95% payout for the players.
Sports selection available on Smarkets
While Smarkets doesn't offer absolutely every sport under the sun, they do have the most popular ones covered.
What I really like about the exchange is that they allow players to expand their exposure to betting markets, by offering not only sports but also political outcomes, Eurovision predictions as well as the option to bet on who is going to be the next James Bond actor.
Here is a full list of all 21 sports available on the platform:
- Horse Racing
- News and Politics
- American Football
- Current Affairs
- Greyhound Racing
- Ice Hockey
- Rugby League
- Rugby Union
- Table Tennis
- TV and Specials
Smarkets has a good list of events to bet on and is sure to satisfy the needs of most UK punters.
What are the esports available on Smarkets?
Currently, Smarkets features only Dota 2 matches.
As the platform is growing and gaining more popularity than ever, I am sure there will soon be more options added to the list!
In general, Smarkets is built with convenience in mind.
I find the website experience to be very smooth and intuitive.
I love the sidebar navigation, which lets me pick matches happening the same or the next day.
The colour scheme is also easy on the eye and the screen is not too cluttered, making it easy to find games.
Live Betting on Smarkets
When it comes to live betting there is a lot of room for improvement for Smarkets.
While players are able to place bets in-play there is no way to follow the game through the website.
There is no live stream and no match field visualisation to help players make more informed last-second decisions.
I hope the exchange adds these features soon, to further improve the quality of their otherwise great product.
Something Smarkets does right, and also is best at, is showing graphs with the % chance of an outcome to happen.
The visuals show the changes throughout time and are very unique and helpful.
Here is what that looks like:
Smarkets offers 3 odds formats:
8am - 11pm Live chat support. Email and Twitter support
Customer support quality is a crucial part of any exchange or bookie in my opinion.
I want to share my experience with Smarkets's customer support and I encourage you to contact them as well, if you have any questions regarding the platform and how it works.
I contacted live chat support at around 11 am, after logging into Smarkets, and within a minute was connected to an agent.
I asked them where the liquidity for my Acca bet would come from and they said it came only from other players and not SBK (Smarkets's sportsbook).
The support agent was kind, quick and knowledgeable, so I have zero complaints.
Smarkets Deposit and Withdrawal Methods
Here is a table to help summarise all payment methods available on Smarkets.
The exchange doesn't charge any fees and all methods work with pounds (£) and Euro (€).
|Deposit Method||Time to Complete||Limits|
|Instant Bank Transfer||Immediate||£10 - £10000|
|VISA card||Immediate||£10 - £3500|
|Maestro card||Immediate||£10 - £3500|
|MasterCard||Immediate||£10 - £3500|
|Neteller||Immediate||£10 - £3000|
|Skrill||Immediate||£10 - £3000|
|PayPal||Immediate||£20 - £200|
And a table for withdrawal methods:
|Withdrawal Method||Time to Complete||Limits|
|Instant Bank Transfer||12 hours||min £10|
|VISA card||1-6 business days||min £10|
|Maestro card||1-6 business days||min £10|
|MasterCard||1-6 business days||min £10|
|Neteller||1-2 business days||min £10|
|Skrill||1-2 business days||min £10|
|Bank Transfer||5-10 business days||min £20|
|PayPal||1-2 business days||min £10 - max £5500|
FAQ - Smarkets
What do Smarkets do?
Smarkets is a betting exchange and it allows players to back and lay bets against each other on various outcomes. That makes it a peer-to-peer exchange.
Because punters want to get the best possible odds, exchanges usually feature higher odds than bookmakers.
Is Smarkets legal?
Of course! Smarkets holds two licences both in Malta and in the UK. It is completely legal.
Can you cash out on Smarkets?
Yes! Smarkets calls its 'cash out' function 'trade out', but it serves the same purpose.
You can cash out when you decide to exit a position early and you see the 'Trade out' button next to your previous trade.
By doing this you may secure profits or cut your losses, depending on the direction of the market.
How do I register with Smarkets?
To register, simply click on any of the green 'Claim' buttons in this review and you will be directed to the sign-up page.
With the help of this step-by-step review, you will be able to secure either of the two available welcome bonuses.
Can I bet on Smarkets with no commission?
Yes! You can bet on Smarkets with 0% commission for the first 60 days.
To activate the bonus, you must use the promo code 'COMMFREE' during registration.