Welcome to our expert analysis of Smarkets, the modern betting exchange known for its technology-first approach and low commission rates. Unlike traditional bookmakers, Smarkets offers a peer-to-peer platform. This review will cover its features, odds, and overall value for UK sports bettors.
Smarkets review: a modern alternative to traditional bookies
Overview
Smarkets, founded in 2008, operates as a peer-to-peer betting exchange where users bet against each other rather than against a bookmaker. This model, combined with a focus on technology and fair pricing, allows Smarkets to offer highly competitive odds. New users are often attracted by its headline welcome offer of 0% commission for 60 days, providing significant initial value.
The platform covers a wide range of sports, with a particularly strong and well-regarded market for political events. While its liquidity is excellent on major events like Premier League football and UK horse racing, often matching or exceeding £1 million in traded volume, it does not yet match the market depth of its main rival, Betfair, on more obscure sports or niche in-play markets.
The experience is delivered through a sleek website and a highly-rated mobile app praised for its speed and intuitive design.
| Pros | Cons |
|---|---|
| Industry-low commission: A flat 2% rate on net winnings is a major advantage. | Lower liquidity on niche markets: Less money is available on obscure events compared to its main rival, Betfair. |
| Excellent welcome offer: New users get 0% commission for 60 days, offering significant value. | Few promotions for existing users: The business model prioritizes low commission over ongoing bonuses and free bets. |
| Modern user experience: The website and mobile apps are widely praised for being clean, fast, and intuitive. | No casino or bingo products: Smarkets is a pure exchange and does not offer other gambling verticals. |
| Strong political markets: Considered one of the best platforms for betting on UK and US political events. | Past regulatory issues: Was fined £630,000 by the UKGC in 2022 for compliance failings. |
| Useful trading features: Tools like ‘Trade Out', live charts, and a matched betting hub cater to serious bettors. | Customer support is not 24/7: Live chat operates during specific hours (e.g., 09:00 – 00:00). |
Smarkets bonuses & promotions
Smarkets welcome bonus for sports betting
Smarkets provides two primary welcome offers for new UK customers.
- Offer: The main promotion is 0% commission for 60 days. This allows new users to trade on any market for their first two months without paying the standard 2% fee on any net profits.
- Promo Code: To claim this offer, you must use the promo code COMMFREE during the registration process.
- Qualifying Deposit: A minimum first deposit of £10 is required. This must be made using a Debit Card or Instant Banking. Deposits made via Skrill, Neteller, PayPal, or prepaid cards are excluded from this promotion.
An alternative welcome offer is a £20 cash refund on losses. This is available to new users who use the promo code SMK20 and meet the same deposit criteria.
Terms & conditions summary
Both welcome offers are strictly for new UK customers aged 18 and over. A minimum deposit of £10 is required, and certain payment methods like Skrill, Neteller, and PayPal are excluded. It is essential to read the full terms and conditions on the Smarkets website before signing up.
Existing customer promotions
Smarkets does not focus on providing a continuous stream of promotions like free bet clubs or odds boosts for its existing customers. The company's strategy is to deliver consistent, long-term value through its industry-low commission rates rather than through frequent, short-term bonuses.
Smarkets sports betting markets review
Smarkets provides markets on over 20 different sports, offering solid depth in key areas.
- Football: Coverage is extensive, with a primary focus on major European leagues like the Premier League, Championship, and Champions League. For these top-tier matches, you can expect to find between 150 and 200 markets.
- Horse Racing: The platform offers comprehensive markets for all UK and Irish meetings, as well as significant international races.
- Other Major Sports: You will find a good selection of markets for other popular sports, including cricket, rugby, tennis, golf, and major American sports like the NFL and NBA.
- Niche & Novelty Markets: Smarkets has built a strong reputation for its Politics markets, offering deep liquidity on UK and US elections. It also provides a variety of markets on current affairs and TV specials.
Betting odds & value
On a betting exchange, the odds are set by the users themselves, which eliminates the built-in profit margin traditional bookmakers add to their prices. Smarkets charges a flat 2% commission on your net winnings for any given market; you pay no commission on losses. This structure is a core part of its appeal, creating an effective 98% Return to Player (RTP) on winning markets. This stands in stark contrast to traditional bookmakers, whose built-in profit margins (overround) often result in an RTP of only 92-95%, meaning bettors get significantly better value at Smarkets over the long term. It's also important to note that, unlike a purely user-driven market, Smarkets is known to use automated market makers to ‘seed' liquidity, ensuring prices are available even on less popular events. While this guarantees a baseline of activity, the deepest and truest odds are found on high-volume markets.
Live betting experience
The in-play betting platform at Smarkets is robust, featuring a high volume of live events, especially for football and tennis. A key feature is ‘Trade Out', Smarkets' one-click equivalent of cashing out. This function automatically calculates and places the opposing bet required to close your position, allowing you to lock in a profit or mitigate a loss based on live market prices. While the platform offers excellent real-time data, live streaming is limited to certain horse racing and greyhound events.
Bet builder & special features
Smarkets allows users to build accumulator bets. A unique and powerful feature of the exchange is the ability to both back and lay accumulators (e.g., building a four-fold accumulator of Premier League favourites and then laying it, effectively betting that at least one of the four teams will fail to win). This provides a significant advantage for bettors employing more advanced trading strategies. The platform also offers several free tools, including a dedicated matched betting hub and various betting calculators to help users make more informed decisions.
Additional betting features
As a pure betting exchange, Smarkets focuses exclusively on its core product and does not offer other gambling verticals.
Casino games
Smarkets does not have a casino section. There are no slots, table games, or live dealer options available on the platform.
Bingo/lottery options
Smarkets does not offer any bingo or lottery games.
SBK sportsbook
Smarkets owns a separate, app-only sportsbook product called SBK. This platform uses the excellent odds from the Smarkets exchange to offer a more traditional fixed-odds betting experience for users who prefer that model.
Smarkets site experience
Website design & navigation
The Smarkets user interface is modern, clean, and has a clear technological focus. The design uses a black, green, and white colour scheme that is easy on the eyes. The layout is intuitive, making it simple for users to navigate between sports and markets. Key features praised by users include the easy-to-read odds display, helpful candlestick-style charts showing price and volume history, allowing traders to analyse market sentiment, and fast page-loading speeds.
Mobile betting experience
Smarkets offers highly-rated, dedicated mobile apps for both iOS and Android devices. These apps provide the full functionality of the desktop exchange, are designed with a mobile-first approach, and are considered a major strength of the platform. Features such as quick login via fingerprint and a user-friendly interface make for a seamless on-the-go trading experience.
Betting limits
Unlike traditional bookmakers that may limit successful accounts, Smarkets does not impose personal limits on how much you can stake. Instead, the amount you can bet is determined by the liquidity available in the market—that is, the amount of money other users are willing to back or lay. Major events, such as Premier League matches, typically have very high liquidity, allowing for large bets to be matched easily. This is a key advantage for successful bettors who are often restricted by traditional bookmakers, but it also means that on niche markets, your maximum stake is dictated by market interest, not by the operator.
Customer support
Smarkets provides several channels for customer support.
- Live Chat: Available daily, but it is not 24/7. Typical operating hours are from 09:00 to 00:00.
- Email: [email protected]
- Social Media: The support team can be reached on X.com via @SmarketsTech.
- Post: Correspondence can be sent to their UK physical address in London.
Smarkets payment methods
How to deposit
Smarkets offers several free and instant deposit methods. Note that deposits made using e-wallets like Skrill, Neteller, and PayPal are not eligible for the welcome offer.
| Method | Minimum Deposit |
|---|---|
| Visa / Mastercard / Maestro | £10 |
| Instant Bank Transfer | £10 |
| Trustly | £10 |
| PayPal | £25 |
| Skrill | £10 |
| Neteller | £10 |
How to withdraw
Withdrawals are also free of charge, with processing times varying by method.
| Method | Minimum Withdrawal | Processing Time |
|---|---|---|
| Visa / Mastercard / Maestro / Solo | £10 | 1-6 business days |
| Instant Bank Transfer | £10 | ~12 hours |
| Trustly | £10 | 1-2 business days |
| PayPal | £20 | 1-2 business days |
| Skrill | £10 | 1-2 business days |
| Neteller | £10 | 1-2 business days |
| Bank Transfer | £20 | 5-10 business days |
Why choose Smarkets for sports betting
Smarkets is an excellent choice for experienced punters, traders, and matched bettors who prioritize long-term value and a superior user experience over frequent bonuses. Its primary appeal lies in its industry-low 2% commission rate, which allows users to keep more of their winnings and ensures the odds are among the most competitive available. The sleek, modern platform, available on both desktop and a top-tier mobile app, is built for speed and efficiency, making it a powerful tool for serious betting.
While it excels in these areas, it has weaknesses. While liquidity on major events like Premier League football is excellent, it can be lower than its main competitor, Betfair, on more obscure, niche markets. Furthermore, the platform's singular focus means there are no casino, bingo, or other gaming products.
However, for bettors who understand the exchange model and want to maximize their returns through better pricing and low fees, Smarkets is a highly recommended platform that stands out in the crowded UK market
Smarkets FAQs
Smarkets was founded in 2008 by co-founders Jason Trost and Hunter Morris.
Yes, Smarkets is fully licensed and regulated in the United Kingdom by the UK Gambling Commission (UKGC).
No, as a betting exchange, Smarkets does not offer BOG. The odds on the platform are determined by the users, not by Smarkets itself.
You can bet on a wide range of sports including football, horse racing, tennis, cricket, rugby, and American sports, as well as extensive markets on politics and current affairs.
Smarkets charges a standard flat rate of 2% on your net winnings in a specific market. You do not pay any commission if you make a net loss on a market.