Smarkets UK Review: Is Smarkets Legit?

Smarkets Facts

Is Smarkets legal in the UK?

It certainly is. Smarkets UK is regulated by the UKGC, meaning that it needed to pass strict tests for such things as having safety measures available on the site, that the company Directors are fit and proper people, and that they have the necessary funds to pay out to their customers when first being awarded the license.

To keep their license, the Smarkets exchange has continued ticking all those boxes over time, and being in business for almost 20 years is further proof that they can be trusted.

How does Smarkets work?

Smarkets is a betting exchange, not a sportsbook. That means that rather than customers betting against the house, where the betting site’s odds-compilers determine what the fixed odds are and customers have to ‘take them or leave them, customers engage in peer-to-beer betting.

That means that customers on the Smarkets betting exchange strike bets with each other as long as one or more of them is playing the role of the punter (the backer) and one or more is playing the role of the bookie (the layer) at odds they’re both happy with and for an amount of money they both agree on. The layer is betting that an event won’t happen, the backer is betting that it will.

Smarkets acts as a middleman, introducing customers to each other and providing the platform to do so, charging a small commission only on winning bets.

Trade with 0% commission for 60 days when you join Smarkets

Unsurprisingly, there’s a Smarkets sign-up offer up for grabs. In this case, the Smarkets’ new customer offer is that you can avoid paying any commission whatsoever on winning bets for the first 60 days as a new customer. So whatever you win is yours to keep without having to worry about Smarkets commission.

As ever, there are important terms to be aware of when claiming and using the Smarkets welcome offer. One of them is that you need to enter the Smarkets promo code COMMFREE when first opening your account.

Another is that your first deposit must be at least £10 and made with a debit card or an instant bank transfer.

How to create an account at Smarkets UK

One of the positives about playing at Smarkets UK was how simple the sign-up process was. Here’s all I needed to do to get up and running:

1. Click on the ‘Create an Account button in the top right–hand corner.
2. Provide your personal details, such as your name, email address, postal address, mobile number, and choose a username and password.
3. Remember to enter the Smarkets promo code COMMFREE, or else you won’t be eligible for the Smarkets sign-up offer.
4. Make your first deposit, again remembering that to claim the welcome offer, you’ll need to make a deposit of at least £10 using a debit card or instant bank transfer.
5. Pass the Know Your Customer (KYC) Test by providing proof of address or other documents that prove your identity, which may be asked of you. You won’t be eligible to withdraw winnings until you’ve passed your KYC Test, so you might as well do it as soon as possible.
6. Place commission-free bets for your first 60 days as an Smarkets customer.

Smarkets Sports Selection

During my time testing everything while writing this Smarkets review, I counted 28 different sports they offered markets on.

That’s a little fewer than at some Sportsbooks, which may have as many as 40, but then again, it’s worth remembering that this is a betting exchange, not a sportsbook, and that offering some really niche sports is just going to lead to a lack of liquidity, and that’s no good to anyone.

All the obvious ones were there, such as football, tennis, baseball, and cricket, while, as an added bonus, live streaming was available for the likes of greyhound and horse racing. Some of the ‘less obvious’ sports included handball, table tennis, and volleyball, while they also have betting on politics and TV events like Eurovision.

I’ve mentioned this already in passing, but I was very impressed by the liquidity across all the sports they have markets for, with eSports betting among those with really good liquidity.

Smarkets UK on Mobile

The Smarkets app is available for both iOS and Android and is both free and easy to download. Smarkets mobile app is a great option for a) customers who love to do everything on their phones, even if their laptop is sat there right in front of them, and b) customers who like to bet on-the-go and don’t want to miss out on good betting opportunities when they’re out and about.

As an added bonus, the app isn’t just available, it’s actually an extremely good one: quick, I found no glitches on it and was very well designed in terms of navegability, so I could place bets quickly with just a few taps.

SBK Sportsbook – Smarkets Mobile Betting App

Now is as good a time as any to clarify that the same company also has a completely separate sportsbook.

And when we say completely separate, we mean it. For starters, the sportsbook is called SBK rather than Smarkets, and secondly, the app is also separate, meaning you’ll need to download it independently.

SBK works just as any other sportsbook does, with a simpler interface, bonuses available, and everything else.

Our advice is to download and use both, picking and choosing when it’s best to use one or the other. For what it’s worth, the SBK app is also very well-designed, clean, and quick.

Deposits and withdrawals at Smarkets

Getting money in

The minimum deposit is £10, and your first deposit must be at least £10 and made with a debit card or an instant bank transfer to claim the welcome offer.

Getting money out

When it came to withdrawing winnings, I found the process simple, with the money arriving in my account within just a few hours.

Customer Support

There are several ways to get in touch with the Smarkets Customer Support Team if you have a query or a problem, such as being unable to deposit or having issues downloading their app.

The first is to send an email to support@smarkets.com. A second option is to get in touch via Twitter at @SmarketsTech, but probably the best option is to use Live Chat, which is available from 09:00-23:00 GMT; you just need to be logged in to do so.

I tried this out on several occasions and found their agents to be helpful, polite, and knowledgeable. It would be helpful if they also added a phone line to the ways you can get in touch, so let’s wait and see.

What I liked about Smarkets

After those first 60 days, you only pay 2% commission on winning bets, so that’s already a positive in comparison to other betting exchanges, which charge more and in some cases, even have a premium charge in place for the biggest users.

I was also impressed with the high levels of liquidity, especially on the most popular sports like football, horse racing, tennis, and cricket.

Additionally, I liked the graphs that show implied probability over time, which gave me a good sense of how the market evolved. When it came to withdrawing winnings, I found the process simple, with the money arriving in my account within just a few hours.

What could be improved

While I was impressed by the low commission levels, I also think Smarkets needs to put more effort into promotions to keep customers engaged, such as a small free bet when placing a qualifying bet on the same event beforehand.

There’s also work to be done on adding more on-site content, such as introducing a blog that discusses sporting events rather than just job opportunities at the company, or adding more useful content to the FAQ section to avoid contacting Customer Service.

Finally, though the site follows the brand’s green and white colours, it could perhaps do with a little more colour!

Smarkets review FAQs

1. What is Smarkets?

   It’s a betting exchange where customers bet against each other rather than against the house, with Smarkets charging a small commission on winning bets, which is how they make their money.

2. Can I Play on Smarkets Free?

   You can play on Smarkets for free at all times but that isn’t to say your wins are free of commission. You pay a 2% commission on wins, but not for the first 60 days, as the welcome offer lets you avoid paying commission entirely during that period.

3. Is Smarkets a sportsbook?

   No, it’s a betting exchange, so you bet against other players by agreeing on what odds you want to back a bet at, while the other person agrees on the odds they want to lay the bet at. Or vice-versa.

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