Smarkets Review: The Betting Exchange Alternative
Smarkets is one of the most innovative betting exchanges in the UK and Europe, providing a genuine alternative to Betfair for punters, matched bettors, and traders. In this review, we cover how Smarkets works, its fees, features, pros and cons, and where it fits in the world of modern betting.
What is Smarkets?
Founded in 2008, Smarkets offers a streamlined and low-commission peer-to-peer betting exchange. Instead of betting against a bookmaker, users set their own odds and trade directly with other punters. Smarkets is fully licensed in the UK, Malta, and several other jurisdictions, and is especially popular among price-conscious and tech-savvy bettors.
Exchange Betting Explained
Like Betfair, Smarkets lets users back (bet for) and lay (bet against) outcomes. Odds are set by the market, and Smarkets acts as an impartial platform, charging a small commission on net winnings per market. You can trade out, hedge positions, or use the exchange for matched betting. The interface is particularly clean, with fast market updates and low latency.
Commission & Pricing
Smarkets is known for its low flat-rate commission of 2% on net market profits (compared to Betfair’s typical 5%). For high-volume and VIP customers, custom rates may be available. There are no hidden charges or premium charges, making it transparent for value-seekers and regular punters alike.
Market Coverage & Liquidity
Smarkets covers all major UK and international sports, with a particular strength in horse racing, football, tennis, politics, and specials. Liquidity is strongest on UK/Irish racing, major football, and headline events like Cheltenham, Grand National, and World Cup matches. For more obscure sports and smaller meetings, liquidity can be limited compared to Betfair, but for most main events, prices and matched volumes are highly competitive.
Platform, Usability & Mobile
Smarkets stands out for its ultra-modern, minimalist platform—both on web and mobile. The interface is fast, uncluttered, and designed for efficient betting and trading. The mobile app (iOS & Android) is among the highest-rated in the industry. Key features like in-play betting, one-click trading, and real-time order books are all built in.
In-Play, Cash Out, and Trading Tools
Smarkets supports live in-play betting on all major sports, with a fast-reacting platform that appeals to traders and live bettors. Cash out is available on most markets, and the exchange API enables automation and advanced analytics for professional users. While third-party tools like Bet Angel are primarily Betfair-focused, Smarkets offers its own API and supports bots and custom integrations.
Banking, Deposits & Withdrawals
Smarkets accepts debit cards, bank transfer, PayPal, Skrill, Neteller, and Trustly. Withdrawals are fast and fee-free, with most processed within hours (sometimes instantly, depending on method). Minimum deposit is typically £/€10. All transactions are protected with strong encryption and account verification.
Customer Service & Responsible Gambling
Support is available via live chat, email, and help centre, with generally fast and knowledgeable responses. Smarkets also provides a full suite of responsible gambling tools: deposit limits, reality checks, cool-off periods, and self-exclusion are all standard. All features are 18+ only and comply with UKGC standards.
Pros and Cons
Pros
- Lowest commission (2%) of major exchanges
- Ultra-modern, fast, and intuitive interface
- No premium charges, transparent fees
- Competitive odds on racing and football
- Excellent app and mobile experience
- Open API for automation & trading
Cons
- Lower liquidity than Betfair on minor markets
- Fewer specialist third-party tools
- No traditional bookmaker (fixed odds) product
- No live streaming as of 2024
Smarkets vs. Betfair
For regular punters and traders, Smarkets is the perfect complement to Betfair. While Betfair has more markets and liquidity, Smarkets’ low commission, clean design, and reliability make it a must-have second account for value seekers and anyone doing matched betting or arbitrage. Odds are often neck-and-neck for big racing and football events.
Who Should Use Smarkets?
Smarkets is ideal for:
- Value bettors who want low commission
- Matched bettors, arbitrageurs, and traders
- Those who want a modern, easy-to-use interface
- Anyone looking to avoid bookmaker account restrictions
Ready to try Smarkets?
Join Smarkets here