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Smarkets Review

Smarkets has become a leader in the betting exchange field. The focus on quality platform and low commission give breadth to this exchange and a purpose to its customers. Any prudent trader aim is to cut on costs and maximize on profits, and that’s what Smarkets offers its customers through its 2% flat rate commission compared to its rivals 5%. There is more to benefit being on board so what’s holding you back from signing up?

8.3 / 10

Website Rating

9/10
Betting Markets
9/10
Odds
7/10
Bonuses
8/10
Payment Methods
8/10
Withdrawal Speed
9/10
Customer Support

Expert Opinion on Smarkets

The betting exchange market had for the longest time operated under a monopolistic environment. Betfair was the sole player market and had owned the rules of the game and used to their advantage. Not until the year 2008 when Smarkets made its presence in the market and completely changed the rules of the game. A market that was operating under exorbitant commission, limited offers, and backward technology received a complete overhaul when Smarkets joined the market. Smarkets has a strategic market position in a market that is less popular though steadily growing. Its robust trading platform, styled with attractive features, is a unique selling proposition of this exchange. With the boom in smartphones, internet penetration and generation Z lifestyle, there is no doubt Smarkets will be the Uber of betting. Glamorous, fun, exciting, and social, that’s exactly what Smarkets delivers. The exchange has been in the media for the right reasons. For instance, in 2016 and 2017 they maintained the fourth position in the Deloitte Fast 50 rankings, an index of the fastest-growing companies in the U.K. Other accolades under the belt include a second position by Sunday times Tech Track 100 awards, 25th spot by Financial Times under the fastest-growing technology companies in Europe category. In 2016, the Smarkets signed a shirt sponsor agreement with Queens Park Rangers F.C. for the 2016/2017 football season. As at 2016, the company had over 100 employees in Malta, London, and Los Angeles. The same year the company reported profits of £13.7m and a trading volume of £2.6bn. This Smarkets review delves deeper into the finer attributes of this online betting exchange, as a reader expect to uncover why traders are flocking this site by the day.

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Sign up and deposit your account with at least £20 to get a £10 back if you lose your bet.

How To Claim Welcome Bonus

New customers who open and fund their account with at least £20 get a £10 rebate when they lose a bet. Getting on to exchange with such a risk-free offer is such a great idea especially to players who are used to the conventional bookmakers. Below is a step-by-step process of how to claim the bonus.

Step 1

Register and fund your Smarkets account with at least £20 in a single installment and not from eWallets or Virtual cards.

smarkets registration process

Step 2

The bonus funds will be credited to your account from which the £10 loss will be knocked off against the bonus.

smarkets sports betting

Step 3

To withdraw the rebate funds, you must have wagered at least the qualifying deposit within three months.

smarkets welcome offer

Smarkets Bookmaker review

Founded in 2008 and established online in 2010, Smarkets is a peer-to-peer online betting exchange that offers an array of sporting, political, and novelty events for betting. Through the visionary leadership of its founder, Mr. Jason Trost an experienced equities trader, Mr. Hunter Morris, the CTO a systems designer guru and a team of 35 financial experts and software engineers, Smarkets was brought to life. Mr. Jason Trost vision for an exchange came from what he thought was lack of customer participation in the market from the US presidential election of 2008. Mr. Jason described the existing market as dishonest and was used to ‘milk as much money as possible out of customers.’ It was from his market insight that an exchange with low commission, advanced technology, and an array of betting markets was born.

The exchange has had unprecedented growth in the recent past that has been attributed to the fast-rising interest in exchange betting. Its market entry proposition of low commission and advanced betting exchange technology has seen acquire lots of customers. As revealed in this Smarkets review, this exchange isn’t settling for less. It has set its aim for the stars and it isn’t landing on the moon.

Sports and Markets

On paper, it is right to say that markets are the building block of an exchange, and the more the markets, the better the presentation to the traders. Smarkets hasn’t fallen short of this statement. With its extensive coverage of sporting events globally, Smarkets covers both popular and novelty events. Football, horse racing, politics, and Tennis top the list of the most traded markets. Their coverage is detailed, for instance, football events include famous European competitions, Asia tournaments, South America leagues, and America MLS. Niche-markets events such as rugby and motorsports which always have a higher margin but less following are also present. To explore further about this topic under discussion, it is essential to investigate the following features.

Odds

Smarkets have competitive odds that could be considered above industry prices. For instance, during the 2018 Cheltenham Festival, Smarkets had a 32% difference in their prices compared to the industry starting prices. To put it into perspective, if a horse had an average price of 3/1, Smarkets would list the same as 4/1. Simply put, Smarkets customers had room for more profits.

For the business model of exchanges also allow for the order book to have ridiculously high odds. Since you are betting against fellow traders and not the bookmaker, the houses’ margin is low – a flat 2% commission. Players have the flexibility to set their own odds provided another trader is willing to fulfill the order at that price. Luckily, even in such scenarios, the order is filled instantly because of the liquidity of the market.

In-Play Betting

The thrill of making money as sporting events continues has always fascinated many bettors. Betting exchanges have capitalized on this players excitement by providing a platform that accepts bets in real-time and settles automatically when the bets lands in the money. Such has been the case with Smarkets. Using the revolutionary betting platform, traders have a graphical representation of where the market trend is at, where they are likely to make profits and much more. As at the moment, they hold the bragging rights of the only exchange with a live chart feature that resembles the stock markets charts.

Trade-out

Trade-out or commonly known as cash-out by conventional bookmakers is a feature that Smarkets has in store for its customers. Trade-out allows bettors to lock in profits, cut losses, or cancel a wager placed erroneously. The trade-out function is available for pre-match trades or in-play bets. However, trade-out isn’t guaranteed always because it depends on the liquidity and if the prices have moved.

Homepage overview

Elegance and class greet your face the first time you land on Smarkets homepage. The same colour schematics have been used across other website pages, so you are guaranteed of a calm ambience while betting on the website. The website has a default dark background throughout the site though you can change this from the setting button. The site has good graphics, little to no advertisement, and a wide array of tools for easy navigation.

The hamburger styled menus make the website navigation easy. The top section above game highlights and other website function is the search bar. The search bar populates all answers that match your keyword queries such as league name, country name and much more. The left side of the site has a list of the betting markets with an already selected list of the favourite events on the top of the list. The middle section has the main betting window where the order prices are displayed. On the top right section of the website, there is a setting button which you can use to change odds format between American, decimal, and fractional. The same settings button allows players to switch between dark and light modes. Adjacent to the setting button is the language toggle that allows players to switch between the following languages English, Portuguese, and Svenska. On the same panel, there is a help button that will land you to an educational blog once you click it. The bottom section of the website has a link of the website less used function though important such as careers, About us, betting rules, to mention but a few. There is also a link of the site’s license and gambling awareness link. Well, at least you know the exchange has some welfare interest with the bettors.

From the above narration, you will realize this site is easy to navigate and uncluttered. Much focus has been given to betting features such as quality live charts, a collapsible window, and other attractive features. This isn’t to mean the site has fallen short of aesthetic appeal; it’s stunningly beautiful!

Mobile website/App

By focusing on in-house development for most of their platforms, Smarkets have been able to personalize their products to match customer expectations. Their mobile app is a testimonial of their technological ingenuity. The robust mobile app is available on both Android and iOS powered devices. Some of the activities you can carry out with the app include, managing your positions, in-play betting, trade-out, and much more. The setting button allows you to switch between dark and light mode.

The mobile site is an alternative to the mobile app. It is mobile responsive and doesn’t require additional software download for it to function. It works using ordinary mobile browsers and across all smartphones. The developers of the mobile site have improved some of the mobile site features by including two-click betting functionality which allows traders to confirm orders. It reduces the chances of mistakes and erroneous clicking. Other exciting features are an amount traded display, collapsible window, improved design, and overround displayed display.

Payment Methods

Smarkets allows traders to fund their account using payment methods that are within reach of many customers. You can deposit money to your Smarkets account using the following banking options.

• Cards – Visa debit and credit cards, MasterCard, Maestro

• eWallets – Neteller, Skrill

• Bank transfer

• PayPal – for UK and Ireland based traders

• Trustly

These payment methods are secure and don’t attract a processing fee. The minimum amount you can deposit/withdraw is USD/GBP/EUR 10 and the maximum amount you can withdraw is £/€100,000. Payments are processed to the same method that was used for deposit. Withdrawals are processed within 24 hours for Skrill and Neteller while bank transfers take 5 to 10 business days.

Customer Service

Smarkets have a steady team of customer support who work round the clock to provide traders with top-notch customer service. The team is knowledgeable on all aspects of exchange betting and understands the entire betting market. The customer service representatives are prompt and demonstrate the highest level of professionalism in their engagements with bettors. In case you encounter any challenge using their platform or inquiries, you can reach them via the following means.

• Email: [email protected]

• Live chat: for logged in users

• Phone : +44 207 617 7413 customer only

• Twitter: @SmarketsTech

• Post: 1 Commodity Quay, St. Katharine Docks, London, E1W 1AZ, United Kingdom

You can also get help by visiting their help center. There are tons of guides, tutorials, and articles that will make you journey less bumpy.

Security

Security is taken with the seriousness it deserves at Smarkets. As a result, the online betting exchange has deployed a team of dedicated cyber security experts who are tasked with protecting the Smarkets website. The green padlock-like icon next to the URL bar of Smarkets is a Secure Sockets Layer (SSL) protection that prevents any data leak between the web server and the browser. You can use an additional security layer by using the two-factor authentication which prompts for a one-time password before logging to your account.

The Smarkets security department also requires identity and address verification document from players. Profiled players and underage players can’t bypass this routine check. The Smarkets privacy policy agreement protects customers from any data breach. Information collected can only be used to provide you services, for advertisement by consent or on request by law enforcement agencies.

Smarkets is regulated by the UK Gambling Commission and Malta Gaming Authority and as per its license terms, it is required to uphold the highest degree of transparency, security, and fairness. If by any chance a customer files for breach of fairness and the claim is right, the exchange is fined excess and stands to lose the license. The license terms stipulate the exchange to segregate traders’ money from its funds. By doing so, the exchange prevents conflict of interest and is able to pay traders their money even in times of insolvency. Such strict terms from the regulator bind Smarkets to operate a secure and transparent business.