Smarkets Sports Betting Review (2020) – Ultimate Guide

Smarkets
4.2 / 5
Bookmaker Review | Smarkets
  • Great analysis tools
  • Excellent “Blog” section
  • Magnificent mobile app
Latest Offer
Latest Offer
ÂŁ10 Welcome Bonus
T&C APPLY, 18+ ONLY

FEATURES

UK Gambling Commission
UK Gambling Commission License Logo
Live Stream
VIP Program
Cashout
Bet Builder
Support 247
Native App
Crypto Currency
Established in 2010

PROS

  • Statistical indicators, and a dedicated “Blog” section
  • Best suited for laying, with high stake liquidity
  • A variety of responsible gambling tools
  • A comparatively low commission rate of 2%
  • A commission rate of 1%, for Pro Tier customers, who place more than 1,500 bets, or stake more than 1,000,000 GBP, on a monthly basis

CONS

  • No promotional offers, at the time of writing
  • No option to live stream matches
  • No VIP Program, or Bet Builder
  • Statistical indicators, and a dedicated “Blog” section
  • Best suited for laying, with high stake liquidity
  • A variety of responsible gambling tools
  • A comparatively low commission rate of 2%
  • A commission rate of 1%, for Pro Tier customers, who place more than 1,500 bets, or stake more than 1,000,000 GBP, on a monthly basis
  • No promotional offers, at the time of writing
  • No option to live stream matches
  • No VIP Program, or Bet Builder

Smarkets is among the best betting exchanges for customers residing in the United Kingdom. The betting platform streamlines peer-to-peer trading on sporting events, esports-based tournaments, current affairs and political events. Smarkets is best suited for laying with high stake liquidity.

The purpose of this review is to determine whether Smarkets ticks all the right boxes and if it is the ideal betting platform for you.  Read on to find out and learn more.

Registration Process
4.5 / 5

  • To initiate the registration process at Smarkets, you must click on the green “CREATE ACCOUNT” button which is present at the top-right hand side of your screen.
  • Smarkets’ registration form process consists of three steps.
  • As soon as you have completed the second step of Smarkets’ registration form process, you can deposit funds into your Smarkets account.
  • You can deposit a maximum of 1,200 EUR as a new customer.
  • At this stage, you can set a maximum deposit limit as well (Daily, Weekly, or Monthly, capped at 999,999,999.99 GBP).
  • You cannot withdraw funds from your Smarkets account until you have verified your provided email address.
  • You may be asked to submit documents to prove your identity when you initiate your first withdrawal.

 

screenshot of Smarkets Registration Form

 

As soon as you open Smarkets’ website, you will be redirected to its homepage. To initiate the registration process at Smarkets, you must click on the green “CREATE ACCOUNT” button which is present at the top-right hand side of your screen. As soon as you click on this button, the first step of the registration form process will appear on your screen, as can be seen from the above image.

The first step of Smarkets’ registration form process requires you to enter your email address, create a password, re-enter your password, enter your date of birth and enter a promotional code, if any. You may opt into receiving marketing communications and information pertaining to promotional offers.

After you have entered the above-mentioned details, click on the green “CONTINUE” button. The second step of Smarkets’ registration form process requires you to enter your full name, your phone number, and select your country of residence (United Kingdom).

 

Screenshot of Smarkets Registration form - step 2

 

You must choose your preferred currency (GBP) and enter your full address. After you have entered the above-mentioned details, click on the green “SAVE DETAILS” button. As soon as you have completed the second step of Smarkets’ registration form process, you can deposit funds into your Smarkets account.

 

screenshot of successful registration

 

You can deposit a maximum of 1,200 EUR as a new customer. At this stage, you can set a maximum deposit limit as well (Daily, Weekly, or Monthly, capped at 999,999,999.99 GBP) by clicking on the green “TURN ON DEPOSIT LIMIT” button. You can choose to deposit funds into your Smarkets account at a later stage, by clicking on the “SKIP FOR NOW” option.

 

screenshot of smarkets deposit limit

 

You may be asked to submit documents to prove your identity when you initiate your first withdrawal (Proof of Identity and Proof of Address).

 

Deposit and Withdrawal Options
4.5 / 5

  • At the time of writing, Smarkets is offering 5 deposit options: Bank Transfer, Debit Card, Neteller, Skrill, and Trustly.
  • The minimum deposit amount on offer at the betting site is 10 GBP.
  • The minimum withdrawal amount on offer at Smarkets is 10 GBP as well.
  • As a new customer, you can deposit up to 1,200 EUR.
  • It must be noted that deposits made via Neteller, Skrill, and Trustly do not qualify towards Smarkets’ welcome offer.
  • You must verify your email address in order to withdraw funds from Smarkets.

 

screenshot of Smarkets "Deposit money" option

 

As soon as you complete the second step of Smarkets’ registration form process, you can deposit funds into your Smarkets account. Alternatively, you can skip depositing at this stage. To deposit funds into your Smarkets account, click on the option to access your account details, which is present at the top right-hand side of your screen, followed by the green “DEPOSIT” button.

At the time of writing, Smarkets is offering 5 deposit methods: Bank Transfer, Debit Card, Neteller, Skrill, and Trustly. The minimum deposit amount via Bank Transfer, Debit Card and Skrill is set at 10 GBP.

The maximum deposit amount via Skrill is 5,000 GBP.

The minimum deposit amount via Neteller is 20 GBP, while the maximum deposit amount is capped at 5,000 GBP.

The minimum deposit amount via Trustly is 40 GBP, while the maximum deposit amount is capped at 100,000 GBP.

As a new customer, you can deposit a maximum of 1,200 EUR. In order to withdraw funds from the betting site, you must verify your email address.

It must be noted that deposits made via Neteller, Skrill, and Trustly, do not qualify towards Smarkets’ welcome offer. To withdraw funds, click on the option to access your account details, which is present at the top right-hand side of your screen, followed by the green-coloured “WITHDRAW” button.

The minimum withdrawal amount on offer at Smarkets is 10 GBP, with the same payment options. Withdrawals take a maximum of 6 business days to be processed.

 

Welcome Offer
4 / 5

  • Currently, Smarkets is offering a 10 GBP welcome offer bonus.
  • Incurred losses will be refunded to your account as well, up to the welcome bonus amount.
  • Certain terms and conditions apply.

 

screenshot of Smarkets Welcome Offer

 

You must deposit a minimum of 20 GBP as a lump sum as your first deposit to qualify for Smarkets’ welcome offer. As soon as you make your first deposit, the welcome bonus amount will be credited to your account.

It must be noted that incurred losses will be refunded to your account as well, up to the welcome bonus amount. Again, we’d like to remind you that deposits made via Neteller, Skrill, and Trustly do not qualify towards Smarkets’ welcome offer. The welcome bonus amount must be used towards betting on any combination of markets, within 7 days of the amount being issued, after which the bonus amount will be declared null and void.

You can withdraw the bonus amount, and your achieved winnings, after you have met the above-mentioned conditions.

 

Sportsbook Promotions
1 / 5

  • Smarkets is not offering any promotional offers, at the time of writing.

 

screenshot of smarkets promotions page

 

Unfortunately, Smarkets is not one to offer a plethora of bonuses or perks – they are presently not offering any promotional offers. This could be a direct result of the COVID-19 pandemic, and we hope to see the betting platform offer promotions in the near future.

VIP Program

Smarkets does not offer a VIP Program or a Loyalty Reward Scheme. Given how the betting platform operates, this is unlikely to change. Nevertheless, we hope that the betting exchange continues to offer schemes and bonuses (largely directed towards premium customers) to attract new customers and retain their current and loyal players.

 

Pre-Match Offer
4.5 / 5

  • Smarkets offers events on 15 sporting disciplines.
  • The betting platform streamlines peer-to-peer trading on sporting events, esports-based tournaments, current affairs, and political events.
  • You can choose to both back and lay an outcome.
  • Smarkets is offering Cash Out in the form of Trade Out.

 

screenshot of Smarkets Match Offer

 

The betting platform charges an industry-low commission fee of 2% on obtained winnings. A commission rate of 1% exists for Pro Tier customers who place more than 1,500 bets or stake more than 1,000,000 GBP on a monthly basis.

Smarkets offers a better quality of odds when compared to traditional betting markets, given the fact that the odds on offer at a betting exchange like Smarkets are driven by supply and demand, rather than being set by a bookmaker with an associated bookmaker’s margin. You can either back (Buy) a bet, or lay (Sell) a bet. When backing a bet, you are acting as a customer, and when laying, you are acting as a bookmaker offering odds.

That being said, what exactly is backing and laying?

When you are backing a bet, you are backing a certain outcome to occur. You can choose to back the odds currently on offer at Smarkets, and you will be matched against an opposing customer (the odds mentioned in the green box) who is laying that very outcome.

 

screenshot of Smarkets Full Time Result

 

You can also choose to back higher odds if you believe that the odds that are currently being offered are too low. If a customer chooses to lay your bet, and offer you odds for the same, your bet will be matched. If an opposing customer does not lay your bet, your placed stake will be returned.

Laying on the other hand involves a customer offering odds on a bet, in turn acting as a bookmaker himself. You are punting on an event not to happen. You can choose to lay the odds currently on offer at Smarkets, and you will be matched against a backing customer (the odds mentioned in the blue box).

You can also choose to lay odds of your choice in the hope that an opposing customer will back your claim.

Let’s take an example of an imaginary match to be contested between Manchester United and Manchester City. You believe that Manchester United will win, while your friend believes that Manchester City will win.

Your friend offers you odds of 1/1, stating that Manchester United will not win. You both wager 50 GBP each – If you win, you will receive 50 GBP, and if your friend wins, he will receive 50 GBP – This is how a betting exchange like Smarkets works.

You can both back and lay an event on Smarkets, opposed to just backing an event, as is the case on a traditional bookmaker.

You can analyse pie charts, and graphs, among other statistical indicators, to determine how a betting market is faring, and punt accordingly.

Esports

Smarkets offers odds on Counter-Strike: Global Offensive and eBasketball-based tournaments.

Before punting on an esports-based betting event, it’s a good idea to do your research first. Play the game in question yourself, go through official rankings, gauge team form guides, and go through past match results. If you need further guidance on esports or if you are a newcomer to this particular sport, we recommend that you take a look at our esports betting guide for beginners.

Other Specials

Smarkets is quite generous when it comes to their markets on novelty betting.

At the time of writing (05/2020), you can punt on:

Political Events: The current markets are the Next UK Prime Minister (Next Prime Minister); the Next President (US General Election 2020); Democrat VP Nominee (US General Election 2020); and Next Cabinet Member to leave (The Cabinet), among other events.

Current Affairs: You can place a bet on the Next Premier League game (Sports); Liverpool declared PL winners before another match is played (Sports) and USA recession 2020 (Finance) along with other events.

TV and Entertainment: players are welcome to punt on the BBC Sports Personality of the Year 2020 (BBC Sports Personality).

Cash Out and Bet Builder

Smarkets does not offer the Bet Builder feature, however customers can make use of Cash Out in the form of Trade Out.

Trade Out in essence allows you to cut your losses per contract (an agreement between a backing customer and a laying customer), by locking in a profit for both pre-match and in-play games. The Trade Out amount is calculated on the basis of live contract prices. You can also cancel out a previously matched bet on the same contract.

Trade Out is only activated when:

  • Exposure is above 0 GBP
  • There is sufficient volume on the market in question
  • If you have matched bets on a contract

 

Live Offer
4.5 / 5

  • Smarkets offers an excellent live betting arena.
  • You can analyse pie charts, and graphs, among other statistical indicators, to determine how a betting market is faring, and punt accordingly.
  • Smarkets offers a live scorecard with second-by-second live updates, a graphical representation of an ongoing match, in-play statistics, and a variety of betting outcomes to choose from to both back and lay.
  • The betting platform offers an option to Trade Out on pre-match and in-play games.
  • Smarkets does not offer any live streaming services.

 

screenshot of Smarkets Live Offer

 

If you click on an in-play match of your choice, you will see a live scorecard with second-by-second live updates, a graphical representation of an ongoing match, in-play statistics, and a variety of betting outcomes to choose from, to both back and lay.

 

Security
4.5 / 5

  • Smarkets is licensed and regulated by the United Kingdom Gambling Commission for customers residing in the United Kingdom.
  • The website is SSL encrypted – all transactions that take place at Smarkets are secure.
  • The bookmaker offers a feature-laden “Responsible Gambling” section.
  • Smarkets is secure, transparent, and reliable.

To access the betting platform’s “Responsible Gambling” section, you must scroll down to the bottom of your screen, and click on the respective option. Smarkets’ “Responsible Gambling” section comes with articles outlining how to set limits, methods to exclude yourself from the platform, and ways to identify a problem gambler, among other information.

 

Screenshot of Smarkets Limit settings

 

You can also take a “Self-Assessment” test to check your gambling behaviour via an option present to the right of the “Responsible Gambling” option at the bottom of your screen.

When you register at Smarkets, an option appears to set a Deposit Limit (Daily, Weekly or Monthly, capped at 999,999,999.99 GBP). Alternatively, you can set deposit limits, loss limits, and stake limits, by clicking on the the option to access your account details, which is present at the top-right hand side of your screen, followed by the “Settings” option.

You can also choose to time out, self-exclude yourself from the platform, and block your ability to cancel withdrawals as well.

Smarkets is not related to any criminal activity, nor does the betting site have any control over you winning or losing a placed bet. Your personal identification information and stored funds are safe from the hands of hackers and online fraud.

The betting platform separates all the costs that it incurs from your stored funds.

 

Service and Customer Support
4.5 / 5

  • Smarkets offers 24/7 customer support service.
  • You can contact a Smarkets customer support representative via Email, Twitter, Live Chat, Phone, and Post.
  • To access Smarkets “Contact Us” section, you must scroll down to the bottom of your screen and click on the ensuing option.

For general queries, you can email Smarkets at support@smarkets.com. For press and media enquiries, you can email the betting site at press@smarkets.com.

To report bugs and vulnerabilities, contact Smarkets at security@smarkets.com. For affiliate enquiries, send a message to Smarkets at affiliates@smarkets.com. For API enquiries, you can contact the betting platform at api@smarkets.com.

You should receive a formal response to your email within a day.

Smarkets is also available on social media platforms like Twitter (@SmarketsTech) and Facebook. If you would rather call a customer support representative, you can call Smarkets at +44 207 617 7413, from 09:00 – 00:00 GMT.

Live Chat is often the easiest method of communication and the fastest way to come to a conclusion. To make use of Smarkets’ Live Chat option, you must be logged-in. To initiate a Live Chat, click on the ensuing button, which is present at the top-centre of your screen.

After you click on this option, you will be connected to a customer support representative. You can choose to download the transcript after the chat has ended. Smarkets’ Live Chat box does not come with an option to attach documents, which is rather unfortunate.

The site’s Postal Address can be found below:

1 Commodity Quay
St. Katharine Docks
London
E1W 1AZ
United Kingdom

 

Design and Usability
5 / 5

  • Smarkets’ website design is as modern as it gets.
  • The betting site’s design comprises a generous mix of black and green, a variety of betting tools, and readily available options of access.
  • Smarkets’ offers an excellent “Blog” section as well, with several articles to help explain its various features and market analyses, among other topics of interest.

If you look at the left-hand side of the betting site’s homepage, you will see quick links to access the most popular betting markets on offer at Smarkets.

You will also see the various sports markets on offer at the betting site (Sports Slider). The most popular betting variants are advertised at the centre of your screen. 

You will see options to access popular events, at the right-hand side of your screen.

If you scroll down to the bottom of your screen, you will see options to access the betting site’s “Responsible Gambling”, “Contact Us”, and “Blog” sections, among other options.

 

Mobile
5 / 5

  • Smarkets offers a magnificent app for both iOS and Android users.
  • As an iOS user, you must download the app from the App Store, while as an Android user, you must download the app from the Play Store.
  • With the help of Smarkets’ app, you can make use of the platform’s Trade Out feature, bet on the go, operate using Smarkets’ full functionality, and find trades quickly, by making use of the platform’s unique search tool.

What’s more, the app comes with excellent graphics, an option to choose a dark, or light interface of operation, two-factor authentication, live charts, live bet notifications, and real-time, accurate, and reliable prices.

You can bet from wherever you are, whenever you want, without having to open your desktop computer system or your laptop. All in all, Smarkets’ app is the real deal.

 

Other Products

  • At the time of writing, Smarkets is not offering any other products

Given how the betting platform operates, it is unlikely that Smarkets will offer products like Casino or Live Casino in the near future. However, we hope that this will change in the future.

 

ThePuntersPage Final Say

Having gauged Smarkets’ offerings in-depth, we have come to the conclusion that the betting platform is an excellent choice, and ideally suited to all those who would like to make use of the services of a betting exchange.

Traditional bookmaker sites and betting exchanges differ greatly, and if you would like to explore the avenues of a betting exchange, Smarkets is a wonderful option to choose from. That being said, the betting platform does have a few cons which need addressing:

  1. During Smarkets’ registration process, there is no mention of the necessity of uploading and verifying identification documents, which slightly hampers the security governing the traders operating on the platform. Anyone can register on the platform, and trade. That being said, you can withdraw funds from the betting site only after having verified your email address (which is a good thing of course!)
  2. Smarkets offers fewer deposit and withdrawal options than expected of a betting site of its stature. The betting site is offering no promotional offers whatsoever and lacks a VIP Program.
  3. Smarkets does not offer Bet Builder or an option to live stream matches.

With that, let’s address Smarkets’ numerous perks:

  1. Smarkets is best suited for laying, with high stake liquidity. The betting site is offering a comparatively low commission rate of 2%, when compared to other industry giants. They also charge a commission rate of 1% for Pro Tier customers who place more than 1,500 bets, or stake more than 1,000,000 GBP, on a monthly basis.
  2. Smarkets’ Trade Out feature is an excellent addition, which allows you to cut your losses per contract (an agreement between a backing customer and a laying customer) by locking in a profit for both pre-match and in-play games.
  3. Their blog comes with several articles to help explain the site’s various features and market analyses, among other topics of interest.
  4. Smarkets has an outstanding app for both iOS and Android users.
  5. Rest assured: Smarkets’ incorporates safe and secure technology to protect its players, their personal information and their funds.
  6. There are several responsible gambling tools available on the site.

All in all, Smarkets is a magnificent option for peer-to-peer trading on sporting events, esports-based tournaments, current affairs, and political events.

 

OVERALL RATING:
4.2 / 5