Smarkets review: who the exchange is built for
Smarkets was founded in 2008 and has always sold itself on price: a low commission and no margin built into the odds, since other customers set them. You back or lay against fellow punters, Smarkets matches the two sides, and it takes a cut of net winnings on each market. That model has barely changed since launch.
This Smarkets review is written for UK punters weighing it against Betfair Exchange and Matchbook. We cover the commission tiers in detail, because they decide what you actually pay, then the trading tools, the app, payments and the safer gambling settings. The file below shows the licence, our measured football margin with commission included and the current app ratings.
Smarkets commission: the three tiers
Most customers sit on the Standard tier, which Smarkets’ own help centre sets at 2% of net profit per market. Lose on a market and you pay nothing. Back one player and lay another in the same tennis match, and only the overall result on that market is charged, which makes small hedges cheap.
Two further tiers exist for the heaviest users. The Pro tier charges 1%, but on winnings or losses for each order that settles, so it is a turnover charge. Anyone placing more than 1,500 bets or staking over £1m in a calendar month must opt in to keep trading. Those counters reset on the first of each month.
The Select tier is the one to know about if you win steadily. It charges 3% and applies automatically once net profit over the previous 12 calendar months passes £25,000. Smarkets says only about 0.2% of its customers reach any of these thresholds. You can see your own figures on the Trading Stats and Commission page in your account.
How the commission changes a price
Smarkets publishes the sum itself: commission equals the stake times the odds, minus the stake, times the rate. Back a team at 4.00 with £20, win, and the profit is £60. At 2% you pay £1.20 and keep £58.80, which is the same as being paid at 3.94 with no commission at all.
That adjusted figure is what our tables use. The football margin in the file above takes Smarkets’ match-result prices, applies the 2% Standard rate and treats the result like a bookmaker’s built-in edge, so the two can be compared directly. The bookmaker margins page shows how the exchanges sit against fixed-odds firms in the current tables.
Smarkets’ help centre also hosts a bet calculator and a hedging calculator. The first deducts commission from any back or lay bet and shows your liability; the second works out how much to back or lay to even out a position across every outcome. Both let you type in any commission rate, so they work for other exchanges too.
The 60-day commission-free start
New customers can begin at 0%. Enter code COMMFREE at registration, deposit at least £10 by debit card or instant banking, and bets settling within 60 days of that deposit carry no commission. First deposits by Skrill, Neteller, PayPal, Revolut or a virtual or prepaid card do not qualify, and neither does trading through an API.
When the 60 days end, the account moves to the Standard 2% rate automatically. The offer is worth most to someone who plans to bet regularly in that window, and little to an occasional punter. It is a reduced fee on winnings, not betting credit, so there is no free bet stake to lose and no wagering requirement attached.
Trading tools: Trade Out and keep in-play
Trade Out is the feature traders use most. Once you hold a matched position and the market has enough volume, a button next to the selection works out the stake needed to close the position at the current price, before the start or in-play. It reduces exposure or cancels an earlier bet in a couple of taps.
The keep in-play option solves a familiar exchange annoyance. Normally any unmatched bet is cancelled when a market is suspended at kick-off. Tick the option and the bet stays in the queue when the market reopens in-play, so you do not have to re-enter it. It still might never be matched, of course, if the price runs away.
Liquidity, and the SBK sportsbook
Liquidity is good on Premier League football and UK racing and strong on politics, a market Smarkets has made its own. On niche sports and minor in-play markets it is shallower than Betfair, so larger stakes can take longer to match. Smarkets sets no personal stake limits; the ceiling is simply how much money is waiting.
The same company also runs SBK, an app-only fixed-odds sportsbook built on the exchange. It is a separate product with its own prices, which means it behaves like a bookmaker and carries a margin. Do not confuse the two when comparing prices: the commission figures in this Smarkets review apply to the exchange only, never to SBK.
The Smarkets app
The Smarkets app carries the full exchange: Trade Out, keep in-play, search and a light or dark interface. On the App Store it is rated highly, from several thousand ratings. On Google Play the score is far lower. The file above has both current figures, checked on the day of this review.
That gap between the two stores is unusual, and the Android reviews pull the average down sharply. If you use an Android phone, try the mobile website alongside the app before you decide which to rely on. iPhone users can take the high rating at face value; the app is quick and the layout is clean.
Payments, payouts and the closed loop
Deposits go in by Visa debit, Mastercard, Maestro, Instant Bank Transfer, Trustly, PayPal, Skrill, Neteller or bank transfer, mostly from £10; PayPal needs £20 and has a £200 daily maximum. Credit cards are not allowed for betting in the UK. Smarkets charges nothing to deposit or withdraw by any of these methods.
Withdrawals follow a closed loop: money returns to the method it came from, split if you used more than one. Open Banking takes about 12 hours, e-wallets and Trustly one to two business days, debit cards one to six and a bank transfer five to ten. A fourth e-wallet withdrawal within seven days waits an extra 24 hours.
UK customers cannot cancel a withdrawal once it is pending, a rule Smarkets applies because of Commission guidance. We think that is the right call: the old practice of reversing a payout and playing on with it was one of the clearer signs of trouble. Once you press withdraw, plan on the money arriving.
Limits, time-outs and self-exclusion
Smarkets offers both net and gross deposit limits, daily, weekly or monthly, from Settings and then Limits; loss and stake limits sit on the same page. Lowering a limit is immediate, while raising one waits 72 hours. Since 30 September 2026 the Gambling Commission has required the gross type, which ignores withdrawals.
For a break, a time-out blocks the account for 1, 7, 31 or 42 days and reopens it automatically. Self-exclusion is longer: six months at minimum, or one year, five years or permanently, with any balance returned within 48 hours. GamStop extends that block to every licensed operator in Great Britain at once.
Licence and contact details
Smarkets trades through Smarkets (Malta) Limited, account 39173 on the Gambling Commission register, which lists a remote betting intermediary licence active since November 2014, the category every exchange needs. The licensee trades under both the Smarkets and SBK names. Its parent, Smarkets Limited, is based at Commodity Quay in St Katharine Docks, London.
Live chat is open from 09:00 to 23:00 GMT for logged-in customers, with email at [email protected] and the @SmarketsTech account on X for outages. Those hours suit daytime punters better than night-time traders. For a complaint, put it in writing first; after eight weeks an unresolved case can go to an independent dispute service.
Smarkets review verdict
The verdict of this Smarkets review: for a UK punter who bets on mainstream football and racing, it is one of the cheapest places to trade. The 2% Standard rate, the 60-day commission-free start and fee-free payments add up to low running costs, and Trade Out and keep in-play make it a pleasant exchange to use every week.
It suits niche-market traders less, since liquidity thins out beyond the big events, and very successful bettors should factor in the 3% Select tier above £25,000 a year. Android users may prefer the website to the app. Our advice: open Smarkets for everyday football, and keep a Betfair account for the markets where only the biggest exchange has depth.
Frequently asked questions
What commission does Smarkets charge?
The Standard tier is 2% of net winnings per market, with nothing charged on a market where you lose overall. Smarkets' help centre states this rate and says it applies to almost every customer.
What are the Smarkets Pro and Select tiers?
Pro charges 1% on each settled order and is opt-in, required once you place more than 1,500 bets or stake over £1m in a calendar month. Select charges 3% and applies automatically when net profit over the previous 12 calendar months passes £25,000.
How does the Smarkets commission-free offer work?
New customers who enter code COMMFREE at registration trade at 0% commission on bets that settle within 60 days of the deposit. The first deposit must be at least £10 by debit card or instant banking, and e-wallet, PayPal, Revolut and prepaid card deposits do not qualify.
How long do Smarkets withdrawals take?
Open Banking withdrawals take about 12 hours, PayPal, Skrill, Neteller and Trustly one to two business days, and debit cards one to six. A standard bank transfer takes five to ten business days, and withdrawals are free.
Can I cancel a pending withdrawal at Smarkets?
Not if you are in the UK. Following Gambling Commission guidance, UK customers cannot reverse a withdrawal once it has been requested.
Is the Smarkets app any good?
The iPhone app is rated highly on the App Store, while the Android app scores much lower on Google Play. Both carry the full exchange, including Trade Out and the option to keep bets in-play.
What is SBK?
SBK is a fixed-odds sportsbook app run by the same company and built on the Smarkets exchange. It sets its own prices, so it works like a bookmaker, not an exchange.
How do I self-exclude from Smarkets?
Go to Settings and then Limits, or ask customer support to do it. Self-exclusion lasts at least six months, with one year, five years or permanent options, and any balance is returned within 48 hours.