How Does Smarkets Work? | OddsMonkey

Smarkets is known to be one of the newer betting exchanges compared to its competitors, and it is praised for its straightforward approach and unique specials. With no aim of being a jack of all trades, they have made themselves the master of one, with the focus being placed on sports betting.

Here, we are going to go through how Smarkets works, how it can be used throughout sports betting, and how it links to matched betting.

What Is Smarkets? 

Smarkets is a betting exchange, meaning it operates differently from a traditional bookmaker. Rather than the customer placing bets against the bookmaker, customers can place bets against each other, and the exchanges make money by taking a commission on these transactions.

Launched in 2008, Smarkets is both smaller and newer than household names such as Betfair, the biggest and best-established betting exchange in the UK. However, the low commission rate and ease of use make it a popular choice with sports and matched bettors.

The focus of Smarkets is on sports betting, as the website does not offer any form of casino markets.

How Do Betting Exchanges Work?

As Smarkets is not a traditional bookmaker, it generates its revenue through commissions and is known as a betting exchange. 

A betting exchange is based on fairness, as there is no house edge. Instead, most markets are close to 100% when it comes to the valuation of the odds. What also makes betting exchanges popular is the range of bets that are available, as players can place unique types of bets, such as lay bets.

Betting exchanges are known for allowing bettors to go head-to-head against each other and to create their own markets, with one bettor backing the bet and another laying the bet. For example, if you thought one tennis player would win a match, and your friend thought the player they are competing against would win the match, you could create a £20 bet. This is effectively how a betting exchange works.

Here is what you would expect to see if you were looking to place a bet at Smarkets on the game Brentford Vs Manchester United. We can see the different betting options, including team betting, player betting, goals and corner bets.

What Can You Bet On At Smarkets?

While Smarkets is a betting exchange, it offers a wide range of sports betting options that are similar to those of the most popular bookmakers. Their full range of sports can be found below:

• American football
• Australian football
• Baseball
• Basketball
• Boxing
• Cricket
• Darts
• eSports
• Football
• Golf
• Greyhound racing
• Handball
• Horse racing
• Ice hockey
• MMA
• Motorsports
• Rugby League
• Rugby Union
• Snooker
• Table tennis
• Tennis
• Volleyball

They also offer novelty markets on current affairs, entertainment, and politics, which allow you to place a bet on markets such as the BBC Sports Personality of the Year.

What Are the Positives and Negatives of Smarkets? 

As Smarkets is different from traditional betting markets, there are a couple of differences that are worth taking into account. Here, we will discuss some of the positives and negatives associated with Smarkets.

✅Matched Betting – If you are someone who takes part in matched betting, then you can place back and lay bets across the market, and if done correctly, you can create matched bets that can remove the risk of loss.

✅No Account Limits – Whilst bookmakers can restrict you for plenty of different reasons, there are no specific betting limits at Smarkets. With betting exchanges welcoming successful players, there is no downside to beating another bettor on this site.

❌Commission – Whilst it is not a huge amount, betting exchanges will charge commission when you place a bet, and this is how the betting exchange makes money.

❌Liquidity – This is very important as it will tell you if there is enough money for you to place your bet for it to be a fully matched bet. If there is not enough liquidity, the matched bet will not be effective.

How Does Smarkets Work In Matched Betting 

For those who frequently place matched bets, it is essential to know that betting exchanges are crucial for forming matched bets. Bookmakers do not allow lay bets to be placed, so betting exchanges like Smarkets are essential in this system.

By placing a back bet and a lay bet on the same fixture, you can effectively remove the risk of loss, meaning no matter what happens during the sport, the worst scenario is breaking even. To make sure you are using the correct mathematics, make sure to use our matched betting calculator, which is available on the OddsMonkey site.

With matched betting being quite a complex topic, we have a matched betting blog which is full of all the details you would need to know about the topic, alongside sports betting and casino guides.

Betting At Smarkets 

Smarkets is one of the most fascinating betting exchanges, due to its focus on sports betting and the ability to place lay bets. With bettors going up against each other instead of the bookmaker, betting exchanges are becoming more and more popular throughout the world of betting.

If you are interested in Sports betting, we offer various guides, including our football betting guide and horse racing betting guide, which provide comprehensive information on these sports and betting markets.

FAQs:

How Long Does It Take Smarkets To Withdraw? 

Depending on your method of payment, it may take up to 10 business days for the funds to be sent. The table below goes through the withdrawal process time for each payment option:

What Does ‘Trade Out’ Mean On Smarkets? 

Trading out is the process of placing a bet on the opposite outcome of a bet you have already placed. Whilst this is also how a matched bet is done, it can also be done to reduce exposure or to cancel out a previously matched bet on the same market.

How To Get Free Bets On Smarkets?

Although there may not be free bet offers, Smarkets has a welcome offer that allows new customers to trade commission-free for 60 days. Instead of Smarkets taking a percentage of the money staked as commission, the bettor will be allowed to keep the extra commission if their bet is successful.