Intro to Smarkets
A betting exchange is different from a traditional bookmaker in a couple of ways. Punters on a betting exchange are betting against one another and not against the bookmaker. This removes risk from the bookmaker and pits the punters against the wagers of one another. They also allow punters to back and lay wagers against one another.
Smarkets is commonly seen as one of the top betting exchanges in the industry. They only claim a 2% commission on winning wagers, which is lower than many of their competitors, such as Betfair. Betfair takes a 5% commission on winning wagers. This sets them apart from the beginning.
They offer odds on all the best markets and they also offer some that are considered to be novelties, like world politics and entertainment. They deal with odds that are going on at the current time. They do not deal with upcoming events or things that are going to be happening in the future. They have employed a simplified system that allows them to provide a great service to their customers.
Readers will find out why Smarkets is looked at as one of the best betting exchanges on the web.
Sports Betting Welcome Offer & Promotions
Smarkets is a simple and clean-cut site in that they do not really deal with bonuses and promotions other than their welcome offer. The small, flat rate commission that they gain is the way they set themselves apart from other betting exchange sites. Their welcome bonus is minimal, but it is a great way to get punters on the site and interacting with all that Smarkets has to offer.
Although Smarkets doesn’t pride itself in promotions and free bets, they do offer brand new punters a $10 welcome bonus. This bonus requires a $20 first deposit made via card or direct bank transfer. At least $20 worth of bets will need to be made in a single bet or a combination of bets.
The bonus funds will not be available to those who use prepaid or e-wallet cards like Skrill or PayPal. This $10 will be added to the account after the first loss. It can be viewed as a cashback offer for a punter’s first loss on the site.
The Product, Sports, and Markets
There is no lack of markets and options at Smarkets. They cover all of the usual markets and many of the unique ones as well. American football, Football, horse racing, tennis, baseball, basketball, rugby, motorsports, cricket, and boxing. These are not the only markets that they offer for punters to get in on.
They even have markets for punters to get in on that are unconventional. They have betting odds for politics including UK, World, United States, and European politics. They have current affairs odds on the Managing Director of the IMF and the next Governor of the Bank of England. Smarkets even has odds for current affairs like the BBC Sports Personality of the Year 2019.
Smarkets makes their In-play betting odds very accessible for punters. These odds are found on the left-hand menu on the home page. They offer services for in-play betting in many of the major sports like cricket, football, baseball, and tennis. It is not the most extensive in-play options as we have found at other sites, but the standard markets are there.
One of the nice features of their in-play betting service is the Instant Match feature. Punters are able to take a bet at the requested price without having to wait for the counter to hit zero. This can make the in-play service seamless and easy for punters.
There is no live streaming of events on Smarkets.
Punters are not going to find many other features on Smarkets. They are all about what is going on right now and that is it. They don’t offer future events for punters to look at. One of the things that many punters may not like is that they do not offer stats for the odds of the event that they cover. This can be a negative for many. They are a sportsbook that gives punters the odds and they can place their bets.
They do not have a casino section for punters to enjoy. They are strictly a sportsbook and that is it.
Mobile & App
Smarkets released a mobile app in 2017 for Android and iOS devices. Prior to this, the site itself was mobile-friendly no matter what device a user was on. It is simple for users to switch between the full site and the mobile-friendly layout. They make it very easy for users to switch from device to device and there is no issue with the functionality or the look of the site.
Licensing and Regulation
Smarkets carries licenses that cover all of the punters within the geographical areas where they conduct their business. They are licensed by the Malta Gaming Authority, the UK Gambling Commission, and the Revenue Commissioners National Excise License Office. Customers are covered no matter where they are.
Due to their licensing with the MGA and the UKGC, the countries that are restricted include Australia, France, Hong Kong, Switzerland, China, South Africa, Denmark, Czech Republic, Belgium, Turkey, the United States, Italy, Portugal, Russia, Belarus, Ukraine, and Kazakhstan.
Smarkets takes the protection of its customers’ funds very seriously. They utilize, both, Transport Layer Security and Secure Socket Layer. They also make sure to keep their customers’ funds in accounts that are separate from their business accounts for protective measures.
Smarkets makes its customer support staff very accessible for their customers. They work hard to make sure that they offer a service that their customers are satisfied with and will continue to come back and use. They have an active social media presence on Facebook and Twitter for customers to feel in touch with what is going on at Smarkets. They are also available to handle any and all questions and concerns via email, live chat, phone, post, and Twitter. Email: [email protected]
- Live Chat: Available to users who are logged in 24 hours a day, 7 days a week
- Twitter: @SmarketsTech
- Post: 1 Commodity Quay St. Katharine Docks London E1W 1AZ United Kingdom
- Phone: +44 207 617 7413 from 9 am to Midnight
They provide customers with plenty of options for their deposits and withdrawals. They can utilize bank transfers, Visa or Mastercard debit/credit cards, Maestro, Skrill, and Neteller for both.
For deposits, there is a $10 minimum when using credit or debit cards and a $20 minimum for all other methods. There is no fee charged to the customer for making a deposit. Once a deposit is made, the funds can be used immediately to begin placing wagers.
Withdrawals can be made with the same methods as the deposits, but there are differing wait times depending on the method. There is a handling fee that is charged to withdrawals using credit and debit cards. It will take between 1 and 6 working days for funds to transfer to the customer’s account. Bank transfers can take as long as 10 days to be transferred.
Smarkets was founded in 2008 in London by a team of over 30 experienced software engineers and financial advisors. They set out to create a site that was going to be one of the premier sportsbook betting exchanges in the industry. Jason Trost, the founder, and CEO was an equities trader until he realized the impact he could have in this industry. Trost knew that his team of experts could use their financial expertise and knowledge of trading principles to make this site incredibly successful and popular.
He understood how the system worked and he realized that he could provide punters with higher returns on their bets while reducing the risk for his bookmaking business. He saw the opportunity of creating the Smarkets betting exchange. He created a site that just took a 2% commission from all winnings.
Smarkets is an independent company (not publicly listed or traded) that has reported yearly revenues in the range of around $35 million a year. They employ just over 100 people.
Smarkets has its hands in many areas of the sports world. They have a deal in place with the Queens Park Rangers as well as a horseracing sponsorship with the Jockey Club. They want their brand to be visible to everyone. They want their brand to be a household name through these major sponsorships.
Smarkets has created a betting exchange that any punter would love to be a part of. They cover all of the major sports that a customer could want to wager on as well as some sports that may not be so mainstream. They also include some fun categories for punters including politics and tv and entertainment.
Their website is incredibly easy to navigate, and customers can easily find anything that they are looking for. They understand the importance of appealing to mobile users with a site that is mobile-friendly as well as an app for Android and iOS users.
Although Smarkets is a great betting exchange, they are lacking in a couple of areas. They are limited in their in-play options. They also do not provide players with any statistical or graphical information to aid them in their wagering decisions.
They are a straightforward site that provides their players with great odds and a site that is easy to navigate. They have become one of the top betting exchanges in the industry.