Frequently asked questions

  1. Betting

  2. Your Account

  3. Social & Profiles

  4. Other Questions

Answers

  1. Betting

    • How is Smarkets different from a bookmakers?

      A bookmaker sets the odds for an event before the event starts and they build in a profit margin to their odds to mitigate their risk. At a bookies, all bets are off as soon as the event begins. We don't think that's fair.

      Smarkets works completely differently: we're a betting exchange. We run like a market with members setting their own odds and other members betting against them. The likelihood of an outcome is always changing during the event and we take bets right until the end. We also allow you to bet for and against any outcome, bookies only let you bet for. Smarkets is a much better system for punters than a traditional bookies. We only get commission when you win (and even then, it's only 5% of your net winnings).

      Get Adobe Flash player

    • How do I bet on Smarkets?

      1. Open an account and deposit some money.
      2. Find an event that you want to bet on and click 'bet now'.
      3. Decide if you want to bet For or Against, set the stake and odds and place your bet.
      4. Wait until your bet is matched is matched by other Smarkets members. Find out more about matching bets.
      5. The bet will be settled after the event has finished.

    • Why would I set my own odds?

      Placing a bet on a betting exchange is a bit like trading on a stock market. Smarkets members can set their own odds based on how likely they think the outcome is. Other members then match the bet by taking the opposite side. The odds are always changing as the likelihood of an outcome changes throughout the event.

      We automatically show you the current best odds in the market, and betting at these odds is likely to get matched almost immediately. But you can set your own odds (by dragging the slider if you are using percentages) if you think an event is less likely than other people think. If the market moves in your direction then other members will match your bet.

      If you set the odds too far in your favour (such as giving yourself a very high return on something which is quite likely) then it's unlikely that another Smarkets member will take the opposite side and your bet will stay unmatched. We will always try to match you at the best odds so if you set your odds too low we will automatically match you at a higher return.

    • What are Smarkets' charges?

      Smarkets charges a flat commission of 5% of your net winnings per market.

    • Why does my commission seem lower than 5% sometimes?

      Smarkets commission is calculated over the whole market. If you placed more than one bet in an event and you lost more than you won, then you won't be charged any commission. If you do make a profit, then your commission is split across your winning bets. You can see any commission in your account page.

    • Why can't I find an event/match?

      At the moment we're offering UK football matches, the World Cup and Champions League, TV shows and political markets. As Smarkets grows we'll add more events and more sports. Please bear with us! If there's a specific event you'd like us to look at, get in touch and we'll contact you when we've added it.

    • Can I cancel my bets?

      You can cancel unmatched bets at any time by clicking the cancel icon in the bet slip or on the 'your-bets' page. However once a bet has been matched by another member (or members), you cannot cancel it.

    • What is a matched bet?

      When you place a bet with Smarkets you're putting money on the likelihood of an outcome. When you bet "£10 for Arsenal to win at odds of 50%" you're in effect saying that you think Arsenal are 50% likely to win. You want another Smarkets member to think that Arsenal are 50% likely to lose and to place a £10 bet on the opposite outcome. When this happens, you have what is called a 'matched' bet.

      Smarkets allows you to set your own odds so you can decide how likely and event is to take place. If you set odds heavily in your favour then it is unlikely that another user will take the opposite side because the risk for them will be too great.

      Get Adobe Flash player

    • Why is my bet unmatched?

      An unmatched bet means that there isn't a market for odds you are offering. You can either wait and see if someone matches you or cancel and bet again at different odds.

    • What happens if my bet is unmatched and the event finishes?

      If your bet is entirely unmatched, then your stake will be refunded to your available balance. If your bet was part matched, then the unmatched portion of your stake will be refunded and the matched portion will either be won or lost depending on the outcome of the event.

    • What is a bet 'against'?

      A bet 'against' (sometimes called a 'lay' on other websites) is a bet for an outcome not to happen. If you were betting "against Arsenal to win", you're in fact betting for the other possible outcomes (a draw and for the opponents to win). Betting against can be confusing so make sure you look at your potential risk as well as your potential win.

    • What happens if I win?

      If you win a bet the winnings and your stake will automatically be deposited into your Smarkets account.

    • What are 'Active Bets'?

      Active bets are bets that are yet to be settled. This could be events yet to start or ones that are currently in progress.

      Once a bet has been settled (the event has finished) your bets will shown in the 'Recently settled bets' section at the bottom of your bet slip. You can access more details about your bet, and find old bets in the 'your account history' section.

    • Can I choose my style of odds?

      We show percentage odds by default, but you can select the odds display of your choice from the top of every page. We offer American, fractional, decimal and percentage odds. Because we allow members to set their own odds you may see some strange looking fractional or American odds, we recommend percentage odds as we think they are the most flexible and readable choice.

      You can learn more about the different formats of odds at our odds explained page.

    • What are 'average odds'?

      When you place a bet, you decide the odds you want to be matched at. Because Smarkets is a market rather than a bookies, there is a chance that you could be matched at better odds than you requested. This would result in a higher return for you for no extra cost therefore we automatically match you at the better odds.

      You will never be matched at worse odds than you requested.

      If your bet is matched by small bets at different odds then we take the average of the matches and display 'average odds' in your betting slip.

      Visit 'your account history' to see a breakdown of exactly what odds your bets were matched at.

    • Why don't the percentages add to 100?

      Odds on a betting exchange are set by the members. When you place a bet you can either accept the odds that are on offer or you can set your own odds. If you set your own odds then you are doing so because you think that other people in the market will match your bet.

      If everybody had exactly the same opinion on an event then no bets would ever be matched. Everyone would be in agreement. In reality this never happens because people always have different views on what will happen.

      Weeks before an event takes place members may have wildly different views and–as it's too hard to predict–some people will be setting odds that other members aren't matching. The market at this point is likely to be quite far from 100%. The market should move closer to 100% as the event begins and then almost make it to 100% by the end. It'll always be a few percentage points out as this is the marginal difference between opinions.

      Another way to think of this is as each bet as a product for sale. If I want to buy an item on Ebay, then I'll only do it if I think it's worth more than someone is selling it for. When I buy it I might want to sell it to someone else so why would I buy something that I think is over priced? Bets on a market can be thought of in the same terms. I 'buy' "Arsenal to Win" from someone who is selling it. A seller is someone who's betting 'Against' Arsenal to win, or 'for the Draw' or 'for the Leeds to win'. And the 'price' of the bet is the odds.

      The percentage points that the market varies from 100% is the difference between people betting for and against. In a market the odds are always moving as people set their own odds for and against each outcome.

    • Why are some of the odds grey?

      The last matched bet is shown in grey. If you place your mouse over the number the date that bet was matched will be shown. We show these last matched prices to give an indication of the last activity in the market. Odds shown in black are the current available odds.

    • Does the '£10 wins £15' include my stake?

      Yes it does. A bet of £10 would win £5 and your original stake would be returned.

    • Can I see market depth?

      Yes! Click on the 'show market depth' button at the top of every market details page to see a view of the market depth. You can switch back by clicking 'show standard depth' link at the top.

    • What is market depth?

      The Market Depth view is a way of seeing exactly where the money is available in the market. We show three levels of depth on either side of every bet.

      On the left hand side you can see the offers (or 'for' prices) in blue, and on the right you can see the asks (or 'against' prices). The top number refers to the odds and the bottom number is the amount required to be match at that price.

      Clicking on any box will open the betting window with for/against already selected but you can can still change your odds and stake as normal. If there are no bets in the market then you will see a 'bet now' button.

      Explanation of the depth display

    • What is this 'P&L' figure in the market depth?

      If you have a matched bet in a market we show you the potential profit and loss figures alongside the contracts. A number in green means you'll make profit if that particular event was to occur whereas a red number represents a loss. Your matched positions are highlighted with an arrow.

    • What is a 'risk-free bets' bonus?

      If you lose a bet, then your stake will be refunded from your 'risk-free bets' bonus. Your bonus will be used to refund your lost stakes until it runs out. If you win a bet then your bonus is unaffected.

      If, for example, you deposit £10 and have a risk free bonus of £10, if you lost a £5 bet then your balance would be topped up back to £10 and you bonus would reduce to £5. You can see the amount left in your bonus in your account.

      You cannot withdraw the bonus money, you can only withdraw the amount that is shown in your balance. You can see the amount you can withdraw on withdrawal page.

  2. Your Account

    • How do I deposit money?

      You can deposit money on the account page. We accept most major debit and credit cards and Moneybookers, but be aware that we have to charge 2.5% on credit card deposits and 2% for Moneybookers. For full details on fees and time scales check out our payment methods page.

    • Why is there a delay when I deposit money?

      There may be a short delay when you deposit money into your account. We have to make necessary checks to make sure no one uses Smarkets fraudulently. We will clear your funds as quickly as possible and you'll be sent an email as soon as you can bet.

    • How do I withdraw money?

      You can withdraw money from the account page. At the moment we are unable to refund payment back to a card if the withdrawal is larger than the original deposit so we have to transfer directly to your bank account.

    • Can I cancel my account?

      You can cancel your account in the account section. Be careful though as this is irreversible, any available balance will be refunded, all your details will be deleted and you won't be able to re-join Smarkets for six months.

  3. Social & Profiles

    • Can I hide that I'm online on Smarkets?

      Only the people you are friends with can see when you are online, but you can change your preference and become entirely invisible in your profile.

    • Can people following me see what I bet on?

      The people that follow you will only see the comments you've made. They cannot see any details of your bets. You can choose how much information you share in your profile.

    • What is 'Following'?

      You can choose to follow either a person or a football team. If you follow a person you'll see the comments they make on your profile page. You can choose not to share information with people who follow you, or to hide yourself entirely in the profile section.

    • What makes a 'Friend'?

      If someone you follow, follows you in return then you'll become friends. This means you'll be able to see when they are on line and soon you'll be able to compare your betting skills with them. Check out who follows you in your profile and follow them back if you want to become friends.

    • What are the Leaderboards?

      The Smarkets boffins have put together a formula to calculate a score based on both your return on investment and the variety of markets you've successfully dabbled in over the last 30 days. We've designed it so you are comparing your predicting skills between your friends and not the amount of money you bet.

      The leaderboard is shown on your profile page with your current and best ever scores.

    • Can I opt out of the Leaderboard?

      Yes, you can set your sharing and visibility choices in your account settings.

  4. Other Questions

    • How do I sign up?

      You can sign up right here, and it only takes 30 seconds!

    • Who's behind this?

      We're a team of web and finance professionals based in London, UK. For full details on who we are, see the team page.

    • Who do I tell if I have issues or problems using the site?

      Please get in touch with us directly by email at support@smarkets.com, or any of the other methods on our contact page. We are constantly releasing new versions of the website and welcome feedback on all aspects of the site.