Frequently asked questions

  1. Your Account

  2. Betting

  3. Social & Profiles

  4. Other Questions

Answers

  1. Your Account

    • How do I deposit money?

      You can deposit money on the account page. We accept most major debit and credit cards, but be aware that we have to charge 2.5% on credit card deposits. 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 on the account page.

    • 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.

  2. Betting

    • How is Smarkets different from a bookmakers?

      A bookmaker sets the odds for an event before the kick off 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 game starts. We don't think that's fair.

      Smarkets works completely differently: we're a betting exchange. We run like a market with fans setting their own odds and other fans betting against them. The likelihood of a team winning is always changing during the match and we take bets right until the final whistle. We also allow you to bet for and against any event, 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).

    • How do I bet on Smarkets?

      1. Open an account and deposit some money.
      2. Find a match 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 final whistle has blown.

    • Why would I set my own odds?

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

      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 fans think. If the market moves in your direction then other fans 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 a match 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 only showing UK football matches, the World Cup and Champions League. As Smarkets grows we'll add more matches and more sports. Please bear with us! If there's a specific sport you'd like us to look at first, 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.

    • 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 game 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 match.

    • 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 or 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 matches yet to start or matches that are currently in progress.

      Once a bet has been settled (the match 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 of the site.

    • 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 fans 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 fans. 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 a match 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 kick off fans may have wildly different views and as it's too hard to predict some people will be setting odds that other fans 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 game kicks off and then even almost make it to 100% by the final whistle. 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.

  3. Social & Profiles

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

      You can choose to be invisible, or just for your friends to be able to see that you're online. Set these preferences on your profile.

    • Can people following me see what I bet on?

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

    • What is 'Following'?

      You can choose to follow either a person or a team. If you follow a person you'll see the comments they make on your profile page. As Smarkets grows we'll be adding further features such as friendship groups, chat, challenges and leaderboards. You can choose not to share information with people who follow you, or to hide yourself entirely in the profile section.

  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.