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Betting Rules

  1. Introduction
  2. Customer Responsibility
  3. Customer Disputes
  4. Settlement
  5. Voiding Bets
  6. Exceptional Circumstances
  7. Dead Heats
  8. In-Play Betting
  9. Instant Match
  10. Football Specific Rules
  11. Horse Racing Specific Rules
  12. Golf Specific Rules
  13. Cricket Specific Rules
  14. Tennis Specific Rules
  15. Basketball Specific Rules
  16. Rugby Union and Rugby League Specific Rules
  17. Baseball Specific Rules
  18. American Football Specific Rules
  19. Motorsports Specific Rules
  20. Ice Hockey Specific Rules
  1. Introduction

    1. Smarkets takes every effort to ensure that betting is carried out in a fair and secure manner.
    2. Smarkets reserves the right to amend these rules as necessary.
    3. Smarkets does not accept responsibility for any errors or omissions with regard to event and market data.
    4. Unmatched bets are active immediately without any delay before and during the event.
    5. Bets are matched in price-time priority. Bets with a better price will be matched first. If the price is equal, bets will be matched in the order they were received by the Smarkets exchange.
    6. These rules will apply unless superseded by the Terms and Conditions or market-specific rules.
  2. Customer Responsibility

    1. It is the customer's responsibility to have read and accepted Smarkets Betting Rules prior to partaking in any market activity. The customer should contact if he or she has any questions or concerns.
  3. Customer Disputes

    1. Customers should contact if he or she feels that the Smarkets Betting Rules were not properly enforced. Any disputes will be dealt with in a prompt and professional manner.
    2. "In the event that Smarkets is unable to resolve the dispute and there is a deadlock in place, customers based in the United Kingdom can contact IBAS (Independent Betting Adjudication Service) who are our third party adjudicators in all disputed matters. All contact with IBAS regarding a dispute is carried out in writing and accordingly an adjudication form must be requested in the first instance. IBAS contact details for adjudication are as follows:

      IBAS
      PO Box 62639
      London
      EC3P 3AS
      Tel: 0207 347 5883
      Fax: 0207 347 5882
      Email:

    3. Customers residing outside the UK should contact the LGA at .
  4. Settlement

    1. Smarkets will make every effort for bets to be settled as quickly as possible after the outcome has been determined. Where possible, we will rely on the official result publicised by the event's governing body. Otherwise, we will use publicly verifiable sources of information such as the BBC or Yahoo Sports.
    2. Smarkets reserves the right to delay settlement should the outcome be unclear or controversial.
    3. Smarkets reserves the right to void or resettle markets should new information become available, such as cheating or rules violations.
  5. Voiding Bets

    1. Smarkets reserves the right to void any markets where the outcome cannot be reasonably determined.
    2. We reserve the right to void any bet for any reason before or after the event has occurred. This may be due to fraud, technical error or settlement error.
    3. We reserve the right to recover funds that were disbursed in error.
  6. Exceptional Circumstances

    1. Abandonments - If the event does not conclude within 36 hours of the scheduled time, all bets are void.
    2. Cancellations - If the event is cancelled, all bets are void.
    3. Postponements - If an event is postponed more than 36 hours from the scheduled time, all bets are void.
    4. Change of Opponents - If there is a change in opponents for an event, all bets are void.
    5. Change of Venue - If there is a change in venue, all bets are void.
    6. Periods of Time - If the length of the event is modified, all bets are void.
    7. Dead Heat - In the event that there are more winners than expected, the winnings will be split proportionately.
  7. Dead Heats

    1. A dead heat is defined as an event in which there are two or more joint winning contracts.
    2. In the case of a dead heat, the winnings made and losses incurred by users are split according to the number of competitors. The formula for this, along with relevant examples, is given here
    3. 'For' bets are decided using this equation:
      • (Backer’s stake × (number of expected winners/number of actual winners)) × original odds = total return
    4. 'Against' bets are slightly more complex and are worked out like this:
      • ((1-(number of expected winners/number of actual winners))×backer’s stake) - ((number of expected winners/number of actual winners)×original liability)
    5. For instance, if the user placed a for order for £20 on a horse at odds of 4.0 which then finished first in a dead heat with two other runners, their bet would be divided like so:
      • Reduced stake: £20×1/3=£6.67
      • Return: £6.67×4.0=£26.68
      • Total profit/loss: £6.67
    6. If a user placed a sell order on the same event for £20 at odds of 4.0, their winnings/losses would be worked out accordingly:
      • Winning portion: (1-⅓)×£20=£13.33
      • Losing portion: ⅓×£60.00=£20.00
      • Total profit/loss: -£6.67
  8. In-Play Betting

    General

    1. We will attempt to suspend markets and cancel bets at the start and at the end of an event. However, we cannot always guarantee that a market will be suspended and bets cancelled in time. Therefore it is important that users manage their in-play bets at all times.
    2. In the event that a market is not suspended and bets cancelled at either the time of the start or the time of the finish of an event, we reserve the right to cancel any unmatched bets and/or void any matched bets made after this time. Determining the time of the start of the event will be in Smarkets’s sole discretion.
    3. Betting after the outcome of an event is known is not permitted. We reserve the right to void bets where a user has obtained an unfair advantage by placing bets after an event has occurred in a match or game (for example, by placing bets immediately after a goal is scored in order to take advantage of the price as it was before the goal.)

    Markets subject to an in-play betting delay

    1. Markets subject to an in-play betting delay are not managed. This means that markets will not be halted when there is a material event (for example a goal, penalty or red card). It is therefore important that users manage their in-play bets at all times.
    2. Bets submitted on an in-play market will be subject to an in-play betting delay before being placed into the market. The bet will also be unavailable to adjust or cancel until the expiration of this delay.
    3. Any increase in the stake or adjustment of the odds will be subject to the delay.
  9. Instant Match

    Markets subject to "Instant Match" rules

    1. "Instant Match" markets are indicated by a football icon and in-running commentary on the bottom right of the page.
    2. Bets placed on markets where “Instant Match" rules apply will be submitted and placed into a market without being subject to an in-play betting delay.
    3. Once matched, an executed bet will be subject to a confirmation period, normally 8 seconds. Bets which are subject to confirmation will be in a ‘Pending’ state on the Bet Slip.
    4. The bet will be confirmed if there are no material events during this 8 second confirmation period. Material events are those events that might have a decisive impact on any team’s chances of winning, such as goals, red cards, penalty kicks, or full time. For half-time markets (half-time result, half-time score, score both halves, HT/FT), the end of the first half will also be considered a material event.
    5. If a material event occurs before the 8 seconds have elapsed then the bet will be voided and stakes returned to the users’ accounts.
    6. Markets will be halted when a material event is suspected of occurring. All unmatched bets will be cancelled and markets will be resumed when play restarts.
    7. Material events are defined as a goal, red card and half time / final whistles.
    8. The system relies on external data fed by scouts on the ground. This means that in rare cases, material events may be missed or that executions may be voided when a material event does not occur. In these cases, we reserve the right to void trades where an unfair advantage was gained (for example, by placing bets immediately after a goal is scored in order to take advantage of the price as it was before the goal) in accordance with rule 8.3. We will not reinstate already voided trades, so it is important to make sure your bet is confirmed.
  10. Football Specific Rules

    1. All football markets apply to the standard length of 90 minutes including stoppage time. These markets do not take overtime or penalties into account.
    2. If a football match is not properly completed, cancelled or otherwise abandoned, markets will be voided, except for bets on any markets that have been unconditionally determined. (i.e. half time markets if the match is abandoned in the second half).
    3. Types of Football Markets Offered:
      1. Winner - This market will be settled on which team has won after regular time has expired or if there is a draw.
      2. Correct score - This market will be settled on the correct score after regular time has expired.
      3. Total goals - This market will be settled on the sum of the goals for each team during regular time.
      4. Half-time/full-time winners - This market will be settled on the result at halftime, including stoppage time from the first half, and the result at end of regular time, including stoppage time.
      5. Team to score in both halves - This market will be settled on the team scoring in regular time (including stoppage time) in both halves of the event.
      6. Half time result and score markets - These markets will be settled based on the result of the game when the half time whistle is blown (regular time plus any stoppage time)
      7. Over/Under markets - These markets will settle based on the number of goals scored at the end of regular time and any stoppage time. Penalties or extra-time will not be included.
      8. Asian Handicaps - These markets will settle based on the final score at the end of regular time and any stoppage time. Penalties or extra-time will not be included.
      9. First Goalscorer - This market will be settled based on which player scores first during regular time and any stoppage time. Bets will be voided on players who take no part in the match or who come on as substitute after the first goal is scored. Own goals do not count for this market.
  11. Horse Racing Specific Rules

    Place Markets

    1. The places counted in a place market are as follows:
      • 5 to 7 scheduled runners: 1st, 2nd;
      • 8 to 15 scheduled runners: 1st, 2nd, 3rd;
      • 16 or more scheduled runners (non-handicap): 1st, 2nd, 3rd;
      • 16 or more scheduled runners (handicap): 1st, 2nd, 3rd, 4th.
    2. A horse withdrawing from a race and becoming a non-runner does not affect the number of winners in each market.
    3. If the number of winners equals the number of runners, all bets are voided.
    4. Exposures are not combined between "to win" and "to place" markets.
    5. Commission is payable separately for "to win" and "to place" markets.

    Reduction Factors

    1. The Reduction Factor rule is the equivalent to the rule 4 deductions employed by racecourse bookmakers and governs what happens when a horse is withdrawn from a race.
    2. A reduction factor is assigned to each runner according to Smarkets’s estimate of each horse’s percentage chance of winning.
    3. If a horse withdraws from a race and becomes a non-runner, all bets on that horse will be rendered void.
    4. A horse will be considered to have withdrawn from a race if they are scheduled to run, but do not come under Starting Orders.
    5. In a win market, if a horse withdraws and becomes a non-runner, and it has a reduction factor less than 2.5%, all bets on other runners will stand and remain unaltered. If the reduction factor of the withdrawn horse is equal to or greater than 2.5%, matched bets will be adjusted by this factor and all unmatched orders will be cancelled. The market will then be reopened.
    6. In a place market, if a horse withdraws and becomes a non-runner, the reduction factor will be applied to all winnings and unmatched orders will be cancelled, regardless of the size of the reduction factor. The market will then be reopened.
    7. Only horses scheduled to race will be assigned reduction factors. If a reserve horse becomes a scheduled runner reduction factors may be adjusted accordingly.
    8. Reduction factors may be applied after a race if it becomes apparent that a horse was a non-runner.
    9. Reduction factors are subject to change, and may be adjusted at any point during the course of betting.

    General

    1. Markets will initially be settled according to which horse is first past the post. The ‘weighed-in’ result will then be considered to be the official result and we will not take into account any subsequent amendments to the result.
    2. Horses are identified by their names. Bets on a named runner will count for that runner regardless of race-card number.
    3. Bets are placed on the individual horse. Coupled Horses do not count for betting purposes.
    4. We will attempt to cancel orders when the race starts on a best-efforts basis.
    5. If a race is declared "void" by the stewards, all markets pertaining to the race will be voided.
    6. Smarkets reserves the right to use its judgement should an incident that falls outside of these rules occur.

    Ante-post Markets

    1. All bets stand whether the horse runs or not, subject to the following rule:
    2. If a horse is "balloted out", all bets on that horse will be void.
    3. Reduction factors are not applied to ante-post markets.
    4. Exposures are not combined between ante-post and day-of-race markets.
    5. Commission is payable separately for ante-post and day-of-race markets.
  12. Golf Specific Rules

    General

    1. Markets will be settled according to the official result at the end of a tournament. If the result is amended within 24 hours of the initial settlement of the market, Smarkets will resettle unless a presentation ceremony has already taken place.
    2. If a player in a tournament fails to tee-off, all bets relating to that player in that tournament will be voided. If the player tees off but is later disqualified or withdraws, they will be counted as a loser.
    3. If a tournament ends early, bets matched after the last completed round will be voided.

    Tournament match betting

    1. If all players fail to complete the first round, then bets will be voided. However, if after the first round no player completes a subsequent round, the winner will be determined to be the player with the lowest total score after the previous round.

    Top 5/10 Finish

    1. Markets will be settled according to the official tournament leaderboard on players finishing in the Top 5, 10, 20.
    2. Dead heat rules apply.

    Two/Three Ball bets

    1. All players must tee off for bets to stand. If all are disqualified or otherwise withdraw, then all bets will be voided. If a player fails to complete a round for any reason other than a withdrawal or a disqualification then markets which have not yet been determined will be voided.
  13. Cricket Specific Rules

    1. Bets will be settled as their outcomes become determined. Later decisions to void markets will not affect earlier settled markets if the outcomes of which are unaffected.
    2. If the result is decided by a bowl-off or a toss of the coin, remaining undetermined markets, including the winner market, will be voided.
    3. If the result of a match is a tie, markets will be voided unless they have a tie as a possible outcome.
    4. A ball must be played for bets to be valid. If no ball is played, outstanding markets will be voided.
    5. When a match is curtailed due to the weather, bets will be settled according to the official result.
    6. Test Matches must conclude within five days of the original scheduled date. If they do not, any outstanding markets will be voided.
    7. If less than 20 overs are bowled in an innings in a test match, any outstanding ‘innings runs’ markets will be voided unless the outcome of that market is already known.
    8. If a test match is abandoned for any reason other than the weather Smarkets will void outstanding bets.
    9. If the Duckworth Lewis method is used to determine the result of a limited overs match, bets on undetermined 'Highest 10 over Total’ and ‘Opening Partnership’ will be voided.
    10. A limited overs match having being declared as having “No Result” will result in its undetermined markets being voided.
  14. Tennis Specific Rules

    1. If the first set of a match is not completed, all bets related to the match will be voided.
    2. When there is uncertainty about the outcome of an incomplete or cancelled match, Smarkets will settle match bets according to which player or pairing goes through to the next round, or who wins the tournament overall if the match is a final.
    3. Any cancellation, postponement or change to the length of a tournament will void all bets relating to occurrences of certain events within a tournament unless the outcome of those markets has already been determined.
    4. Any change to the scheduled number of games or sets required to win a match, or a retirement or disqualification during a game or set, will void bets on affected game and set markets.
    5. Smarkets will not void bets due to changes in venue or changes in the playing surface.
    6. For tournament winner markets, all bets stand run or not.
  15. Basketball Specific Rules

    1. Bets are settled on the official result including overtime unless otherwise stated.
    2. If a game fails to start as scheduled, all bets are voided.
    3. If a game starts but is then abandoned or postponed, all bets stand as long as the following criteria are met within 72 hours of the game starting time:
        a) At least 43 minutes of play have elapsed in an NBA game or 35 minutes of play have elapsed in any other game, OR
        b) A result is determined by an official governing body.
      If one of the above criteria are not met, all bets are voided, except for bets on markets where a reasonable outcome cannot be determined. In these cases, if scores are tied, dead heat rules apply to bets on the outright game winner market.
  16. Rugby Union and Rugby League Specific Rules

    1. Tournament point and try bets are applicable to full playing time, including extra-time in matches where an official result is declared.
  17. Baseball Specific Rules

    1. All bets will be voided on all markets unless both named pitchers start in the first innings for their respective teams.

    MLB Specific Rules

    1. Bets will be settled as their outcomes become determined. Later decisions to void markets will not affect earlier settled markets if the outcomes of which are unaffected.
    2. Matches must begin on their scheduled starting date, or be voided. If a match begins but is later abandoned or postponed a result must be declared within three days for outstanding bets to be valid.
    3. Extra innings will be included unless stated otherwise.
    4. At least 9 innings must be completed for bets on ‘Total runs’ or ‘Run line’ markets to be valid.
  18. American Football Specific Rules

    1. All markets will be settled on the result including overtime, unless otherwise stated (e.g. half-time/full-time market and winning score markets).
    2. If, after overtime, there is a tie, bets on the outright match winner market will be voided.
    3. If a match does not start on the scheduled start date and is not completed within 36 hours of the scheduled completion date, all bets on the match will be voided.
    4. If a match begins but is then postponed or abandoned, then within 72 hours of the initial start date:(a) at least 55 minutes of play must have elapsed; or (b) an official result must be declared. Otherwise, all bets will be voided. In these cases, if the scores are tied then all bets on the outright match winner market will be voided.
  19. Motorsports Specific Rules

    1. In the event of a race being abandoned and no official result or presentation position is declared, all bets will be voided.
    2. All bets are voided if the location of the race is changed after the market has been posted.
    3. Unless a bet has an official result, it will be voided if all scheduled races or heats are not completed in a Speedway market.
    4. In match markets, the winner is the rider or driver who has finished ahead or completed the most laps.
    5. If the settlement of a market relies on a podium finish and no podium presentation occurs, the market will be settled according to the official result. That result will stand unless an amendment is announced within 24 hours of the original settlement.
  20. Ice Hockey Specific Rules

    1. Bets placed on “Regular Time” markets will be settled according to the score at the end of regular time. Any points scored during overtime or shootouts are not included in regular time.
    2. Bets placed on winner markets will be settled at the end of the game including regular time, overtime and any shootouts played.
    3. Handicap markets for NHL will be settled on the result after halftime, overtime and any shootouts played. Other handicap markets on other matches will be settled at the end of regular time, excluding overtime and shootouts.
    4. If a match does not begin at the scheduled time and is not played within 36 hours of the original date, all bets are voided.
    5. If a match begins and is abandoned or postponed before completion, all bets are voided unless one of the following occurs within 36 hours of the start date: a minimum of 55 minutes of play has elapsed or an official result has been declared. If scores are tied and no market is offered for ties (such as winner markets) then dead heat rules will be applied to bets on the winner market.

Last modified: November 12, 2014