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Frequently asked questions

  1. General Betting

  2. Welcome Bonus

  3. Payment Methods

  4. Non-runners and Reduction Factors

  5. Bet Settlements

  6. Best Price Execution

  7. In-play betting

  8. Log-in Issues

  9. Account Verification and Know Your Customer Requirements

  10. Responsible Gambling

  11. Sport Specific Queries

  12. Contact Us


  1. General Betting

    • What is your commission rate?

      Our commission rate is a flat 2% on net market winnings for all customers and we guarantee this will never be increased.

    • Can I cancel a bet?

      Once a bet is matched it cannot be cancelled, but any unmatched bets can be cancelled by clicking on the ‘x’ to the right of the bet in the ‘Your bets’ section of the website.

    • What are the minimum and maximum stakes?

      The minimum stake is £/€/$ 0.05 and the maximum stake is £/€/$ 99,999. You may bet more than this on a market by splitting your bet into multiple smaller bets.

    • Can I cash out?

      Yes however there is no button to automatically do this. Cashing out with Smarkets gives the user a fairer return than with normal betting exchanges, because the spread is typically smaller.

    • Do you offer starting price?

      We currently do not offer starting price betting.

    • Do you do multiples?

      Due to the nature of a betting exchange, we do not offer multiple betting as good value and liquidity is very difficult to provide.

    • Do you offer free bets?

      No, but we do offer our welcome bonus along with our industry low commission of 2% on net market winnings for all users.

    • Why was my bet cancelled (market halted)?

      If a bet is shown as cancelled (market halted) on your account page, it means that your bet was unmatched at the time the market was halted. Markets halt for various reasons, but the most common of these are an event starting or finishing or a reduction factor being applied to a horse race. Unmatched bets are cancelled when a market halts to protect users of the exchange. If a bet has been partially matched when a market is halted, only the unmatched part of the bet will be cancelled.

    • The event was abandoned when will my stake be returned?

      Our system will wait 36 hours to see if postponed or abandoned games are either resumed or replayed. If the game/event hasn’t resumed or been replayed within this timeframe then the match will be voided accordingly. However, if the result of a market is already determined, such as a half-time result in a match abandoned at 60mins then this market will not be voided.

  2. Welcome Bonus

    • Why have I not received the welcome bonus?

      To qualify for the welcome bonus, an initial deposit of £20 or currency equivalent must be made, this must be done in a single transaction. For more information about the qualifying deposits and bonus for each currency please visit terms of welcome bonus.

    • How do I use the welcome bonus?

      Once added to your account, the risk-free bonus will automatically refund the first loss or losses on the account in cash, up to the total value of the bonus. You can check how much of the bonus is remaining by visiting your account page. Any refunds will show as a separate entry on the account page.

    • If my first loss was less than the total of the bonus will I still get the full welcome bonus?

      Yes! The rest of the welcome bonus will remain active on your account until your losses reach the bonus amount.

    • Why was my bonus removed?

      The welcome bonus is open to new users only and is strictly limited to one per individual, family, household address, email address, same payment account number, and shared computer. More information can be found terms of welcome bonus.

  3. Payment Methods

  4. Non-runners and Reduction Factors

    • My bet on a horse has been voided. Why?

      A bet on a horse being voided is usually because the horse has been declared a non-runner. If a horse is withdrawn from a race, all bets on this horse are declared void and stakes are returned to bettors’ balances immediately.

    • My bet on a horse was cancelled (market halted) before the race began. Why?

      If a reduction factor is applied because of the withdrawal of another horse, all unmatched bets in that market will be cancelled to protect bettors.

    • Why were the odds of the horse I bet on reduced?

      When a horse is withdrawn from a race, the odds for all matched bets on remaining horses in the race are reduced in line with the withdrawn horse’s implied probability of winning the race. This is the exchange equivalent of rule 4 deductions.

    • What does it mean on my account page when it says ‘reduction factor’?

      A reduction factor is applied to all matched bets in a horse racing market when another horse is withdrawn from that race. The reduction is applied in line with the horse’s implied probability of winning the race. Further explanation on reduction factors can be found in our betting rules.

  5. Bet Settlements

    • Why hasn’t this market been settled yet?

      We aim to settle all markets as quickly as possible but as we rely on external data feeds, this can occasionally be delayed on some smaller events. All markets related to an event will be settled once the event has been completed.

    • Why hasn’t my winning bet in this market been credited to my account when my losing bet has been deducted?

      If you have placed multiple bets in the same market, when settlement occurs your account page will show the consolidated settlement for this market. This means you will not see an individual breakdown for all component bets but just your net result from that market. This is because we only charge commission based on net winnings and not each winning bet.

  6. Best Price Execution

    • I placed a bet for £10 at odds of 2. Why has it been changed in your system?

      When a bet is placed, our system checks to ensure that a user is getting the best value possible when matching their bet. This means that if user A places a back bet with odds of 2, but user B is already offering odds of 2.2, user A's bet will be matched at the more favourable price of 2.2.

      When best price execution occurs, it is bet quantity which stays constant after a user benefits from a better price. Bet quantity is defined as stake*odds. So the new stake (after BPE) = the bet quantity/new better odds.

      EG. £0.50 is placed to lay at odds of 5, but matched at 4. The original bet quantity is £2.50 (0.50*5). Therefore the new stake will be £2.50/4, which is £0.625 and the liability changes from £2 to £1.875.

      Or £5.00 is placed to back at odds of 3, but matched at 4. The original bet quantity is £15.00 (5*3). Therefore the new stake will be £15/4, which is £3.75 and the potential winnings changes from £10 to £11.25.

  7. In-play betting

    • What does ‘This event is not managed by Instant Match’ mean at the top of a market?

      If a market is not managed by Instant Match, the market will not halt automatically when events of substance occur and as such it is vital that users manage their own bets at all times when betting on these markets in play.

    • I placed a bet in play, it showed as matched but was then cancelled? Why?

      Instant Match manages selected live football games with real-time updates, allowing bets to be placed and matched instantly. Bets that are matched during a ‘danger period’ will be pending for 8 seconds and if there is a material event during the 8 seconds (i.e. a goal, penalty, red card etc.), the matched bet will be voided shortly after by the Instant Match system. Full details regarding Instant Match and the benefits of this in-play management feature can be found here

    • Why do you use your Instant Match system? Other exchanges just implement a delay

      Our system matches in-play bets immediately at the requested price. Rather than placing a bet and hoping for the price to still be available after the countdown has reached 0, the user will be matched instantly at the requested price. Instead, bets will be subject to an 8 second ‘Pending’ confirmation delay after being matched. This is to protect users from court-siding and faster feeds. The ‘Pending’ status of your bet will be displayed in ‘Your bets’ and will disappear once the bet is confirmed.

      We use this system as we believe allowing users to match bets in a pending state at the current odds is better than having to hope the odds are still available after the delay.

  8. Log-in Issues

  9. Account Verification and Know Your Customer Requirements

  10. Responsible Gambling

    • How do I self-exclude?

      You can exclude yourself from the Smarkets site via the settings page under ‘change your account limits’. The exclusion option is located at the bottom of the page and allows you to specify a minimum exclusion time period.

    • Can I add limits to my account?

      Yes, you can set both deposit and loss limits on your account here. Requesting to increase limits will require a 7 day cooling off period before limits will be increased.

    • Where can I read your full responsible gaming policy?

      Smarkets full responsible gaming policy can be viewed here

  11. Sport Specific Queries

    • I am looking for sport specific rules, where can I find these?

      For any sport specific queries please refer to our betting rules.

  12. Contact Us