By Dean Smith on 29th December 2023
Use code COMMFREE to trade with 0% commission for 60 days. New UK, IE & Malta users only. Min. £10/€10 first deposit only using Debit Card or Instant Banking. 18+ only. Full T&Cs apply.
The Smarkets welcome offer is an enticing 0% commission on all bets that settle within 60 days of your first deposit. That means all winnings from winning bets will be paid directly to you. All you need to do is use the Smarkets promo code ‘COMMFREE’ when signing up and make your first deposit a minimum of £10/€10. After the 60 days, the standard 2% commission rate will be active.
Smarkets began in 2008 – they are a betting exchange and, therefore, function similarly to Betfair. A betting exchange works like a bookmaker in that you can bet on the outcomes of certain events and markets, but you can back (buy) or lay (sell) an outcome. Smarkets operates at a 2% commission rate, so on all winning bets, 2% is taken by Smarkets.
Our pool of betting experts here at Squawka have years of online betting experience and know precisely what a good operator looks like. We take our betting very seriously and have delved deep into Smarkets so we can give a comprehensive, honest and unbiased review. You can find out more about our process here.
Many new customer offers focus on free bets, but Smarkets’ new customer offer is a little different. It lasts longer, and whilst you don’t get anything ‘free’, the 0% commission is extremely valuable when you get bigger odds than the sportsbooks.
When calculating odds for a specific market, sportsbooks generally formulate the odds to include an overround, essentially the profit margin on a particular market. You work this out by multiplying the odds of all the outcomes together for a market. If that number is equal to 100%, then that means there is no profit margin. Anything over 100% indicates more significant profit for the sportsbook, with a higher number indicating a higher profit margin. We generally consider anything below 110% to be fair. Due to Smarkets being a betting exchange, they are incredibly reasonable in this sphere. Below are some real examples of this at Smarkets.
Using the exact matches above, I’ve compared some odds comparisons of the outcomes at Smarkets to some standard sportsbooks. For Manchester United vs Bayern Munich, Smarkets were better odds than every sportsbook on all three results. They were better odds than all sportsbooks on Arsenal and were only beaten by BetUK on PSV, with Smarkets draw odds only being matched by the same firm. Lastly, BetUK was marginally better than Smarkets on the Real Sociedad and Draw outcomes, but Smarkets had the best price on Inter Milan.
This shows just how competitive the odds are at Smarkets, and as a general rule of thumb, you will be getting great odds.
The main takeaways from individuals regarding Smarkets are that the odds are good, with customers saying “Decent odds” and “odds are very, very good”. This goes along with praise on speedy withdrawals, with multiple people saying “speedy withdrawals”, “fast withdrawals”, and “withdrawals are made within 6 hours”. However, something important to note is that several customers have had problems with Source of Wealth checks from Smarkets and have voiced concerns around this, with one customer saying, “I have provided multiple bank statements and pay slips, and I’m being asked over and over again to provide things that I have already provided.”
There aren’t any Smarkets promotions besides the current welcome offer, so, unfortunately, there isn’t an opportunity to get a Smarkets free bet.
What makes Smarkets stand out from the crowd is the odds on offer. They will often be better than Sportsbooks, and combining that with the 0% commission sign-up bonus, punters get an excellent advantage over other firms. The odds history graph is a helpful feature on markets, as it clearly shows the trends in which the odds have been going for each outcome, so it’s clear to see what outcomes have been most popular among fellow punters. The last thing to mention is the breadth of markets available, not just on football but other sports and many novelty markets such as politics and TV.
In-play betting is available on various markets for all Smarkets football games. However, due to ongoing events within each match, the odds can change very quickly, so you have to keep an eye on the odds available and be able to get the price you want. It may also be that there isn’t always much liquidity in some markets, as other punters may not be laying live outcomes.
Smarkets offers a range of deposit options, but it’s worth noting that if your first deposit is made via Skrill, Neteller, PayPal, virtual Monzo cards or a virtual/prepaid, then you won’t qualify for the Smarkets joining bonus.
All the methods used to deposit money to a Smarkets account are available to withdraw funds to.
“I found it particularly easy to find the event I wanted to bet on, and I like how competitive the odds are, particularly with the low commission. The betting graphs are a great addition to big markets as you can see bet volumes and price trends, which helps give context to odds changes. My overall experience at Smarkets was enjoyable, and even though the liquidity wasn’t always there early on, it got a lot better nearer game time.” XXXX – Betting Expert
How many people use Smarkets?
As one of the few betting exchanges out there, Smarkets is used by thousands of people daily.
How do I get 0% on Smarkets?
Deposit a minimum of £10 via Debit Card or Bank Transfer and enter the Smarkets promo code “COMMFREE” when you sign up for 60 days of 0% commission.
Is Smarkets trustworthy?
Smarkets is licenced and regulated by the UK Gambling Commission and the Malta Gaming Authority, so it is safe to use.
What is the alternative to Smarkets?
If you want to use a different betting exchange, Betfair is a good alternative – otherwise, a standard sportsbook offers a similar service.
Can you get banned from Smarkets?
Smarkets can suspend your account.
Why can’t I withdraw all my money from Smarkets?
Some withdrawal methods have maximum withdrawal limits, and also, due to the source of wealth checks, sometimes withdrawals can be delayed.