Smarkets is a UK-based peer-to-peer betting exchange that has evolved into one of Europe's most credible prediction-market venues for politics and sports. Founded in 2008 and licensed by the UK Gambling Commission (UKGC) and the Malta Gaming Authority, it offers a transparent, low-commission alternative to traditional bookmakers and the US-centric prediction market platforms.
Unlike Kalshi or Polymarket, Smarkets operates as a true exchange: buyers and sellers are matched directly, meaning prices are set entirely by market participants rather than a house. The platform charges a flat 2% commission on net winnings — substantially lower than many rivals — and provides a free API that lets developers and researchers pull real-time and historical odds data programmatically.
Coverage is concentrated on two verticals: sports (especially football, horse racing, and major US/global sporting events) and politics (UK, US, and international elections). Smarkets is particularly strong for UK and European users and serves as a go-to venue for election-night trading, where its in-play markets update as results come in.
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How Smarkets works
Smarkets is a peer-to-peer exchange, which means every trade matches one user's back bet (betting an outcome will happen) against another user's lay bet (betting it won't). There is no house position — Smarkets simply takes a 2% cut of the winning side's profit.
Prices on Smarkets are expressed as decimal odds (or implied probability percentage), and the order book shows the full depth of available bets at each price. You can place a limit order at a specific odds level and wait for it to be matched, or take available liquidity immediately at the current best price. In-play markets on sports events update as the action unfolds, often providing finer price discovery than pre-match markets.
When a market settles, winnings are credited within minutes. Smarkets resolves using official results from governing bodies — sports results from official league or governing-body data feeds, and election outcomes from official returning officers and reputable media projections.
Is Smarkets safe and legal?
Smarkets is a licensed exchange in the UK/Malta — real money and regulated. Available in the UK and Europe.
Pros & cons
Smarkets FAQ
Is Smarkets safe and legit?
Yes. Smarkets is licensed by the UK Gambling Commission and the Malta Gaming Authority — two of the strictest regulatory bodies in the world. Customer funds are held in segregated accounts.
Does Smarkets work in the US?
No. Smarkets does not accept US residents. It is primarily available to UK and EU users where it holds the appropriate licenses.
What are Smarkets' fees?
Smarkets charges 2% commission on net winnings. There are no deposit or withdrawal fees on standard bank and card methods. The 2% rate is one of the lowest of any licensed exchange.
Is Smarkets real money?
Yes. Smarkets operates in GBP and EUR with real money throughout. You deposit in pounds or euros and withdraw real cash to your bank or card.
What markets does Smarkets cover?
The main verticals are sports (football, horse racing, tennis, cricket, US sports) and politics (UK, US, and international elections). There are no cryptocurrency or economics markets.
Verdict
Smarkets is the best choice for UK and European traders who want a regulated, low-commission exchange for politics and sports. Its UKGC license, 2% flat commission, transparent order book, and free API set it apart from both unregulated crypto platforms and higher-fee traditional bookmakers. The main limitations are its geographic restriction to UK/EU users, the absence of crypto and economics markets, and a learning curve for the back/lay exchange model.