There are plenty of bookmakers offering online gambling services to their users, but a distinction needs to be made between standard ones and betting exchanges. Smarkets falls into the second category, which means that players wager against each other rather than the house. This presents them with the advantage of betting at higher odds and they get to choose between backing the team or laying it ahead of the game.
The name of this online gambling operator can induce the idea that Smarkets is more about binary options than sports betting. The truth is that the company established in 2008 acts as a bookmaker, more precisely is a betting exchange that is very similar to Betfair. There are many similarities between this company and the one that dominates this niche, with the newcomer trying to close the gap. It offers competitive odds and allows customers to use peer-to-peer wagering, hence compete against each other instead of the house
This is the main reason for why the odds are slightly better at Smarkets than the industry standard and the best part is that they only charge the profits. Instead of working as a traditional bookmaker that offers fixed odds, this one allows a great deal of flexibility and if you happen to lose, you won’t have to pay the commission. Their markets range from popular football leagues from Europe, to political events but the system in place is the same and works identically regardless of competition.
Good sports coverage
Everything from football to American sports, rugby and motorsports to ice hockey and volleyball is covered here, still the offer is underwhelming if compared to Betfair. The aforesaid company has been around for longer and this explains why they have more to offer than the relatively new Smarkets. On the bright side, the usability is similar and the interface not that different, so if you are familiar with how betting exchanges work, you won’t have a problem in playing here.
It all depends on the liquidity and sometimes Smarkets falls flat when there are not enough people willing to back or lay a certain team. Canceling unmatched bets is easy, so those members who find it virtually impossible to fulfill their wagers can cancel the bets before they are matched. The problem is more acute when it comes to obscure leagues and less popular sports, but those who bet on major European competitions will not have to worry about liquidity.
Follow the beginner tutorials, if needed
There is a tutorial available for those who haven’t placed bets over the Internet before, or those who are not accustomed to the system used by betting exchanges. It is impossible to overstate the importance of using this tool before playing on real money, as it comes in handy for newcomers. The website design is sharp and the colors used inspired, so it is virtually impossible to miss out on a lucrative opportunity simply because you couldn’t find the desired event.
The same quality of service is insured in regard to payment methods, with all the options offered by Betfair being also on the menu at Smarkets. On the flip side, there is no cash out feature, therefore it is not possible to lock in on existing profits before the final whistle. This is a surprising absence given the fact that most betting exchanges are big on introducing the kind of features that allow punters to reduce risks and mitigate losses.