Smarkets Deposit Bonus 2017 | All Terms Explained
Smarkets markets itself as a smart way to trade. It was set up by Jason Trost and Hunter Morris to fill a gap they had found in the sports betting world. Jason's background is in finance and trading so the idea was to produce a new type of exchange which non-specialists could also use. It could, therefore, be attractive to both experienced traders and part-time gamblers too. As our Smarkets review shows, this exchange claims to offer better odds because they are set by the market and not a bookmaker. It also takes less of a cut from the winnings through its low 2% commission rate. In the eight years since it was set up, Smarkets has already reached the £3 billion-traded mark with a range of trading opportunities on many sports as well as politics, television, entertainment and current affairs.
The London-based company is regulated in the UK by the Gambling Commission and by the Malta Gaming Authority outside of the UK, so it is a highly-reputable business. You can also trade on your mobile with the new Smarkets betting app set to be released soon for Android, which should be highly-efficient because of the company's strong focus on technology and innovation.
For more information, read our OpenOdds Smarkets bookmaker review.
Smarkets bonus overview – signup and receive £10
Every new customer who signs up with Smarkets is offered an automatic risk-free bet of £10. Then deposit at least £20, receive your Smarkets sign up offer and start betting. Any loss you make up to £10 will also be automatically refunded. This offer is also available at different amounts in other currencies including the euro as well as the Australian, Canadian and US dollars. There is no Smarkets bonus code to remember, just register, make your deposit and start trading. Here at OpenOdds you have the Smarkets bonus explained in detail.
Making your first deposit with Smarkets
There are a few different ways to deposit funds with Smarkets. Smarkets accepts the following payment methods: Skrill, Neteller, bank transfer, credit or debit. It's always important to remember that the name of the account holder of your preferred payment method must match up with the personal information in your account. The minimum deposit amount depends on your payment method. If you are using Neteller for your transactions, the deposit minimum is £20. The deposit minimum is £10 for all other payment methods. Neteller and Skrill are the only deposit methods that have a daily deposit maximum. Both have a maximum of £5,000 that can be deposited per day. All payment methods will transfer money to your account instantly except for one. A bank transfer will take the standard 3-5 business days to appear in your account. Smarkets does indeed apply transaction fees to deposits made with a Visa debit card, a MasterCard or Eurocard. This fee is 2.5% of the deposit amount. Smarkets offers all of their customers a detailed transaction history if you'd like to see an account of your deposits, withdrawals, bonuses, winnings, bets made and pending bets.
Withdrawing your winnings
Smarkets offers the same great payment methods for your withdrawal transactions. Make withdrawals using Visa, MasterCard, Maestro, Eurocard, Skrill, Neteller or bank transfer. All credit or debit transactions will take between 1-6 business days to process. E-wallets like Neteller and Skrill are the fastest option to receive your withdrawals and will take between 1-2 business days to process. Bank transfers take the longest to process at between 5-10 business days. Smarkets only charges customers for withdrawals made with a bank transfer. The fee is £10 or the currency equivalent. Withdrawals using all other payment types are processed free of charge. While there are no maximums for withdrawals on any of these methods, there are minimums. The minimum amount you can withdraw via bank transfer £20. For all other payment methods the minimum amount that can be withdrawn is £10.
Smarkets bonus overview:
- Offer available to new customers only.
- Deposit at least £20 to claim your £10 bonus refund.
- Offer is not available with other sign-up promotions.
- Customers have three months to use their bonuses.
- Smarkets is a financial technology company offering prediction markets.
- You can only open and maintain one account.
- All bonuses must be used for placing bets.
Detailed Smarkets bonus code sign up bonus
Smarkets prides itself on putting customers first, which probably explains why it is so easy to sign up and start betting. There are no Smarkets bonus codes to worry about. Just sign up and away you go! But before explaining the Smarkets deposit bonus, let's find out more about this business because it is not like your average bookmaker.
Smarkets' prices can be seen as an indication of the collective knowledge of the traders involved in that market where, if the price increases, the outcome of the particular event is thought to be more likely to happen. In this way, Smarkets' markets can predict the outcome of sporting fixtures as well as events such as elections.
So now you know you are going to get something different from this betting exchange with potentially better odds and certainly lower commission. You can calculate the amount of commission you will be charged by calculating ((stake x odds) – stake) x commission rate of 2%.
So a £100 bet at decimal odds of 5.50 would work out as follows:
((£100 x 5.50) – £100 x 2%. So £100 x 5.50 = £550. Subtract the original stake of £100 which equals £450. £450 x 2% = £9. The commission on this bet is £9. If this bet wins your profit would be £441 and your return would be £541 as it includes the stake.
Now we know more about the company set-up, we can have the Smarkets deposit bonus explained. It's pretty straightforward to get your £10. Just deposit at least £20 in a single amount and, once your account is credited with the rebate, any losses will be refunded up to the bonus amount. Basically that means that once the Smarkets welcome offer is in your account, it will automatically refund your first net market loss – or losses – up to £10. You will not be offered any further free bets after this.
You have to use the bonus within three months or it will be lost. There's just one bonus offer per person, family, address or shared computer and Smarkets can withdraw the offer at any time at its own discretion. If you take up another sign-up promotion, you cannot use this one either. With the Smarkets Deposit Bonus Terms explained, let's look at what else Smarkets offers.
Once you have qualified for your Smarkets free bet, you can cast your eye over the sports and world events available. The popular sports such as football, horse racing and cricket are covered but the range is more limited than your high-street bookmaker. However, you can have a wager on world and UK political events. You'll notice this is a serious betting exchange where you can trade on sports and events with no extras.
If you're looking for entertainment, live streaming, comprehensive betting apps, tips and blogs about sport, then you will be better off with one of the more mainstream bookmakers. You can read OpenOdds reviews of the best online bookmakers for more advice. However, if you want to make an uncomplicated bet with top odds along with the Smarkets commission of just 2%, then Smarkets will meet your needs in a professional and transparent manner.
Bonus conditions at Smarkets
- Name: Welcome bonus.
- Bonus type: Deposit £20 in a single transaction to get £10.
- Maximum bonus amount: £10.
- Able to be cashed out: If you meet the criteria set out below, so terms and conditions apply.
- Betting requirements: You need to bet at least the qualifying deposit within the promotional period, otherwise the rebated funds will be withdrawn.
- Minimum odds: None specified.
- Bonus code: No Smarkets bonus code needed.
The review of the Smarkets sign up bonus:
Smarkets is a serious contender as a source for betting, particularly if the odds and low fees are more important than promotions or the Wow factor. Many online bookmakers' sites are visually pleasing and entertaining with tips and many promotions to keep you coming back for more. There's a lot of competition out there and so these big bookies need to offer something extra in return for your loyalty.
Smarkets doesn't work that way. It is a straightforward betting exchange set up by two computer experts who have used their knowledge of the financial world of trading to set up a new type of sportsbook where the odds are set by the users and the commission is set at a low 2%.
There's a no-frills £10 Smarkets sign up bonus as a welcome and special offers this season on QPR odds because the company is the main shirts' sponsor. It is easy to make deposits and withdrawals using safe and secure methods. Apart from that, there are no distractions, no frills, just betting at good odds at a licensed betting exchange. This would be an ideal choice for serious and professional bettors but many people like to feel they are getting something for nothing and so the extras offered by the best online UK bookmakers such as live streaming and cash-outs may appeal more together with the sports betting bonus. Furthermore there are no Smarkets bonus codes to have to remember.
It is easy to use and does not feel overwhelming unlike other online bookies whose sites seem too busy with too much information. You can put a search in for a particular game or team and look at all the odds or where the smart money is going and then gamble accordingly.
At OpenOdds, we feel that Smarkets has successfully achieved what it set out to do, which was to set up a smart market for betting odds which will continually evolve because of its commitment to investment in technology. Geeks, top gamblers and people who love statistics will appreciate the clean feel and smooth operation at Smarkets. However, the limited range of sports will put off bettors who like niche markets. Without further ado, with the Smarkets Deposit Bonus Terms explained, we can see how best to use this promotional offer.
5 expert tips for the Smarkets deposit bonus
1.) Using Smarkets sign up bonus for matched betting:
Matched betting means you can profit from your £10 free bet by using your own money for your ‘back' bet and then the free bonus for your ‘lay' bet. You can find out more about the Best Free Bets Offers to see if you want to join another bookmaker for more free bets for matched betting. Find a sport you know and decide which team or horse you think will win. So then you back this at the best price. Then you need to make your lay bet which is the exact opposite of your back bet. This is a win-win situation if the odds are right because you will either win on your back bet or your lay bet. You will need to calculate how much to bet on each of them so that you cover the losing bet.
2.) Hedge your bets:
There are several betting strategies to help you win. Hedge betting involves placing bets on several different scenarios rather than just predicted the outright winner. This is particularly useful for in-play bets or accumulators. If your initial bet is not going too well, you can use an in-play bet to try to safeguard your initial stake. On the other hand, if your acca is going well with four of your five teams coming in with the fifth being played the following day, you can bet on their opponents to guarantee a win. Again, you will need to calculate how much to bet to make sure you come out on top and a betting odds comparison site may help you here.
3.) Don't forget to work out the commission:
Smarkets is offering top odds but you need to calculate the winnings minus the 2% commission. Because the commission only affects your winnings, it is not factored into the odds. You need to make sure that the odds are still attractive when the commission is taken into account along with the Smarkets risk free bonus. The formula for working this out is shown earlier in this review.
4.) The Zen of trading:
Although you need to bet with your head not your heart, sometimes a Zen moment can help. Your subconscious, or what is known in Zen as the intuitive mind, can help make split-second decisions regarding a bet. Obviously, you will need to study the game, learn to read the statistics and listen to experts but you also need to trust your instincts so you can feel whether the momentum of a game is changing and bet accordingly.
5.) Keep accurate profit and loss accounts:
Because it is human nature to celebrate the wins and brush the losses under the carpet, you need to keep accurate records. Keep a book or set up a spreadsheet so you can keep track of all your accounts. If you win more than you lose, see which are your most successful bets and stick to what you know. If you are going into the red, you will need to seriously rethink your betting strategy.