Smarkets 2026: The Low-Commission Betting Exchange for UK Punters

UKGC Licensed · MGA Licensed
Smarkets — The
Low-Commission Exchange
Bet against other users · Better odds · 2% commission
0% Commission
for 60 Days
Use code at registration:
COMMFREE Copy
New UK, IE & Malta customers · Min £10 deposit · T&Cs apply
2% Commission
Back & Lay
iOS & Android
27+ Sports
18+ New UK customers only. T&Cs apply. Please gamble responsibly — begambleaware.org
Commission saved
Betfair — 5%
£50
Smarkets — 2%
£20
You keep extra
£30
per £1,000 profit
Based on £1,000 net
winnings per market

Smarkets is a betting exchange — not a traditional bookmaker. That distinction matters more than it might seem. Instead of betting against the house, you bet against other users on the platform, which means no built-in profit margin, inflating the odds against you. Smarkets takes a flat 2% commission on net winnings instead — one of the lowest rates in the industry — and new customers can trade at 0% commission for the first 60 days using promo code COMMFREE.

Founded in 2008 by Jason Trost and Hunter Morris, Smarkets UK has grown into one of the strongest Betfair alternatives in the UK market. It is particularly well regarded among matched bettors, exchange traders and experienced punters who want better odds and lower costs than a standard bookmaker can offer. This review covers everything you need — how the exchange works, what the welcome offer delivers, how it compares to Betfair and whether it is the right platform for you in 2026.

DetailInfo
🗓️ Founded2008
👤 FoundersJason Trost and Hunter Morris
🏛️ LicenceUKGC + Malta Gaming Authority
📊 Standard commission2% on net winnings
⚡ Pro Tier commission1% — 1,500+ bets or £1M+ staked per month
🎁 Welcome offer0% commission for 60 days — code COMMFREE
⚽ Sports covered27+ sports, including football, racing, tennis
📱 AppiOS and Android
💳 Min deposit£10
💬 Customer supportLive chat 09:00–00:00 daily
🔞 EligibilityNew UK, Ireland and Malta customers — 18+

18+ New UK customers only. Min £10 deposit via debit card. Enter code COMMFREE at registration. E-wallets excluded. T&Cs apply.

Smarkets

What is Smarkets and How Does it Work?

Smarkets is a peer-to-peer betting exchange — a platform where users bet against each other rather than against a bookmaker. Understanding this distinction is the key to understanding why it offers better value than a traditional sportsbook for most bet types.

The difference between a bookmaker and an exchange

At a traditional bookmaker, the odds are set by the house and include a built-in margin — typically 5-8% — that ensures the bookmaker profits regardless of the outcome. Every price you see already has that margin baked in against you.

At Smarkets, the odds are set by users. One user backs an outcome — betting it will happen. Another user lays the same outcome — betting it will not happen. Smarkets simply matches the two sides and takes 2% commission from the winner. No house margin, no inflated odds — just the true market price minus a small fee.

Traditional bookmakerSmarkets exchange
Who sets the oddsThe bookmakerOther users
Built-in margin5–8%None
How the platform earnsMargin on every bet2% commission on net winnings
Can you lay outcomes?
Effective RTP~92–95%~98%

Back bets and lay bets

Two bet types are available on Smarkets UK that are not available at standard bookmakers:

Back bet — you bet that something will happen. Identical in concept to a normal bookmaker bet — you back Manchester City to win, Arsenal to score first, a horse to place. If your selection is correct, you win at the stated odds minus 2% commission on the profit.

Lay bet — you bet that something will not happen. You take the role of the bookmaker — if someone wants to back Manchester City, you can lay that bet, meaning you pay out if City win but collect their stake if they do not. Lay betting is the foundation of matched betting and exchange trading strategies.

Commission — how it works in practice

Smarkets charges 2% on net winnings per market — not per bet. If you place ten bets on a Premier League match and end up £50 in profit across all of them, you pay £1 in commission. If you end up flat or in loss, you pay nothing. This market-level netting is more favourable than per-bet commission structures used by some competitors.

Example: £100 backed at odds of 3.0 — potential return £200, profit £100. After 2% commission on the £100 profit: £98 net profit. Equivalent bookmaker odds accounting for a 5% margin would have offered around 2.85 rather than 3.0 — a meaningful difference at scale.

The 0% commission welcome offer

For the first 60 days after registering with code COMMFREE, new customers pay zero commission on all settled bets. Every penny of profit stays in your account. For active bettors and matched bettors in particular, this is a significant period of enhanced value — 60 days of trading at true exchange prices with no deduction.

Smarkets vs Betfair: Which Exchange is Better?

Betfair is the dominant betting exchange in the UK — it has been since it launched in 2000, and its liquidity advantage over every competitor is real and significant. But liquidity is not the only factor that determines which exchange is better for a given punter, and for a large proportion of UK bettors, Smarkets is the stronger choice on several metrics that matter more day to day.

FeatureSmarketsBetfair
Standard commission2% flat5% — reduces with volume
Minimum commission1% Pro Tier2% Premium Charge tier
Welcome offer0% commission 60 daysVaries — typically free bet
Liquidity — major footballStrong — often £1M+ per marketMarket leading
Liquidity — horse racingGood on big races, thinner elsewhereSignificantly deeper
Liquidity — niche sportsLimitedMuch deeper
InterfaceModern, clean, fastFunctional but dated
Mobile appExcellent — iOS and AndroidGood
API accessAvailable — limited third party toolsExtensive ecosystem
Political marketsStrongLimited
Matched betting toolsMatched Betting Hub, OddsMonkey integrationSupported but less optimised
Founded20082000

Where Smarkets wins

Commission is the clearest advantage. Betfair’s standard 5% rate is more than double Smarkets’ 2% — and Betfair’s Premium Charge can push effective commission significantly higher for consistently profitable accounts. Over a full season of active betting the difference in commission costs between the two platforms is substantial for anyone placing regular volume.

The interface is another genuine advantage. Betfair’s platform carries the weight of over two decades of accumulated features and legacy design decisions. Smarkets was built more recently with a technology-first philosophy — the result is a cleaner, faster and more intuitive experience that most users find easier to navigate, particularly on mobile.

For matched bettors specifically, Smarkets UK has optimised its product around the use case — the Matched Betting Hub, strong OddsMonkey integration and football market depth make it the preferred lay exchange for a large proportion of the UK matched betting community.

Where Betfair wins

Liquidity is Betfair’s insurmountable advantage, and it matters in specific contexts. On horse racing away from the major festivals, on niche sports, on lower league football and on in-play markets where odds move quickly, Betfair’s deeper markets mean you can get larger bets matched at better prices. For serious traders running automated strategies, Betfair’s mature API ecosystem and third-party software support is far ahead of what Smarkets currently offers.

The practical conclusion

Most matched bettors and recreational exchange users are better served by Smarkets as their primary or secondary exchange — lower commission directly improves returns on every winning bet. Serious traders and horse racing specialists who need deep liquidity across all markets will find Betfair’s depth necessary despite the higher commission cost. The optimal setup for high-volume punters is accounts on both — using Smarkets for its commission advantage on football and well-liquidity markets, Betfair for markets where depth is essential.

Smarkets betting

Smarkets Sports and Markets: What Can You Bet On?

Smarkets covers 27 sports across its exchange — a solid range that covers everything the mainstream UK punter needs, while adding some markets you will not find at most traditional bookmakers. Football and horse racing dominate by volume as they do across all UK betting platforms, but Smarkets has carved out a specific niche in political and current affairs markets that makes it genuinely unique in the UK betting landscape.

Sports available on Smarkets

SportPre-matchIn-playLiquidity
FootballHigh — £1M+ on major matches
Horse RacingGood on majors, thinner elsewhere
TennisGood on ATP/WTA events
CricketModerate
BasketballModerate — NBA strongest
American FootballModerate — NFL strongest
GolfModerate on majors
Rugby UnionModerate
Greyhound RacingLimited
DartsGood on PDC events
SnookerModerate
eSportsLimitedLimited
PoliticsStrong — market leading

Football — the core product

Football is where Smarkets betting is strongest and where the vast majority of its liquidity sits. Premier League, Championship, Champions League, Europa League, La Liga, Bundesliga and other major European leagues are covered with deep pre-match markets and active in-play trading. Market depth on top-flight Premier League fixtures regularly exceeds £1 million in matched volume — comparable to Betfair on the same events.

Markets available per match go beyond the standard match result — correct score, both teams to score, over/under goals, Asian handicap, first goalscorer and various player and team statistics markets are all available on major fixtures. The breadth narrows on lower league and international football, but the core markets remain available.

Horse racing — usable but limited

Racing is available on Smarkets for UK and Irish meetings with pre-race and in-play markets. For major festivals — Cheltenham, Royal Ascot, the Grand National — liquidity is strong, and the platform is a viable alternative to Betfair. For matched betting purposes, Smarkets racing markets are usable for most standard qualifying bets.

Political and current affairs markets — a genuine differentiator

Smarkets’ political markets are the most distinctive part of its product and the area where it genuinely leads the UK market. Elections, referendums, leadership contests and major political events are covered with deeper liquidity and more competitive pricing than any other UK-licensed platform. The 2024 UK general election, US presidential election and various leadership contests generated substantial trading volume on Smarkets that simply was not available at comparable depth elsewhere. For punters interested in political betting, this is a significant advantage.

Accumulators on Smarkets

Smarkets supports accumulator betting — a feature not available on all exchanges and one that expands the platform’s utility for matched bettors specifically. Laying accas on Smarkets allows matched bettors to cover accumulator free bet offers from traditional bookmakers — a use case that requires a lay exchange willing to accept multi-selection bets. The acca lay functionality integrates with OddsMonkey and similar matched betting tools.

Welcome Offer: 0% Commission for 60 Days

The Smarkets welcome offer is structurally different from every traditional bookmaker promotion in the UK market — and that difference works in your favour. Rather than a free bet that returns winnings only with no stake back, Smarkets UK gives new customers a period of zero commission trading. Every penny of profit from winning bets during the first 60 days stays in your account with no deduction.

The offer in full

DetailTerms
Offer0% commission for 60 days
Promo codeCOMMFREE
Alternative offer£20 cash refund on net losses in first week
Minimum deposit£10
When 60 days startsFrom the date of first deposit
Eligible payment methodsDebit card and instant banking only
Excluded payment methodsSkrill, Neteller, PayPal, Monzo, virtual cards
EligibilityNew UK, Ireland and Malta customers — 18+
API usersNot eligible

Two offers — which one to choose

Smarkets betting gives new customers a genuine choice between two distinct welcome offers, which is unusual and worth thinking through before registering:

Option 1 — 0% commission for 60 days. Best for active bettors and matched bettors who will place significant volume in the first two months. The value scales directly with how much you bet — the more active you are the more you save on commission. A punter who generates £500 in net winnings during the 60-day period saves £10 in commission — modest at low volume, substantial at high volume.

Option 2 — £20 cash refund on net losses in first week. Best for cautious new users who want downside protection while learning how the exchange works. If your first week of trading results in a net loss, the refund covers up to £20 of that loss in cash — not free bet credit, actual cash. The limitation is the one-week window and the £20 cap.

For most punters — and particularly for matched bettors — Option 1 is the better choice. Sixty days of 0% commission on an active account generates more value than a capped one-week loss refund.

How to claim

  1. Visit smarkets.com and click Join
  2. Complete registration with your personal details
  3. Enter code COMMFREE in the promo code field during registration
  4. Deposit minimum £10 via debit card or instant banking
  5. Start trading — 0% commission applies automatically to all bets settling within 60 days

Why 0% commission beats a free bet

The structural advantage of commission-free trading over a free bet is worth spelling out clearly. A £20 free bet at a traditional bookmaker returns winnings only — if it wins at 3.0 you receive £40, not £60. The stake is gone regardless. Commission-free trading at Smarkets means your actual staked money is always at risk normally — but when you win, you keep everything. For punters who already know how to use an exchange and plan to be active from day one, the 0% commission offer delivers more tangible value than any equivalent free bet promotion.

Smarkets UK

Smarkets for Matched Betting: The Preferred Lay Exchange

Matched betting is the practice of covering all outcomes of a bet by backing at a bookmaker and laying the same selection at an exchange — eliminating risk and locking in a profit from the bookmaker’s free bet or bonus offer. A lay exchange is essential for matched betting and Smarkets has become the preferred choice for a large proportion of the UK matched betting community — not by accident but because the platform has actively optimised for this use case.

Why Smarkets suits matched bettors specifically

FactorWhy it matters for matched betting
2% commissionLower lay commission means higher profit on every qualifying and free bet
0% for 60 daysMaximises returns during the highest-value period — new bookmaker offers
Football market depthMost bookmaker offers are football-based — Smarkets UK covers them well
Acca lay supportCovers accumulator free bet offers from bookmakers
Matched Betting HubBuilt-in educational resource and tools
OddsMonkey integrationDirect compatibility with the leading matched betting service
Clean interfaceFast bet placement reduces slippage on time-sensitive offers

How the commission advantage compounds

The difference between 2% and 5% commission sounds small, but compounds significantly across a matched betting operation. On every lay bet placed, the commission rate directly affects the qualifying loss — the small planned loss incurred when covering a bookmaker bet with a lay. Lower commission means lower qualifying losses, which means more profit retained from each free bet converted.

Over a month of active matched betting across multiple bookmaker offers the difference between using Smarkets at 2% and Betfair at 5% can amount to £20-£40 in additional retained profit — purely from the commission differential on the same bets.

The Matched Betting Hub

Smarkets runs a dedicated Matched Betting Hub within the platform — an educational section covering how matched betting works, how to use the exchange for qualifying bets and free bet conversions, and guides to specific offer types. For punters new to exchange betting, this is a genuinely useful resource that reduces the learning curve. The hub covers back and lay concepts, liability calculations and step-by-step guides to common matched betting scenarios.

OddsMonkey and third-party tool integration

Smarkets is directly integrated with OddsMonkey — the most widely used matched betting service in the UK. OddsMonkey’s oddsmatcher tool pulls live Smarkets lay odds automatically, calculates optimal back-lay combinations and displays qualifying losses and free bet profits in real time. The 0% commission period is specifically factored into OddsMonkey’s calculations — during the welcome offer window, the tool adjusts profit estimates accordingly.

Laying accumulators

One of Smarkets’ most useful features for matched bettors is acca lay support. Many bookmaker offers are accumulator-based — bet £10 on a 5-fold acca and get money back if one leg loses, or accumulator insurance offers that require a lay. Smarkets accepts lay bets on accumulators, which opens up a category of bookmaker offers that exchanges without acca support cannot cover.

Smarkets Payments: Deposits and Withdrawals

Smarkets keeps payments straightforward — no fees on either deposits or withdrawals and a standard range of methods covering what most UK punters use. The main thing to check before depositing is payment method eligibility for the welcome offer — e-wallets and virtual cards are excluded from the COMMFREE promotion, so debit card is the recommended first deposit method.

Payment methods

MethodDepositWithdrawalProcessing timeWelcome offer eligible
Visa/Mastercard DebitDeposit instant — withdrawal 1–5 days
Instant BankingDeposit instant — withdrawal 1–3 days
Bank Transfer2–5 working days
PayPalDeposit instant — withdrawal 24h
SkrillDeposit instant — withdrawal 24h
NetellerDeposit instant — withdrawal 24h
Monzo / Virtual cards

What to know before withdrawing

Smarkets processes withdrawals without fees — what you request is what you receive. A few practical points worth knowing before your first withdrawal:

  • Verify early — complete KYC identity verification immediately after registration. Smarkets will not process withdrawals on unverified accounts, and the process can take up to 24 hours
  • Withdraw to your deposit method — standard anti-money laundering requirement. You cannot deposit via debit card and withdraw to PayPal
  • Minimum withdrawal — £10 across most methods
  • Settled bets only — only funds from settled markets are withdrawable. Open positions must settle first

How long do Smarkets withdrawals take

Debit card withdrawals typically clear within 1–5 working days. Instant banking is faster at 1–3 days. PayPal and e-wallet withdrawals process within 24 hours for eligible accounts. Bank transfers are the slowest at up to 5 working days. Smarkets’ withdrawal reputation in user reviews is generally positive — delays are most commonly caused by pending KYC verification rather than platform processing issues.

Smarkets sportsbook

Smarkets App: Mobile Betting on iOS and Android

Smarkets UK has dedicated apps for both iOS and Android — available from the App Store and Google Play respectively. The app covers the full exchange product, including back and lay betting, in-play markets, account management, deposits and withdrawals. No functionality is lost compared to the desktop version.

The design is clean and fast — built around the speed of bet placement, which is essential for in-play exchange trading where odds move quickly. The black, white and green colour scheme is consistent across mobile and desktop and the interface is generally praised in user reviews for being more intuitive than Betfair’s mobile experience.

Biometric login is available on both platforms — Face ID and fingerprint login speed up account access without compromising security. Push notifications are available for bet settlements and market updates.

The app is the recommended way to use Smarkets for most punters — particularly for in-play betting, where the streamlined mobile interface is faster to navigate than a desktop browser under time pressure.

Is Smarkets Legit? Licence, Security and Trustpilot

Yes — Smarkets betting is a fully legitimate and regulated betting exchange. It holds licences from two of the most respected gambling regulators in the world and has been operating continuously since 2008. The question comes up regularly because Smarkets is less well known than mainstream bookmakers, and its exchange model is unfamiliar to punters who have only used traditional sportsbooks.

Licences

Smarkets operates under dual licensing — the UK Gambling Commission and the Malta Gaming Authority. The UKGC licence covers UK customers and is the most stringent gambling licence available anywhere in the world. The MGA licence covers international customers. Both can be verified directly on the respective regulator websites.

RegulatorCoverageWhat it guarantees
UK Gambling CommissionUK customersFair play, player fund protection, responsible gambling tools
Malta Gaming AuthorityInternational customersRegulated operation, dispute resolution

UKGC licensing means Smarkets is legally required to hold player funds separately from operating capital, offer responsible gambling tools including deposit limits and self-exclusion, participate in GamStop and submit to regular compliance audits. These are not optional — they are conditions of maintaining the licence.

Security

Smarkets UK uses TLS and SSL encryption across all transactions — the same standard used by banks and financial institutions. The platform’s technology-first philosophy means security infrastructure is treated as a core product component rather than an afterthought. Two-factor authentication is available for account access, and biometric login is supported on mobile.

Is Smarkets on GamStop?

Yes — as a UKGC-licensed operator, Smarkets is part of the GamStop self-exclusion scheme. If you have self-excluded via GamStop, you cannot register or access a Smarkets account.

Trustpilot

Smarkets’ Trustpilot profile reflects the typical pattern for a betting exchange — positive reviews praising odds quality, low commission and interface usability alongside negative reviews relating to account verification delays and occasional technical issues. The overall rating is above average for the industry. Common themes in positive reviews include fast withdrawals, clean interface and the genuine value of the 0% commission welcome period. Negative reviews most commonly reference KYC verification delays on first withdrawal — the same issue that affects most regulated UK gambling platforms.

The verdict on legitimacy

A platform operating under UKGC licence for over 15 years with no major regulatory sanctions, processing withdrawals reliably and maintaining a transparent commission structure is about as legitimate as UK betting gets. Smarkets is not a scam — the odds are real, the commission structure is what it claims to be, and winnings are paid.

Smarkets Review: Pros and Cons

After testing the platform across sports, markets and payment methods, here is an honest summary of where Smarkets delivers and where it falls short. The strengths are consistent and structural — low commission, clean interface, strong football liquidity. The weaknesses are equally consistent — thinner markets away from football and no casino product for punters who want both under one roof.

✅ Pros❌ Cons
2% flat commission — lowest standard rate of any major UK exchangeLiquidity thinner than Betfair on horse racing and niche sports
0% commission for 60 days with code COMMFREENo casino, slots or traditional sportsbook product
Choice of welcome offer — commission free or £20 loss refundAPI access limited — poor third-party trading software support
Strong football market depth — £1M+ on major matchesIn-play markets less liquid than Betfair on smaller events
Political and current affairs markets — best in the UKLive chat support not 24/7 — closes at midnight
Matched Betting Hub and OddsMonkey integrationPro Tier 1% commission requires very high volume to unlock
Acca lay support for bookmaker accumulator offersE-wallets excluded from welcome offer
Clean modern interface — faster and more intuitive than BetfairSmaller user base means less price competition on obscure markets
Dual UKGC and MGA licensingNo telephone support
Pro Tier 1% commission for high volume tradersWelcome offer not available to API users
Excellent mobile app — iOS and Android
No fees on deposits or withdrawals

The pros list is longer than the cons, and that reflects the reality of the platform — Smarkets is a well-built, genuinely competitive product. The cons are real limitations, but they are also predictable trade-offs for an exchange that has chosen depth over breadth. If you are a matched bettor or a football-focused punter, the weaknesses will rarely affect you in practice.

Smarkets online betting app

Smarkets Verdict: Is It Worth Signing Up in 2026?

Smarkets is worth signing up to — and for the right type of punter, it is not just worth signing up to, it is the best value betting platform available in the UK market right now.

The case for Smarkets comes down to one number: 2%. A flat 2% commission on net winnings versus the 5% standard at Betfair and the 5-8% built-in margin at every traditional bookmaker. That difference is not cosmetic — it is real money retained on every winning bet across every market you trade. Over a full season of regular betting, the compounded effect of lower commission is more valuable than any free bet welcome offer a bookmaker can match.

The 0% commission welcome period with code COMMFREE makes the initial value proposition even stronger. Sixty days of zero-cost trading on an active account — particularly for matched bettors using the platform to cover bookmaker offers — represents genuine financial advantage that no traditional bookmaker promotion replicates.

Beyond the commission structure, Smarkets has built a product that holds up well on its own terms. The interface is cleaner and faster than Betfair. The political markets are the best in the UK. The Matched Betting Hub and OddsMonkey integration make it the most accessible lay exchange for matched bettors. The mobile app is excellent. Payments are fee-free and generally fast.

The limitations are real but narrow. Horse racing traders who need deep liquidity on everyday meetings will find Betfair necessary. Serious API traders will find the software ecosystem too limited for automated strategies. Punters who want casino and sports under one account will need to look elsewhere.

Who should sign up:

ProfileVerdict
Matched bettor — football focused✅ Ideal primary exchange
Recreational sports bettor✅ Better odds than any bookmaker
Political betting enthusiast✅ Best market in the UK
Horse racing trader⚠️ Usable — Betfair still needed for depth
Automated strategy trader❌ API too limited
Casino player❌ No casino product

Smarkets has been operating for over 15 years under UKGC licensing, paying out reliably and consistently improving its product. It is not trying to be all things to all punters — it is trying to be the best betting exchange for the punters it serves. For matched bettors, football traders and anyone who has grown tired of bookmaker margins eroding their returns, it succeeds convincingly.

FAQ

What is Smarkets and how does it work?

Smarkets is a peer-to-peer betting exchange where users bet against each other rather than against a bookmaker. Instead of a built-in margin on every bet, Smarkets charges a flat 2% commission on net winnings per market. You can both back outcomes — betting something will happen — and lay outcomes — betting something will not happen. The result is consistently better odds than traditional bookmakers and a more transparent cost structure.

What is the Smarkets promo code?

The current Smarkets promo code is COMMFREE. Enter it during registration and make a minimum £10 deposit via debit card or instant banking to unlock 0% commission on all bets settling within your first 60 days. E-wallets, including PayPal, Skrill and Neteller, and virtual cards, including Monzo, do not qualify for the offer.

How does Smarkets commission work?

Smarkets charges 2% commission on net winnings per market — not per individual bet. If you place multiple bets on the same market and end up in profit overall, you pay 2% on that net profit. If you end up flat or in loss, you pay nothing. High-volume traders placing over 1,500 bets or staking over £1 million per calendar month qualify for the Pro Tier at 1% commission.

Is Smarkets better than Betfair?

For most matched bettors and football-focused punters yes — Smarkets’ 2% commission versus Betfair’s standard 5% makes a meaningful difference to returns over time. Betfair’s liquidity advantage matters more on horse racing away from major meetings, niche sports and for automated trading strategies where Betfair’s API ecosystem is far more developed. The optimal setup for serious punters is accounts on both platforms.

How long do Smarkets withdrawals take?

Debit card withdrawals typically take 1–5 working days. Instant banking withdrawals clear in 1–3 days. PayPal and e-wallet withdrawals process within 24 hours. Bank transfers are slowest at up to 5 working days. Smarkets charges no withdrawal fees. The most common cause of withdrawal delays is pending KYC identity verification — complete this immediately after registration to avoid delays when you have funds to withdraw.

Is Smarkets safe and legit?

Yes — Smarkets holds dual licences from the UK Gambling Commission and the Malta Gaming Authority and has been operating since 2008. UKGC licensing requires player funds to be held separately from company operating capital, responsible gambling tools to be available and regular compliance audits to be passed. The platform uses TLS and SSL encryption across all transactions. It is a fully legitimate regulated exchange — not a scam.

Can you use Smarkets for matched betting?

Yes — Smarkets is one of the most popular lay exchanges for matched betting in the UK. The 2% commission rate reduces qualifying losses on every offer, the Matched Betting Hub provides educational resources, and OddsMonkey integrates directly with Smarkets lay odds. Football market depth is strong enough to cover the vast majority of bookmaker offers, and acca lay support covers accumulator-based promotions.