The key differences
Smarkets and Betfair Exchange, the top two in our ranking of UK betting exchanges, both hold a Gambling Commission exchange licence from November 1, 2014 and charge the same standard commission. The choice comes down to how many people you want on the other side of your bets, and how much you value published terms.
Commission in practice
For most people, the two cost the same: a winning £100 back bet at 3.0 (2/1) returns £296 at either after 2% commission, and neither charges anything on a market you lose. Our commission calculator works out any bet.
The difference is for the few who bet a lot or win a lot. At Smarkets, traders placing more than 1,500 bets or staking more than £1m in a month must opt in to a 1% tier, and customers above £25,000 of net profit over 12 months pay a 3% tier, both charged on every settled bet, winning or losing; Smarkets says 0.2% of customers reach those limits. At Betfair, accounts with more than £25,000 of gross profit over their last 52 active weeks can pay the Expert Fee, a weekly top-up that brings their total fees to 20% of their gross profit, or 40% above £100,000; Betfair says fewer than 0.5% of customers pay it.
Which should you choose?
- Choose Smarkets if you want every charge published, fast and free withdrawals, and an operator with a clean record. Read our Smarkets review.
- Choose Betfair Exchange if you want the most people on the other side of your bets and markets from racing’s biggest festivals to election results, and you won’t come near the Expert Fee. Read our Betfair Exchange review.
Either way, commission comes off every winning market, and laying a bet can cost you several times what you stand to win. Set a deposit limit before your first bet.
Scores, offers and key facts come from our full reviews, which list their sources: Smarkets and
Betfair Exchange.