# Smarkets vs Betfair Exchange

> For most bettors the two cost the same: 2% of net winnings per market, on Smarkets' Standard tier and, in Betfair's own example, its Basic package. Choose Smarkets for published charges and payment terms, withdrawals processed within 6 hours and a clean regulatory record. Choose Betfair Exchange for the most users and markets, from racing's biggest festivals to election results, unless you're likely to make more than £25,000 of gross profit over 52 active weeks, which can trigger its Expert Fee.

- URL: https://safebet.ai/uk/prediction-markets/smarkets-vs-betfair-exchange/
- Markdown version: https://safebet.ai/uk/prediction-markets/smarkets-vs-betfair-exchange/index.html.md
- Last updated: 2026-10-22 (re-checked when an operator changes its terms or a regulator or court acts)
- Author: SafeBet.ai Research Team (SafeBet.ai)
- Smarkets: #1 of 3 in [Best betting exchanges in the UK](https://safebet.ai/uk/prediction-markets/), 8.7/10 — review: https://safebet.ai/uk/prediction-markets/smarkets-review/
- Betfair Exchange: #2 of 3 in [Best betting exchanges in the UK](https://safebet.ai/uk/prediction-markets/), 8.6/10 — review: https://safebet.ai/uk/prediction-markets/betfair-exchange-review/
- Notice: Advertising. SafeBet.ai may be paid by the operators shown when you register through our links. We only link to operators licensed by the Gambling Commission. 18+ only. Free, confidential help: the National Gambling Helpline on 0808 8020 133, or block yourself from every licensed site with GAMSTOP.
- Editorial policy and advertiser disclosure: https://safebet.ai/editorial-policy/

## Who should choose which

| Need | Better choice | Why |
|---|---|---|
| Standard commission | Either | Smarkets charges 2% of net winnings per market on its Standard tier; Betfair's charges page puts its Basic package at 2% in a worked example. Neither charges commission on a market you lose. |
| Published charges | Smarkets | Smarkets publishes every commission tier and every payment method's limits and fees. Betfair's public charges page gives only the Basic package's rate, as an example, and leaves payment charges to your account pages. |
| Users and liquidity | Betfair Exchange | Betfair's iOS app has 30,330 ratings, more than six times Smarkets' 4,634: a far bigger user base to match your bets against. |
| Withdrawals | Smarkets | Smarkets processes withdrawals within 6 hours, pays open-banking withdrawals straight after and charges no fees. We couldn't check Betfair's payment terms from outside the UK. |
| Regulatory record | Smarkets | We found no regulatory action against Smarkets (Malta) Limited on the Commission's register. Betfair's licensee, TSE Malta LP, was part of a £2,000,000 settlement over customer-interaction failings in December 2025. |
| Apps | Betfair Exchange | Betfair is rated 4.72 from 30,330 ratings on iOS and 4.3 on Google Play; Smarkets 4.77 from 4,634 on iOS, but only 2.8 on Google Play. |
| Live API access | Smarkets | Smarkets charges a one-off £150 setup fee, refunded if you stop within 30 days; a Betfair live key costs £499. Betfair's delayed key is free. |

## Scores (SafeBet.ai ratings, 0–10)

| Criterion (weight) | Smarkets | Betfair Exchange |
|---|---|---|
| Licensing & safety (25%) | 9.5 | 8.0 |
| Markets & features (20%) | 8.5 | 9.5 |
| Commission & fees (20%) | 9.5 | 8.0 |
| Liquidity (15%) | 7.0 | 10.0 |
| Deposits & withdrawals (10%) | 9.0 | 6.5 |
| App & experience (10%) | 8.0 | 9.0 |
| **Overall** | **8.7** | **8.6** |

## Key facts

| | Smarkets | Betfair Exchange |
|---|---|---|
| Gambling Commission licence | Smarkets (Malta) Limited, account 39173 | TSE Malta LP, account 39561 |
| Commission | 2% of net winnings per market (Standard tier) | 2% on the Basic package (Betfair's example); Expert Fee for big winners |
| Markets | Sports, politics, current affairs & TV; trade out; API (£150 setup) | Football, racing, tennis, cricket, golf, rugby & more; MatchMe; API (£499 live key) |
| Politics markets | Yes, branded Smarkets Predictions | Yes, politics and election results |
| Deposits | Open banking, debit card, Apple Pay, Google Pay, Trustly, PayPal; no fees | Not checked (site blocked outside the UK) |
| Apps | iOS 4.8 · Android 2.8 | iOS 4.7 · Android 4.3 |

## Pros and cons

### Smarkets

- Pro: 2% commission on net winnings, with every tier published, and no fees on deposits or withdrawals
- Pro: Withdrawals processed within 6 hours, and paid straight away by open banking
- Pro: Politics and current affairs markets, branded Smarkets Predictions
- Pro: No regulatory action on the Gambling Commission's register
- Pro: iOS app rated 4.77, with live charts and the order book
- Con: A smaller user base than Betfair's (4,634 iOS ratings against 30,330), so quieter markets can be thin
- Con: Android app rated 2.8 from 1,369 ratings
- Con: Live chat only from 9 a.m. to 11 p.m. GMT, for logged-in customers
- Con: Very active and very profitable traders pay commission on every settled bet, including losing ones: 1% on the Pro tier, 3% on the Select tier

### Betfair Exchange

- Pro: The most-rated exchange app in the UK: 4.72 from 30,330 ratings on iOS
- Pro: Markets from Premier League football and racing's biggest festivals to election results
- Pro: MatchMe helps get bets matched when the odds move slightly during a match or race
- Pro: Betfair says the vast majority of its exchange customers pay nothing but commission on net winnings
- Pro: A free delayed API key for developers
- Con: An Expert Fee of 20% or 40% of gross profit for accounts above £25,000 of gross profit over 52 active weeks
- Con: Part of a £2 million settlement over customer-interaction failings in December 2025
- Con: Its public charges page gives only the Basic package's 2%, as an example; other packages' rates aren't listed there
- Con: We couldn't check payments, limits or support hours: its sites were blocked to us outside the UK
- Con: A live API key costs £499

## The key differences

Smarkets and Betfair Exchange, the top two in [our ranking of UK betting exchanges](https://safebet.ai/uk/prediction-markets/), 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.

| | Smarkets | Betfair Exchange |
|---|---|---|
| Operator (account) | Smarkets (Malta) Limited (39173) | TSE Malta LP (39561) |
| Standard commission | 2% of net winnings per market | 2% on the Basic package (Betfair's example) |
| Very active or profitable customers | 1% Pro tier above 1,500 bets or £1m staked a month; 3% Select tier above £25,000 net profit in 12 months | Expert Fee: fees topped up to 20% of gross profit above £25,000 over 52 active weeks, 40% above £100,000 |
| Withdrawals | Processed within 6 hours; free | Not checked |
| Live API | £150 setup fee | £499 live key; delayed key free |
| Regulatory action since Nov 2023 | None found | £2,000,000 settlement, December 2025 |
| iOS app | 4.77 (4,634 ratings) | 4.72 (30,330 ratings) |
| Google Play | 2.8 (1,369 ratings) | 4.3 (4,624 ratings) |
| Live chat | 09:00–23:00 GMT, logged-in customers | Not checked |

## 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](https://safebet.ai/uk/prediction-markets/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](https://safebet.ai/uk/prediction-markets/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](https://safebet.ai/uk/prediction-markets/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.

## Frequently asked questions

### Is Smarkets or Betfair Exchange better?

Smarkets ranks first in our UK exchange ranking (8.7) and Betfair Exchange second (8.6). Smarkets wins on published charges, withdrawals and its regulatory record; Betfair on users, markets and its Android app.

### Do Smarkets and Betfair charge the same commission?

On their standard terms, yes: 2% of net winnings per market, on Smarkets' Standard tier and on Betfair's Basic package, according to its charges page's example. They differ for heavy users: Smarkets has a 1% Pro tier for very active traders and a 3% Select tier for its most profitable customers, both charged on every settled bet, while Betfair's Expert Fee tops up the fees of accounts with more than £25,000 of gross profit over 52 active weeks to 20% or 40% of that profit.

### Can you bet on politics at both?

Yes. Smarkets brands its politics page Smarkets Predictions, and Betfair's app listing says you can bet on politics or election results. Using inside information is a different matter: see [are prediction markets legal in the UK?](https://safebet.ai/uk/guides/are-prediction-markets-legal-in-the-uk/)

## Sources

1. [Smarkets commission FAQ](https://help.smarkets.com/hc/en-gb/articles/212654665-Smarkets-commission-FAQ) — Smarkets, updated 2025-02-17
2. [Payment Methods Hub](https://help.smarkets.com/hc/en-gb/articles/37628624115869-Payment-Methods-Hub) — Smarkets, updated 2026-07-23
3. [Smarkets API: Access, Integration & T&Cs](https://help.smarkets.com/hc/en-gb/articles/34697834941085-Smarkets-API-Access-Integration-T-Cs) — Smarkets, updated 2026-10-16
4. [Betfair charges](https://web.archive.org/web/20251011010622/https://www.betfair.com/aboutUs/Betfair.Charges/) — Betfair, Internet Archive capture of 2025-10-11
5. [Expert Fee FAQs](https://web.archive.org/web/20260111205811/https://support.betfair.com/app/answers/detail/expert-fee-faqs) — Betfair, Internet Archive capture of 2026-01-11
6. [Application Keys](https://betfair-developer-docs.atlassian.net/wiki/spaces/1smk3cen4v3lu3yomq5qye0ni/pages/2687105/Application+Keys) — Betfair Developer Program, updated 2026-05-07
7. [Regulatory action: TSE Malta LP](https://www.gamblingcommission.gov.uk/public-register/regulatory-action/detail/309) — Gambling Commission, decision of 2025-12-17; accessed 2026-10-22
8. [Download the register of gambling businesses](https://www.gamblingcommission.gov.uk/public-register/businesses/download) — Gambling Commission, files of 2026-10-22