Smarkets is a betting exchange, similar to Betfair. If you are not familiar with what a betting exchange is you can read this article here.
Smarkets is a relatively new betting exchange and doesn’t have the size of customer base and liquidity like you would find on Betfair.
In order for Smarkets to attract more customers to bet with them they have a sign up offer where if your first bet with them loses, they will give you your money back up to £10.00.
Below you will find how you can go about making a profit of around £7.50 straight away by taking advantage of a sign up bonus.
You are going to complete this offer in such a way that you will win around £7.50 profit, regardless of the outcome.
This is called matched betting and will be covered in greater detail later on in the training.
Before you get started
Note: In order to complete this offer you will need at least £80.00 free that will be needed to cover your bets. (This money is never at risk)
Before you start this offer you will need to open a Betfair exchange account if you do not have one already.
You will be using this to lay off the bet you will be placing at Smarkets which will guarantee you make a profit regardless of the outcome of your bet.
The sign up offer for opening a Smarkets account is as follows.
Deposit £20. You get a refund up to £10 if your first bet loses.
How to complete the offer
1. Open up a Smarkets account by clicking here and deposit £20.00.
2. Find a close match between the back odds on Smarkets and the lay odds on Betfair. (make sure these odds are above 6 to maximize your profit)
The easiest way to do this is to look for a horse race on Smarkets that is going to be running today and find a horse that’s back odds (number in green) are above 6.00.
You also want to make sure the liquidity (grey number below the back odds) is above £10.00 so your bet will get matched. (if there is not much liquidity, the liquidity will be greater shortly shortly before the race starts)
In the example below I’m going to back Ada Lovelace on Smarkets at back odds of 6.2.
Once you have found a horse you then need to go over to the Betfair Exchange and navigate your way to the same market.
Once there you need to check the lay odds (number in red next to selected horse) is a close match to the back odds on Smarkets.
A close match for odds of 6.2 means that the lay odds must not be more than 0.2 higher than the back odds.
In the example below I have found that I can lay Ada Lovelace on the Betfair exchange at odds of 6.4 (which is fine since this is just 0.2 greater the the Smarkets back odds)
Note: You must also make sure there is enough liquidity on the Betfair exchange to lay your bet.
The quick and dirty maths to working out the liquidity required here is 10 x betfair lay odds – 20
In this example that would be 10 x 6.4 – 20 = £44.00
That’s not exact, but it will be close enough for our purposes.
There is £90 liquidity available on Ada Lovelace so I will also be able to get my lay bet matched straight away.
3. Place your back bet at Smarkets and you lay bet at Betfair.
You’ve found a close match, now it’s time to place your two bets.
At Smarkets all you have to do is back your chosen selection with a £10.00 stake.
Once you’ve placed your back bet you will want to place your lay bet at Betfair.
Working out how much you need to lay can be a little bit tricky so I’ve made it simple for you. All you need to do to work out your lay stake size is fill out the fields in the calculator below and hit calculate.
Bet Amount = £10.00
Back Odds = Smarkets Back Odds
Lay Odds = Betfair Lay Odds
Note: Back commission should be 2% and lay commission should be 5%.
In my example where I am backing Ada Lovelace at 6.2 for £10 and laying it at 6.4 I would be placing a lay bet of £8.03.
Once you’ve calculated your lay stake, lay your selection for this amount on the Betfair exchange.
4. Count your profits or place the 2nd bet.
If your back bet loses with Smarkets and your lay bet wins with Betfair then congratulations, you have completed the offer and your total profit will be shown in Profit/Loss field in the calculator above.
In my example Ada Lovelace came 2nd and netted me a total profit of £7.62.
If however, your bet at Smarkets won you will have to place one more bet before you can withdraw your money.
To do this you will need to find another close match in odds between Smarkets and Betfair and place another back and lay bet.
To calculate your lay bet this time you will need to use the calculator below. (DO NOT USE THE CALCULATOR ABOVE, THEY ARE BOTH DIFFERENT)
Once you have found a close match, calculated your lay stake and placed your bets you are all done!
You will have probably made a small loss on the second bet (shown in the profit/loss field on the second calculator) but this will allow you to withdraw your profits.
In order to calculate your total profit you made take the profit/loss figure from the first calculator and subtract the small loss you made on the second bet to get your overall profit.
Action Steps Summary
- Open a Smarkets account (and a Betfair exchange account if you don’t already have one)
- Find a close match between the back odds on Smarkets and the lay odds on Betfair and use the first calculator to calculate your lay stake. Then place your bets.
- If your first bet wins on Smarkets find another close match between the back and lay odds and place another back and lay bet using the second calculator to work out your lay stake. Wait for the bets to settle and collect your profits.
- If your first bet won with Betfair you are all done! Collect your profits.
- Click here to move onto the main training.