Short answer: Smarkets is cheaper, Betfair is deeper. Smarkets charges 2% flat commission with no premium charge; Betfair charges 5% and applies a premium charge to long-term winning accounts. Betfair has more liquidity in most markets, far more in-play depth, more sports and the wider software ecosystem. Pick Smarkets for matched betting lays, politics and small stakes in mainstream markets. Pick Betfair for in-play trading, larger stakes, niche sports or Geeks Toy. Many traders hold both.
5% commission, with premium charges at thresholds. The deepest liquidity of the two and the widest software support. The default exchange for serious trading.
2% commission flat and no premium charge. A higher App Store rating than Betfair's app. Thinner liquidity. The SBK sportsbook sits in the same account.
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Feature comparison table
| Feature | Betfair | Smarkets |
|---|---|---|
| Commercials | ||
| Standard commission | 5% | 2% flat |
| Premium charge | Yes | No |
| Currency support | GBP, EUR, USD, AUD | GBP, EUR, USD |
| Liquidity | ||
| Mainstream football and racing | Deeper | Thinner |
| In-play | Much deeper | Mainly match winner |
| Political markets | Yes | Often deeper |
| Markets | ||
| Sports covered | Broader | Narrower |
| Niche sports (esports, GAA) | Yes | Limited |
| User experience | ||
| Mobile app rating (App Store, May 2026) | 3.8 | 4.6 |
| Software | ||
| Bet Angel | Native | Native (separate licence) |
| Geeks Toy | Yes | No |
| BetTrader | Yes | Yes |
| Cymatic Trader | Yes | Yes |
| Other | ||
| Includes sportsbook (SBK) | Yes (separate) | Yes (integrated) |
| Free API | Yes, within request limits | Yes |
Commission and the premium charge
Commission is the main reason people compare these two. Smarkets at 2% flat is less than half Betfair's 5% standard rate, and far cheaper than Betfair's premium charge, which can take an effective 20% to 50% from consistently profitable accounts.
Trader profile: £1,500 net winnings per month, £18,000 per year.
On Betfair (5%): £900 a year.
On Betfair (premium charge at 40%): £7,200 a year.
On Smarkets (2% flat): £360 a year.
A trader paying premium charge at that rate would save £6,840 a year on this profile. The condition is that Smarkets has enough depth to fill the trades, so check the markets you trade at your stake size.
When the premium charge applies
Betfair applies the premium charge to accounts that are winning over their lifetime once they pass its activity thresholds. The standard rate is 20%, rising to 40% to 50% for the largest winners. Betfair sets and changes the thresholds, so check its current terms.
The ways round it are to move volume to an exchange without one (Smarkets or Betdaq) or to reduce activity on Betfair. Smarkets has no premium charge structure. See Betfair commission explained for the full mechanics and the premium charge alternatives breakdown for the options.
Liquidity
Betfair has more matched money in nearly every market category. Smarkets has built usable liquidity where recreational and matched bettors spend most time: Premier League football, top tennis and headline horse racing.
- Mainstream football: both fill ordinary retail stakes.
- Mid-tier football (Championship, Bundesliga 2): Smarkets suits small stakes; Betfair handles all retail trade sizes.
- Weekday racing: Smarkets covers UK racing at the off, but pre-race liquidity many hours out is thin. Betfair has depth from market open.
- In-play (any sport): the gap is widest here, especially tennis.
- Politics and special events: Smarkets often matches or beats Betfair, particularly in US politics.
For small stakes in mainstream markets, Smarkets is usually enough. For larger stakes or deeper books, Betfair's lead is structural. How to read the Betfair market covers liquidity in more detail.
Sport coverage
Both cover the major UK and European sports. Betfair goes further into the long tail.
- Horse racing: both cover UK, Irish, French, US and Australian racing. Betfair adds Hong Kong, Japan and Dubai.
- Football: Betfair covers many more leagues, including lower tiers.
- Tennis: both cover the ATP and WTA tours. Betfair adds Challenger and ITF.
- Cricket: both cover the IPL and internationals. Smarkets misses some county and franchise T20.
- Politics: Smarkets is deeper, particularly on US presidential, mayoral and constitutional questions.
- Esports, GAA, snooker, MMA, NFL, NBA: Betfair covers all; Smarkets coverage is patchy.
User experience and apps
Smarkets' app has the higher App Store rating (4.6 against Betfair's 3.8, May 2026), and its interface is the more modern of the two. Betfair's is functional but heavier.
This matters most to casual and mobile-first users. If you trade through Bet Angel or Geeks Toy on a desktop, the exchange's own interface hardly matters.
Trading software support
- Bet Angel: supports both. Smarkets needs a separate licence.
- Geeks Toy: Betfair only.
- BetTrader: supports both in one subscription.
- Cymatic Trader: supports both.
- Fairbot: supports both.
Geeks Toy users would have to use the Smarkets website or app separately. For everyone else both exchanges are workable. See best Betfair trading software.
API access
Betfair's API is the better documented and the industry standard, and most users stay within its free request limits. Smarkets publishes a free, documented API used by bot developers, which suits developers automating lay placement for matched betting or running arbitrage between bookmakers and exchanges. See the Betfair API guide for cross-exchange notes.
For matched betting
Smarkets is often the better venue for the lay leg. The lower commission adds up across the free bets and reloads an active matched bettor works through, and liquidity for typical lay stakes (£25 to £200) is adequate on mainstream football, tennis and racing.
Most matched betting services (OddsMonkey, Outplayed, Beat The Bookies) support both exchanges. See the matched betting guide and best matched betting sites and tools.
Profile: £600 net winnings per month after exchange commission.
Smarkets (2%): ~£12.24 commission per month, £147 per year.
Betfair (5%): ~£31.58 commission per month, £379 per year.
Annual saving from moving lays to Smarkets: ~£232. Modest, and it grows with profit.
For in-play traders
Betfair's in-play lead is large. On football it runs correct score, next goalscorer, time of next goal and minute-by-minute markets in-play; Smarkets in-play is mainly match-winner pricing. In-play tennis is much deeper on Betfair.
If your edge is in-play, Betfair is the realistic venue. See in-play trading strategies.
Politics and special markets
Smarkets runs political markets as a core product, where Betfair treats them as a side line. US presidential races, UK general elections and major referendums on Smarkets often have deeper liquidity and tighter spreads than Betfair's equivalents. For political specialists, Smarkets can be the primary venue and Betfair the backup.
Verdict: which to pick
You trade in-play. You stake £200 or more per trade. You trade niche sports (cricket, esports, GAA). You use Geeks Toy. You are not paying the premium charge. You need the deepest liquidity.
You are a matched bettor. You are a winning trader paying Betfair's premium charge. You stake under £100 in mainstream markets. You trade politics. You build bots on a free API. You prefer the better-rated mobile app.
Using both
Holding both accounts is common. Use Smarkets for matched betting lays, sportsbook arbitrage and political markets; use Betfair for in-play, niche sports and any trade where liquidity matters more than 3 points of commission.
If you are new to exchanges, open Betfair first, as its wider ecosystem makes it the more useful single account (see opening a Betfair account). Add Smarkets when matched betting or political markets become part of your plan.
Start with Betfair Exchange — broader sport coverage, deeper liquidity, the foundation account.
Open Betfair Account → Free CalculatorFAQ
Is Smarkets better than Betfair?
Smarkets is cheaper: 2% flat commission against Betfair's 5% plus premium charges. Betfair has more liquidity and a wider range of sports. Smarkets suits matched bettors and small-stake traders; Betfair suits in-play traders and anyone who needs deep liquidity.
Does Smarkets have a premium charge?
No. Smarkets charges 2% flat however successful you are. That is a structural advantage for consistent winners over Betfair, whose premium charge can take an effective 20% to 50% from profitable accounts.
Can I use trading software like Bet Angel on Smarkets?
Yes. Bet Angel (with a separate licence), BetTrader and Cymatic Trader all support Smarkets. Geeks Toy does not. Smarkets also publishes a free, documented API.
Which exchange has better liquidity?
Betfair, by a clear margin in most markets, and the gap widens in-play and in niche sports. Smarkets matches or beats Betfair mainly in political markets.
Is Smarkets safe?
Smarkets is licensed by the UK Gambling Commission, the Malta Gaming Authority and other regulators, and holds customer funds in segregated accounts. It has operated since 2010.
Can I move my Betfair bank to Smarkets easily?
Funds cannot transfer directly. Withdraw from Betfair (1 to 3 working days) and deposit to Smarkets separately (instant). Allow about a week so you are not out of the market.