Last Updated: 29 July 2022, Author: AceOdds.com
Withdrawals can be as quick as 12 hours using Instant Banking or as long as 10 working days for a regular bank transfer. PayPal and other e-wallets take 1-2 banking days.
Online gaming isn't as straightforward as depositing funds, winning a bet, and withdrawing. Rules and regulations dictate how you can withdraw, and other issues may crop up.
We've written this guide, so you know what to expect and don't stumble into any pitfalls. We'd also recommend that you read our corresponding article on depositing funds into your Smarkets account because your deposit will dictate how you withdraw.
Your account can be made up of cash and credit and if you took advantage of one of Smarkets' bonus codes, make sure you understand the terms. You must always play Bet Credits, and some offers require a set amount of plays before you can withdraw.
It's worth getting to grips with and reading our article on the Closed Loop Policy. It's a regulated process that impacts the withdrawal process. The article also covers the Net Deposit Policy, another regulation that will dictate your withdrawal method.
Each online gaming site is different. Some have allowed us to navigate through the withdrawals page of our online account to see what the terms are, even when there are no funds to withdraw. Unfortunately, Smarkets doesn't give us the option, so this article is based on information from their terms and conditions.
|Up to 12 Hours||£10.00||-||Free|
Debit Card, Visa, MasterCard, Maestro, Electron
|1 - 6 Banking Days||£10.00||£10,000||Free|
|1 - 2 Banking Days||£10.00||-||Free|
|1 - 2 Banking Days||£10.00||-||Free|
|5 - 10 Banking Days||£20.00||-||Free|
|1 - 2 Banking Days||£10.00||-||Free|
|1 - 2 Banking Days||£10.00||£5,500||Free|
Withdraw a minimum of £10 and a maximum of £100,000, and funds will be in your account in up to 12 hours. Smarkets will not charge withdrawal fees.
Smarkets advise you to withdraw via your mobile banking app instead of your desktop, suggesting that the transaction flows better and requires fewer steps than the website versions. However, this may be a personal preference as not everyone uses banking apps.
There’s a limit of £100,000 per withdrawal, which is high. However, Debit Card, Skrill, Neteller and Trustly withdrawals have no maximum limit.
Visa and MasterCard Debit Cards have a minimum withdrawal amount of £10, with no set maximum.
You can deposit money into your Smarkets account via Debit Card almost instantly. However, you could wait up to 6 days for Smarkets to process your withdrawal. This is quite a contrast, but it is down to additional security steps taken by Smarkets - not the banking process.
As we’ve found with other online gaming and betting sites, Smarkets advise that some MasterCard providers may not accept the withdrawal. Smarkets don’t advise which providers these are. If you have problems withdrawing to the MasterCard used to deposit funds, you’ll need to contact Smarkets customer support.
In these cases, you’ll usually be offered a bank transfer as an alternative and possibly be charged a fee.
Withdraw a minimum of £10 from your Smarkets account, and funds will reach your Neteller account in 1 - 2 business days.
Smarkets set deposit limits for Neteller, but there’s no maximum limit for withdrawals. There are also no fees to pay because, as is best practice amongst online gaming sites, Smarkets swallow the processing fees.
Neteller is one of the quickest withdrawal methods, taking 1 - 2 days for the funds to reach your eWallet.
A minimum withdrawal of £10 applies with no capped maximum. No fees are charged, and processing time takes 1 - 2 days.
As with Neteller, deposits are capped with Skrill, but there’s no limit on withdrawals. There are always fees involved in eWallet transactions, but Smarkets absorb them.
You can only register one Skrill account per customer, so ensure that the email address used for Skrill is the same as that used for Smarkets, or you won’t be able to use it for deposits and withdrawals.
A minimum withdrawal of £20 applies, with no maximum limit. Funds will clear in 5 - 10 business days, and no fees will be charged.
5 - 10 business days is an extensive period for a transaction to be processed - and the longest we’ve come across whilst creating our deposit and withdrawal articles. However, Smarkets states that they only use the standard Bank Transfer method once all other withdrawal methods have been “exhausted.”
If you want/need to use a Bank Transfer, you should first try Instant Transfers or Trustly, using the standard Bank Transfer as a last resort.
Withdrawals are processed in 1 - 2 business days. A minimum withdrawal of £10 applies, no fees are charged, and no maximum limits are set.
You need to create a Trustly account before using it as it acts as a third party, bridging the gap between giving and receiving bank accounts and making the process quicker. Ensure your Trustly account is set in the same currency you bet in to avoid any issues.
Smarkets haven’t capped the transaction with a maximum withdrawal limit, and any fees applied to the transaction will be covered.
The PayPal withdrawal minimum is set at £20, and the maximum you can transfer is £5,500 per transaction. Funds will clear in 1 - 2 business days.
PayPal is the most widely accepted eWallet, yet it is the most restricted when depositing and withdrawing money to and from your Smarkets account. This comes down to PayPal having the highest transaction fees of the eWallets on the market. Since Smarkets doesn’t pass on these fees to you, it protects its bottom line by restricting the amount you can transfer.
For more flexibility, get yourself a Skrill or Neteller account or stick with Debit Card transactions if you’re happy to store your details with Smarkets.
As mentioned above, we cannot fully dig around in the withdrawal process unless we have money in our Smarkets account. However, we can still detail the steps you need to take to release your cash winnings.
You can access your balance from any screen by clicking on your Account icon or balance. From there, click on Withdraw.
We cannot see the options since we have no withdrawable or deposited funds, but you’ll be able to access the withdrawal methods we’ve detailed above. Click on the method you wish to use and follow the steps on the screen.
If using an eWallet, you’ll be prompted to input your email address and approve the transaction with your eWallet provider. With Trustly, you select your bank from the drop-down list, and with Debit Card, it will default to that used to deposit.
Remember, you’ll be expected to close the payment loop, and Smarkets may impose the rule on Net Deposit Limits.
Sometimes you must play again since some new customer offers include a minimum number of plays. You must also play any part of your account balance that consists of Bet Credits because they cannot be exchanged for cash.
If you do have cash winnings, it’s tempting to play again, and this is an excellent time to be mindful of the limits you set for yourself. Always take time to think if it’s best to take the money and spend it elsewhere before placing another bet which isn’t guaranteed to win.
Smarkets’ deposit and withdrawal methods align, which makes it easier to adhere to the closed-loop policy. Therefore, as per the deposit article, the below methods remain unavailable.
Although we’ve seen some gaming sites suggesting you can cancel withdrawals within a set time, Smarkets states that regulations prevent the cancellation of withdrawal requests.
If Smarkets alert you of a maximum number of withdrawals via a particular method, they will suggest one of two things. First, deposit funds via Instant Bank Transfer to open it up as a payment option, or contact them to request the slower Bank Transfer option.
If Smarkets cannot verify your account, they will refuse your withdrawal request. Ensure you’re account is verified to avoid issues.