What is a deposit limit and how can I set one?

All Smarkets customers have the ability to apply deposit limits to their account in order to help control their spending. You can set daily, weekly and monthly deposit limits.

We offer the option to set either 'Net' and/or 'Gross' deposit limits.

You can set both NET and/or GROSS deposit limits by visiting ‘settings’ and then ‘limits’ when logged into your account.

If you already have an existing deposit limit and choose to lower it, the change will be affected immediately. 

If you try to increase your deposit limit, this will only become active after a mandatory 7 day cooling off period*

*Subject to approval and not available in all circumstances

What is the difference between NET and GROSS deposit limits and how are they calculated?

A GROSS deposit limit is based upon your total deposits within a specified period, i.e. 7 days for a weekly deposit limit. 

For example, if you have a weekly gross deposit limit of £200, that is the maximum amount you will be able to deposit in a 7 day period. As soon as you have deposited £200, whether in a single transaction or cumulatively over several transactions, you will be blocked from making further deposits until the deposit limit resets.

A NET deposit limit is based upon both your deposits and withdrawals within a specified period, i.e. 7 days for a weekly deposit limit. The calculation for NET deposit limits is ‘Total deposits - Total withdrawals’ with the total then being evaluated against the deposit limit you have set.

For example, if you have a weekly net deposit limit of £200 and deposit £200, you will be blocked from making further deposits until your weekly limit resets. However, if you make a withdrawal of £100, a net deposit limit will then enable you to deposit a further £100 even if your limit has not yet reset as your total net deposits are now £100.

When will my deposit limit reset?

Deposit limit periods will reset at midnight. The weekly, monthly and yearly limits will reset every 7, 30 and 365 days respectively after they were set and will therefore not always follow calendar weeks, months or years.

When a daily deposit limit is first applied after 00:00 UK time, it will remain active until the end of the current day and then for a further 24 hours. After which it will reset every 24 hours at 00:00 UK time.

What is a loss limit and how is it calculated?

Loss limits allow you to limit the amount of money you can lose over a given period. The limit can be set over a period of one day, one week, one month or one year.

You can set a loss limit by visiting ‘settings’ and then ‘limits’ when logged into your account, and inputting the required loss period and amount*

The loss limit calculation can be expressed in a simple formula:

Limit amount + total account exposure + profit/loss in limit window >= 0

The loss limit is a net limit, meaning any money won during a given limit period will be added to the remaining limit amount for that period. Losses will be deducted from the remaining limit amount in the period in which they settle, regardless of when bets were placed.

*To increase or remove your loss limit, any changes will be subject to a mandatory cooling off period

When will my loss limit reset?

Loss limit periods will reset at midnight. The weekly, monthly and yearly limits will reset every 7, 30 and 365 days respectively after they were set and will therefore not always follow calendar weeks, months or years.

When a daily loss limit is first applied after 00:00 UK time, it will remain active until the end of the current day and then for a further 24 hours. After which it will reset every 24 hours at 00:00 UK time.

What is a stake limit and how can I set one?

Stake limits allow you to select a maximum stake per bet. For example, if you have set a stake limit of £10, that is the maximum amount that you can wager per bet. 

You can set a stake limit by visiting ‘settings’ and then ‘limits’ when logged into your account, and inputting the required loss period and amount*

*To increase or remove your stake limit, any changes will be subject to a mandatory cooling off period

Customers based in the UK

If you registered after the 28th of February 2023, your account will have a £4999.99 Monthly Net Deposit Limit applied to it unless you set lower limits during sign-up.

If you registered after the 28th of March 2023, your account will have a £1000 Daily Net Deposit Limit and a £4999.99 Monthly Net Deposit Limit applied to it unless you set lower limits during sign-up.

You can request to raise your Net Deposit Limit on the limits page but you will need to adhere to the 7-day pending period.