Net market settlement
Multiple bets on the same market are combined to show a single net result on your account page, rather than individual bets. This is because we only charge commission based on net winnings and not each winning bet.
Dead heat rules
In the occurrence of a dead heat, where there are more winners than expected, the winnings and losses incurred by users are split according to the number of entrants sharing the winning place.
Our dead heat rules detail how payouts are calculated in the event of such occurrence.
If a horse is withdrawn before the start of a race, odds for all matched bets on remaining horses are adjusted to account for the non-runner(s).
Once calculated, the reduction factor is applied by reducing the odds of any matched bets by the percentage of the reduction factor.
If you have placed a winning ‘back’ bet, your returns will be reduced in line with the reduction of the odds.
Our underlying system matches bets between customers in percentage prices. If a user is displaying the odds in decimal form, we round the percentage prices to two decimal places, as displayed on the Exchange. So although you’re backing at 1.65, the percentage price would in fact be 60.61% - the full odds mapping can be seen below.
Similarly, due to the nature of Smarkets being a multi-currency exchange, our system calculates bet settlement in a unit quantity and then converts that quantity to the user's account currency.
This calculates your winnings to a very high degree of accuracy beyond the two decimal places that are displayed.
When profit or loss is displayed on the Smarkets webpage this figure is rounded up or down on the display.
This can cause your settlement to be £/$/€0.01 less than expected. Your account balance will still retain full accuracy within our system.