At Smarkets, we adhere to strict regulatory and security standards, which means we operate a Closed Loop System for deposits and withdrawals.

This system ensures that withdrawals are made using the same payment method used for your initial deposit. It helps keep transactions secure and ensures compliance with anti-money laundering regulations.

1. Closed Loop Policy

If you’ve deposited funds into your Smarkets account using a specific payment method, you’ll need to withdraw funds back to that same method.

This is standard practice across the betting and exchange industry and ensures your funds are returned safely to their verified source.

2. Net Deposits

We use Net Deposits to track how much you’ve deposited and withdrawn with each payment method.

Net Deposits = Total Deposits – Total Withdrawals (per method).

This helps maintain a clear and transparent record of your account activity.

3. Positive and Negative Net Deposits

Depending on your deposit and withdrawal history for each payment method, you may have:

• Positive Net Deposits: You’ve deposited more than you’ve withdrawn using that method.

• Negative Net Deposits: You’ve withdrawn more than you’ve deposited using that method.

You’ll need to balance any positive net deposits before withdrawing more than you’ve deposited on a specific payment method.

4. Multiple Payment Methods

If you’ve used more than one payment method, your withdrawals must first balance the positive Net Deposits on each method.

Example:

You deposit £100 using Visa card 1234 (Method A).
You deposit £50 using MasterCard card 5678 (Method B).

Your total balance increases after betting, and you now want to withdraw £200.

Scenario 1 — Withdrawing to card 1234 (Method A)

If you choose to withdraw £100 to Visa card 1234, this is allowed because it matches the Net Deposit on that card.
Once you’ve withdrawn £100, the Net Deposit on Method A becomes £0.

Scenario 2 — Withdrawing to card 5678 (Method B)

If you want to withdraw £150 to MasterCard card 5678, you must first balance the positive Net Deposit on Method A.

• Net Deposit on Method A: £100

• Net Deposit on Method B: £50

Before withdrawing to Method B, you must withdraw £100 back to Method A (card 1234).

Once Method A is balanced (Net Deposit = £0), you can then withdraw the remaining £150 to Method B (card 5678).

This ensures all payment methods return to zero before you withdraw extra funds to a preferred method.

5. What if one of my payment methods is no longer in use?

In most cases, you should be able to remove a card that’s no longer in use from the Funds tab.
You can learn how in our Removing a card from your account article.

However, if the card you’re being asked to withdraw to is no longer in use and you’re unable to remove it due to outstanding net deposits, there are two options:

1. If your card has expired or been replaced (same bank):
   Deposit with your new card to save the details to your account, then remove the old method from the Funds page.

2. If your card or account has been lost, stolen, expired, or closed:
   Please contact our support team. We may need to verify a new withdrawal method by requesting documents such as (but not limited to):

   • A PDF bank statement for both the old and new payment methods containing:

     • Your name and address

     • Sort code and account number

     • A deposit made to Smarkets

   • A photo of your card showing ONLY the first 6 and last 4 digits, name, and expiry date. (Please hide the middle digits for your security)

These documents help us verify ownership and ensure funds are safely returned to you. Once verified, we can remove the old method and you can withdraw via the new method.

💡 Tip: You can check your available withdrawal limits and eligible methods anytime on the Withdrawal page in your account.