Gambling News,  Matched Betting

Smarkets Trading Exchange: Beware

If like me, you have an old Smarkets account from when you were Matched Betting double check to see if you have any money in it.

When I was matched betting full-time, I used to have loads of money all over the place, lots in every exchange, Betfair, Betdaq, Matchbook and Smarkets and often a fair bit of money in up to 30 online bookmaker accounts at any one time. Keeping track of it all was a job in itself.

When I started to concentrate on Trading I had over £5,000 in Betfair, £1,800 in Betdaq and a few hundred in Smarkets and Matchbook. (Not sure of the exact figures)

Now if I’m honest I liked Smarkets and Matchbook the best at that time. I liked the layout once I’d changed Smarkets to the white background, they were easy to use, had lower commission than Betfair, both were faster to get a question answered and they seemed to welcome matched betters.

Unlike trading you don’t really need too much liquidity to be able to lay the Free Bet offers so I never had any trouble getting bets matched on there.

Matched betting was good to me and I won just under £9,000 in no time at all.

Anyway, when I switched to Trading I withdrew all my bookmaker money and most of my money from all the other exchanges except Betfair.

I left a few hundred in Smarkets and Matchbook in case I ever wanted to place back/lay bet of my own and because I still get free bet offers for the remaining bookmaker accounts, I haven’t been gubbed with.

Fast forward a year I get this email.

Email from Smarkets

Your account is inactive

This email is to inform you that your Smarkets account has available funds: £256.25.

As your account has now been inactive for 11 months, and in line with our terms and conditions, your Smarkets account balance will be debited £5.00 (or equivalent) per month until it reaches zero, starting in 30 days.

To prevent this, and to reactivate your account, simply log in to Smarkets. You can then continue to use our site or withdraw any remaining funds.

Thieving buggers. This is a practise that some online poker websites have started to adopt in recent years and it stinks.

I don’t see any possible justification for them doing this. It isn’t like I’m storing goods in their warehouse or living rent free in their back bedroom.

Be warned

Check all your old accounts especially if you’ve changed email address in the last year or so and make sure you don’t have money lying around that unscrupulous companies may be raping.

Even if they aren’t charging you £5 admin fees per month could that money be put to better use?

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