Smarkets Privacy Policy

Smarkets processes personal data in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. This policy explains in clear terms how we collect and use your information, who we share it with, and what rights you have as a Smarkets user.

Information We Collect

Identity and contact data: Name, date of birth, email address, home address, and phone number provided on registration.
Verification data: Government-issued ID and proof of address, required to fulfil UK Gambling Commission age and identity verification obligations.
Financial data: Payment method details, deposit and withdrawal records, and account balance history.
Exchange activity: A complete record of your trading activity, including bets placed, matched, and settled on the Smarkets exchange.
Technical and usage data: IP address, device identifiers, browser type, session logs, and platform usage patterns collected automatically.
Communications data: Records of support interactions, including chat transcripts and emails.

How We Use Your Data

To provide and administer your Smarkets account and the exchange betting service.
To match your bets with opposing positions on the exchange and settle markets correctly.
To process deposits and withdrawals and maintain accurate financial records.
To verify your identity and ensure compliance with UK Gambling Commission licencing requirements.
To detect, investigate, and prevent fraud, market manipulation, and money laundering.
To comply with legal and regulatory reporting obligations.
To monitor betting patterns for responsible gambling purposes.
To send marketing communications where you have given consent — you can opt out at any time.

Sharing Your Data

We do not sell your personal data to anyone.
Payment processors receive the financial data needed to handle your transactions.
Identity verification agencies receive the documents needed to complete KYC checks.
Fraud prevention networks receive limited data to protect users across the industry.
Regulatory authorities receive data where required by law, including the UK Gambling Commission and HMRC.

Data Retention

Account and transaction data is retained for a minimum of five years post-closure, per UK anti-money laundering law.
Support communications are retained for a minimum of three years.
Marketing preferences and consent records are retained until you withdraw consent.
All data is securely deleted or anonymised when no longer required.

Security

Smarkets uses industry-standard encryption (TLS) for all data transmitted to and from the platform. Sensitive data including payment details and identity documents is stored in encrypted form and accessible only to authorised personnel on a need-to-know basis.

Your Rights Under UK GDPR

Access: Request a copy of your personal data.
Rectification: Ask us to correct inaccurate data.
Erasure: Request deletion of data no longer required for legal purposes.
Objection: Object to processing based on legitimate interests.
Restriction: Ask us to limit how we use your data.
Portability: Receive your data in a structured, machine-readable format.

To exercise any of these rights, contact [email protected]. If you're unhappy with our response, you can raise a complaint with the Information Commissioner's Office at ico.org.uk. This policy is reviewed annually and updated when practices change.