Smarkets Introduce New Commission Tiers
December 24, 2019
In December 2019, online betting exchange Smarkets introduced two new commission tiers which are predominantly aimed at heavier users.
The standard commission charge at Smarkets is 2% on net profits per market. This has long been the main attraction to Smarkets over Betfair Exchange, although with the introduction of the Betfair Basic Plan which allows customers to pay just 2% rather than 5%, many will be heading back to Betfair due to the greater liquidity in available betting markets.
Smarkets have announced the following two additional tiers:
- Pro Tier (1% Commission): Anyone who places more than 1,500 bets or stakes more than £1m in a calendar month will have to opt-in to the Pro Tier to continue trading on Smarkets.
- Select Tier (3% Commission): This tier applies to anyone who exceeds £25,000 in net profit over the previous 12 calendar months.
Will the new tiers affect you?
Smarkets state that only 0.2% of its customers either place 1,500 or more bets or stake more than £1m in a month or make £25k profit in the past 12 months and so it’s unlikely to affect the vast majority of users and casual matched bettors or traders.
How to check your betting activity
Smarkets make it easy to check your betting activity and find out how many bets you’ve placed, the value of your bets and your profit/loss over specific periods. To do so, simply click on the account menu and then on ‘Trading Stats & Commission’.
This will take you to a page which clearly displays all the information you need to determine whether or not the new tiers will affect you. This page also displays what tier you’re currently on any information about other available tiers.