Matchbook, one of the leading online betting exchanges, have introduced a premium charge for customers who either have a betting volume of $1,000,000 or more or have accumulated lifetime profits equal to or greater than $20,000.
Matchbook are known for their low commission rates which are set as 1.5% across all bets as standard. Commissions even go as low as 0.75% for users who set their own price on markets. Matchbook are also offering new customers 0% commission on all sports until the end of 2018 which is an excellent deal for matched bettors, traders and punters. Matched betting sites OddsMonkey and MatchedBets were previously offering this an an exclusive deal to their customers before it was made available to all.
However, the introduction of premium charges for customers who have met certain thresholds has not gone down well with existing and potential customers. Matchbook do not come close to the liquidity and markets that rivals such as Betfair Exchange offer. However, they have been able to compete due to their low commission rates which ultimately allows users to accumulate more profit from their bets. These new charges are sure to damage the reputation they have worked hard to build up over the past 14 years.
matchbook premium charges
The majority of Matchbook customers need not worry but there will definitely be some who will be affected by the new charges. The standard commission rates of 1.5% & 0.75% still apply to customers who have not yet met or exceeded the thresholds set by Matchbook but any customers who have met the thresholds may be applicable to the new charges.
What are the thresholds?
Customers who have met of exceeded the following:
1. $1,000,000 (one million US Dollars) of Betting Volume; and/or
2. $20,000 (twenty thousand US Dollars) of Betting Profits
If your account is in a currency other than USD, Matchbook will review accounts on a quarterly basis, applying the exchange rates supplied by XE.com
'Betting Volume' is the cumulative lifetime total of matched bet placed on Matchbook through your account. For back bets this will apply to your stake and for lay bets this will apply to the bet liability and/or you’ stake.
'Betting Profits' is the amount won minus any losses throughout the lifetime of your account. Basically, the total profit you have made through Matchbook Exchange.
What are the new charges?
Matchbook users who have met either of the thresholds listed above may be charged one or a combination of the following on their exchange activity:
1. Commission rate up to 3.5% per bet (“Transactional Rate”); or
2. Commission rate up to 5% of Gross Profit per market (“Market Commission Rate”); and/or
3. Revenue share commission rate up to 60% of Net Profits per calendar month (“Revenue Share”).
Betfair Exchange also apply premium charges to customers who have met specific criteria. Although their terms are not the same to those of Matchbook, they state that their premium charges affect less than 0.5% of their most successful customers. It's unclear at this point what percentage of Matchbook customers will be affected by these new charges and we're hoping Matchbook publicly comment on the changes to make the new terms more clear and to ease the worries customers are currently feeling.
Currently, information on the new charges can be found on the 'terms & conditions' page on the Matchbook website. It would be helpful to have these terms in a more prominent place and expanded on as in their current sate, applicable charges are not 100% clear to readers.
ACROSS ALL BETS UNTIL
Despite the new premium charges, Matchbook is a good choice for low-medium volume matched bettors, traders & punters.
All customers can receive 0% commission across all bets until 31st December 2018!