Matched betting site OddsMonkey have announced that from Monday 18th September, premium members will be able to take advantage of a reduced commission percentage on all bets placed at Betfair Exchange. Betfair's base rate commission is set to 5% for most users but OddsMonkey Premium members will now pay just 2% on all bets until the end of 2017.
This promotion follows OddsMonkeys initial partnership with Betfair in August when they announced members would be able to place bets on Betfair directly through their OddsMonkey account without leaving the site. You can read more about the OddsMonkey/Betfair integration here.
Launching in 2000, Betfair has attracted over 4 million customers and has grown to be the leading online betting exchange. They have the most markets, the most liquidity and up until now, the highest commission charge. Smarkets, Matchbook and Betdaq have always found their place in the market by offering lower commission charges to attract customers and matched bettors often find more profit by using these alternate betting exchanges as a result. However, now Betfair Exchange have all but matched the fees of their competitors, matched bettors at OddsMonkey will see little reason to take their lay bets elsewhere.
How to get 2% commission at Betfair Exchange
In order to qualify for the 2% commission charge at Betfair Exchange you must :
1. Be a premium member of OddsMonkey (click here to sign up to OddsMonkey.com)
2. Opt into the promotion prior to 10am on Monday 18th September via the dashboard in your OddsMonkey account
There are some terms and conditions attached to the promotion which are worth taking note of. To continue to receive the reduced commission fee you must :
1. Place at least one bet at Betfair Exchange via the OddsMonkey Oddsmatcher every 14 days.
2. Not place more than 10 back bets at Betfair Exchange per calendar month
3. Not exceed £300 in commissions paid to Betfair Exchange per calendar month
The promotion runs until midnight on December 31st and so there are great savings to be made if you are a regular matched bettor.
How much will you save?
To estimate how much you will save with the reduced Betfair commission, lets first take a look at how the commission is calculated and an example.
Commission charged = ((Stake x Odds) – Stake) x Commission Rate
For example, if you are placing a £100 back bet at odds of 2.0
Commission = ((£100 * 2.0) – £100) x 5%
Commission = (£200 – £100) * 5%
Commission charged = £5
Therefore, on a £100 back bet at odds of 2.0 you will be charged £5 with a commission rate of 5%. This is drastically reduced to only a £2 charge when a 2% commission is applied.
As most matched bettors will be using Betfair Exchange for their lay bets, lets take a look at another example using the OddsMonkey Calculator.
In this example we are using a £100 free bet and have found back and lay odds of both 5.0.
From the image you’ll see that on a single bet you would save £1.95. If you are doing multiple free bets per day or even weekly, the savings could be huge.
If you aren’t yet a premium member of OddsMonkey there is still time to register and take advantage of this promotion. Members have until 10am on Monday September 18th to opt-in to receive the reduced Betfair commission.