smarkets 3% commission

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mark50
Posts: 1
Joined: Thu Dec 26, 2019 5:55 pm

With smarkets now charging 3% commission per each individual matched bet that settles ,winning bets and losing bets ,if you have earned more than £25,00 in a calender month.
Are these numbers correct?
I place a £200 back bet at 10.0 , then i place a lay bet on the same horse for £222.22 at 9.0 gving me profit of £22.22 .

The horse wins the race,
Back bet wins £200 x 10.0 = £1800 profit , smarkets takes £54 commission
Lay bet loses = £1777.78 loss, smarkets take £53.33 commission

Final profit/loss
£22.22
-£54
-£53.33
= -£85.11
So a profitable trade now becomes a loss?
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

I don't think there are many Smarket users on this forum but if you post a link to the page that has the commission terms people can look at it and confirm their understanding?
rik
Posts: 1583
Joined: Sat Jan 25, 2014 5:16 am
Location: London

smarket sucks
Emmson
Posts: 3363
Joined: Mon Feb 29, 2016 6:47 pm

I don't have an account nor with Matchbook. Forumites here have put me off both.
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Derek27
Posts: 23468
Joined: Wed Aug 30, 2017 11:44 am
Location: UK

The policy of voiding fat-finger bets put me right off. Lay a selection massively at 1.01, back it at 2, then find the 1.01 has been voided and your back bet goes down the drain!
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Euler
Posts: 24700
Joined: Wed Nov 10, 2010 1:39 pm
Location: Bet Angel HQ

A discussion broke out on twitter the other day and smarkets responded with a link: -

https://help.smarkets.com/hc/en-gb/arti ... ission-FAQ
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Naffman
Posts: 5626
Joined: Sun Aug 11, 2013 5:46 am

Why would anyone even bet with Smarkets these days
sa7med
Posts: 800
Joined: Thu May 18, 2017 8:01 am

I was trying to get access to their API and they said they'd have to put me in the "Pro Tier" and take a % (I think 3) off each bet placed (Back or Lay). Total non starter really.
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Smarkets have always been a non runner for most serious exchange players as they've always restricted access to their API. I'd guess Betfair's 2% comm deal could be a nail in the coffin for them attracting recreational punters too.
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Naffman
Posts: 5626
Joined: Sun Aug 11, 2013 5:46 am

spreadbetting wrote:
Fri Dec 27, 2019 10:33 am
Smarkets have always been a non runner for most serious exchange players as they've always restricted access to their API. I'd guess Betfair's 2% comm deal could be a nail in the coffin for them attracting recreational punters too.
If people don't really know of Betfair then they would have no idea who Smarkets are - they claim to do well but surely they must just be betting against themselves
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