Hi,
Does anyone use Smarkets? I have been using Smarkets for around 2 years starting with matched betting however the liquidity is very poor. However, there fees are cheaper than BetFair. You don't pay fees on losses and only 2% on profits. They also have better back odds compared to BetFair.
I don;t understand why people use BetFaior when their fees are higher than Smarkets.
Smarkets Liquidity - Cheaper Fees - Better Odds
2% of nothing is nothing - in other words, you pay nothing but make nothing! I'd rather pay the 20% premium charge and make something worthwhile.
Honest Joe only charged 1% and look where it got them!
https://honest-joe.com/
Honest Joe only charged 1% and look where it got them!
https://honest-joe.com/
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ShaunWhite
- Posts: 10497
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As people have said it's better to have a smaller slice of a big pie, than a bigger slice of a small pie.
Better back odds might suit a punter but a trader needs liquidity and decent lay odds too, and what software would you use?
But as Betfair are also 2% on profits your question seems strange, do you have a UK Betfair account or are you in a different territory?
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Better back odds might suit a punter but a trader needs liquidity and decent lay odds too, and what software would you use?
But as Betfair are also 2% on profits your question seems strange, do you have a UK Betfair account or are you in a different territory?
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JustLukeYou
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Don't BetFair charge a Premium fee of up to 60% if you go over £5k a year or 1000 trades a month. Something like that.
No, there are a number of hurdles you need to qualify for the much higher rate. Most people, including those that pretend to pay it to make themselves look good, don't pay it.JustLukeYou wrote: ↑Sat Oct 12, 2019 11:02 amDon't BetFair charge a Premium fee of up to 60% if you go over £5k a year or 1000 trades a month. Something like that.
But it is possible to hit a higher charge if you exceed £250k in profits, yes.
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spreadbetting
- Posts: 3140
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All the exchanges will look good with their 2% offers, it's not until you delve a little deeper into their t&c's you start to see the real commissions.JustLukeYou wrote: ↑Fri Oct 11, 2019 10:51 pmHi,
Does anyone use Smarkets? I have been using Smarkets for around 2 years starting with matched betting however the liquidity is very poor. However, there fees are cheaper than BetFair. You don't pay fees on losses and only 2% on profits. They also have better back odds compared to BetFair.
I don;t understand why people use BetFaior when their fees are higher than Smarkets.
Smarkets 2% is a max of 1500 bets per month or £1M turnover per month, whch as traders you soon rack up. It's only 3pm and I'd have already doubled their monthly limit from this mornings bets. Because of going over their limit I could ask to go into their 'Pro Tier' or simply be moved into it by them , for that privilege I'd be charged 1% of each bet, winning and losing ones. As a trader that'll soon kill your profits regardless of the fact their API is pretty much ringfenced to the house and they've been plenty of stories of them voiding bets where the house has been either caught out or too generous.
That's not to say the other exchanges are generous as even though few will hit Betfair's 60% rate you'd have to be a pretty poor trader to avoid their 20% by trading alone.
There's a few threads around the forum regarding smarkets
viewtopic.php?f=39&t=17481&hilit=smarkets
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ShaunWhite
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Why guess when you can be certain...https://www.betfair.com/aboutUs/Rules.and.Regulations/#JustLukeYou wrote: ↑Sat Oct 12, 2019 11:02 amDon't BetFair charge a Premium fee of up to 60% if you go over £5k a year or 1000 trades a month. Something like that.
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JustLukeYou
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Just made another nice profit margin £1.21 from 40p as I was sure Mirandes would score again. I also wanted to back them to win both halfs and trade out but there was absolutely no liquidity.
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ShaunWhite
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If you keep placing bets under the minimum stake Betfair might give you a warning or suspend you.JustLukeYou wrote: ↑Sun Oct 13, 2019 12:49 pmJust made another nice profit margin £1.21 from 40p as I was sure Mirandes would score again. I also wanted to back them to win both halfs and trade out but there was absolutely no liquidity.
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JustLukeYou
- Posts: 518
- Joined: Thu Oct 03, 2019 10:51 pm
Hi, I am using Smarkets.ShaunWhite wrote: ↑Sun Oct 13, 2019 3:29 pmIf you keep placing bets under the minimum stake Betfair might give you a warning or suspend you.JustLukeYou wrote: ↑Sun Oct 13, 2019 12:49 pmJust made another nice profit margin £1.21 from 40p as I was sure Mirandes would score again. I also wanted to back them to win both halfs and trade out but there was absolutely no liquidity.