Smarkets now offering 1% "pro tier" commission

Pages: [1] 2
Author Topic: Smarkets now offering 1% "pro tier" commission  (Read 2663 times)
arbetour
Gaining experience
*

Karma: 1
Posts: 32


View Profile

arbetour

Smarkets now offering 1% "pro tier" commission
« on: November 12, 2018, 10:00:21 PM »

Smarkets now offering 1% "pro tier" commission, on wins and loses, so no advantage.

The terms page says "I’ve hit one of the Standard Tier limits, what can I do to keep trading on Smarkets?
You must opt in to the Pro Tier. You won’t automatically be put on the Pro commission structure."

Does that mean you have to opt in if you fit the criteria  ???
Logged
dealer wins
Totally Pro
*****

Karma: -4
Posts: 787



View Profile

dealer wins

Re: Smarkets now offering 1% "pro tier" commission
« Reply #1 on: November 12, 2018, 10:44:52 PM »

Like matchbook only half price!

Better than premium charges, but still short sighted as it will hinder their growth, liquidity and their reputation!!
Logged

Never trust a goose!!!
Alfa1234
Totally Pro
*****

Karma: 33
Posts: 851


View Profile

Alfa1234

Re: Smarkets now offering 1% "pro tier" commission
« Reply #2 on: November 12, 2018, 10:53:15 PM »

Only obligated for those with 1000 000GBP in turnover and 1500 bets minimal in a calendar month.  They say this will affect fewer than 0.5% of their users.  Others can opt in if they want it.
Logged
DPG
Has experience
**

Karma: 4
Posts: 103


View Profile

DPG

Re: Smarkets now offering 1% "pro tier" commission
« Reply #3 on: November 12, 2018, 10:54:51 PM »

Yes it's complete overly complicated rubbish.

Have you placed 1500 bets on there today already? You a bot user?


dealer wins i'd rather pay premium charges as I trade solely on the exchange and that's where most my profits come from. With this new commission structure I literally have no where left to bet. Betdaq is dead and the other 3 main exchanges now charge too much.

I'm going to have to pack this in and get a job. :(
« Last Edit: November 12, 2018, 11:01:47 PM by DPG » Logged
arbetour
Gaining experience
*

Karma: 1
Posts: 32


View Profile

arbetour

Re: Smarkets now offering 1% "pro tier" commission
« Reply #4 on: November 13, 2018, 06:42:57 AM »

That's worse than I thought, it's on every single bet? Fuck sake, so trading is impossible their now  :'(
Logged
Shawn2k
Gaining experience
*

Karma: 3
Posts: 85


View Profile

Shawn2k

Smarkets introduce Pro Tier
« Reply #5 on: November 13, 2018, 08:02:23 AM »

All players making more then 1500 bets or staking more then 1M Pounds in a month will pay 1% commission of each bet (From winning or losing stake, not net profit). When you reach these limits in a month you can choose yourself to not be active more that month, or join the pro tier. If you join it, you can't "leave" before 3 months after. So think twice if you're considering it.

Guess this will change some of the eco system - Not so nice to be a bot if you have to pay both ways regardless of net profit \ results. Not ideal for anyone in my opinion. For big traders it's killing the action. If you have to pay commission on both backing and laying regardless of results... you can simply just try trading at asians instead.
« Last Edit: November 13, 2018, 10:13:10 AM by Shawn2k » Logged
neopas
Has experience
**

Karma: 4
Posts: 133


View Profile

neopas

Re: Smarkets now offering 1% "pro tier" commission
« Reply #6 on: November 13, 2018, 09:50:30 AM »

I never had a good opinion for Smarkets as management looks as greedy as Betfair's.
The timing for this pro tier shows that they follow Matchbook's new scheme.
Just a reminder:
Smarkets took 33483 EUR from my account
Logged
Shawn2k
Gaining experience
*

Karma: 3
Posts: 85


View Profile

Shawn2k

Re: Smarkets now offering 1% "pro tier" commission
« Reply #7 on: November 13, 2018, 10:19:33 AM »

Only obligated for those with 1000 000GBP in turnover and 1500 bets minimal in a calendar month.  They say this will affect fewer than 0.5% of their users.  Others can opt in if they want it.

Actually 0,2% according to their FAQ.

Agree that it's better then some other exchanges, but for the big traders this is the end as far as I can see. Paying 1% both ways is just horrendous. Guess this is another "hint" telling us valuebetting is the future. No need of exchanges then (Unless you actually find valuebets there..).
Logged
kustef
Becoming a Pro
***

Karma: 8
Posts: 262


View Profile

kustef

Re: Smarkets now offering 1% "pro tier" commission
« Reply #8 on: November 13, 2018, 12:51:00 PM »

best option is search on google for 0% commision
Logged
DPG
Has experience
**

Karma: 4
Posts: 103


View Profile

DPG

Re: Smarkets now offering 1% "pro tier" commission
« Reply #9 on: November 13, 2018, 01:03:15 PM »

You can't be eligible for 0% if you go on the "pro tier".

Sad to see these changes but it was only a matter of time as all the other exchanges charge excessive commission/have daft commission structures aswell.

There is also the fact there is a conflict of interest for the exchange owners involving the Smarkets market makers and any big pro traders. The two are incompatible. Smarkets was never going to last as a fair exchange when they have to protect their own market makers.
« Last Edit: November 13, 2018, 01:13:48 PM by DPG » Logged
Shawn2k
Gaining experience
*

Karma: 3
Posts: 85


View Profile

Shawn2k

Re: Smarkets now offering 1% "pro tier" commission
« Reply #10 on: November 13, 2018, 02:10:32 PM »

These new limits is a bit special: If you place 10 equal bets at the same outcome\event, it counts as 10 bets, not 1 bet (i.e 10 bets at Man Utd for 1 pound each, totally 10 pounds). And they count as 10 bets even if they don't get matched.

The stake also counts for placed bets, not matched bets.

From their FAQ: "It’s important to note that these metrics are based on all bets placed, whether they are unmatched, partially matched or fully matched. The Standard Tier limits are based on the initial bet placement".

...so for bots, traders & players with a certain volume (or 0,2% of their players as they claim), Pro Tier will be hard to avoid.
« Last Edit: November 13, 2018, 02:31:13 PM by Shawn2k » Logged
ulfi
Gaining experience
*

Karma: 1
Posts: 10


View Profile

ulfi

Re: Smarkets now offering 1% "pro tier" commission
« Reply #11 on: November 13, 2018, 07:27:49 PM »

after matchbook now the beginning of the end for smarkets.

their only chance to come closer to betfair was: a fair exchange, based on volume, not on profits.

but they chose profit too, like betfair. so why playing on them when at least betfair have to fullest markets?

betfairs monopoly will get stronger, till a good bitcoin exchange will appear.
Logged
campeones
Has experience
**

Karma: 9
Posts: 157


View Profile

campeones

Re: Smarkets now offering 1% "pro tier" commission
« Reply #12 on: November 13, 2018, 08:18:58 PM »

...so for bots, traders & players with a certain volume (or 0,2% of their players as they claim), Pro Tier will be hard to avoid.

Smarkets is very aggressive against the use of bots. They go to extremes when they see bots because they know that bots are beating their market makers easily and in the end they lose money.
Unless you have a secret niche I suggest you avoid beating them with bots.
Logged
DPG
Has experience
**

Karma: 4
Posts: 103


View Profile

DPG

Re: Smarkets now offering 1% "pro tier" commission
« Reply #13 on: November 14, 2018, 08:35:48 AM »

The whole beauty of an exchange is being able to trade to lock in profits. Not feasible to pay commission twice for me.

What's the best bitcoin exchange? Is it fairlay and can you use it from the UK?
« Last Edit: November 14, 2018, 08:49:02 AM by DPG » Logged
arbetour
Gaining experience
*

Karma: 1
Posts: 32


View Profile

arbetour

Re: Smarkets now offering 1% "pro tier" commission
« Reply #14 on: February 15, 2019, 03:15:02 AM »

Now they say they can apply it (1% both sides) at any time without warming  >:(
Logged
Pages: [1] 2
Print