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Smarkets now offering 1% "pro tier" commission

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arbetour
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Smarkets now offering 1% "pro tier" commission

Mon Nov 12, 2018 10:00 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  ???
dealer wins
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Re: Smarkets now offering 1% "pro tier" commission

Mon Nov 12, 2018 10:44 pm

Like matchbook only half price!

Better than premium charges, but still short sighted as it will hinder their growth, liquidity and their reputation!!
Never trust a goose!!!
Alfa1234
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Re: Smarkets now offering 1% "pro tier" commission

Mon Nov 12, 2018 10:53 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.
DPG
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Re: Smarkets now offering 1% "pro tier" commission

Mon Nov 12, 2018 10:54 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 edited by DPG on Mon Nov 12, 2018 11:01 pm, edited 1 time in total.
arbetour
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 6:42 am

That's worse than I thought, it's on every single bet? Fuck sake, so trading is impossible their now  :'(
Shawn2k
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Smarkets introduce Pro Tier

Tue Nov 13, 2018 8:02 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 edited by Shawn2k on Tue Nov 13, 2018 10:13 am, edited 1 time in total.
neopas
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 9:50 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
Shawn2k
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 10:19 am

Alfa1234 wrote: 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..).
kustef
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 12:51 pm

best option is search on google for 0% commision
DPG
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 1:03 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 edited by DPG on Tue Nov 13, 2018 1:13 pm, edited 1 time in total.
Shawn2k
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 2:10 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 edited by Shawn2k on Tue Nov 13, 2018 2:31 pm, edited 1 time in total.
ulfi
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 7:27 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.
campeones
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Re: Smarkets now offering 1% "pro tier" commission

Tue Nov 13, 2018 8:18 pm

Shawn2k wrote: ...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.
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Re: Smarkets now offering 1% "pro tier" commission

Wed Nov 14, 2018 8:35 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 edited by DPG on Wed Nov 14, 2018 8:49 am, edited 1 time in total.
arbetour
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Re: Smarkets now offering 1% "pro tier" commission

Fri Feb 15, 2019 3:15 am

Now they say they can apply it (1% both sides) at any time without warming  >:(

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