A 2% commission rate at Betfair? Is that even possible?
In this article, we’ll check out the new My Betfair Rewards scheme, what if offers and how you can benefit today.
Read on to find out more.
For a while, Betfair has charged a significantly higher commission rate to punters than the likes of Smarkets and Matchbook.
Betfair does run a loyalty scheme. However, most punters never meet the high volume targets to gain any meaningful incentives or lower commission rates.
With the competition making inroads on Betfair’s market domination, Betfair decided to make some changes.
Last month, Betfair added a new feature to their rewards scheme. They now offer punters the chance to select commission and bonus rates via different plans.
But what do these plans offer and do they compete with the likes of Smarkets?
What is My Betfair Rewards?
My Betfair Rewards offers punters the chance to pick their own bonus and commission package. Different plans have certain bonuses and varying commission rates.
There are three new plans including:
In the Rewards+ package, you have the following features:
- 10% refund on losses
- One £10 free Acca each month
- Eligible for Cash Race and extra prizes
- 2 free plays on Beat The Drop
- 8% commission rate
As you can see, this package has a number of interesting features. The Cash Race is a feature that lets you win money by reaching certain targets.
Beat The Drop is a Betfair game where you answer questions and win money. With the Rewards+ package, you get 2 free plays on this game.
Whilst these features are great, we’re mostly interested in commission rates for your betting strategy.
With this package, you pay an 8% commission rate. This might seem quite high, but you’re getting quite a few other bonuses by selecting this plan.
If you’re just interested in a low commission rate, look at the plans below.
What about the Rewards plan?
The second plan is called Rewards. With this plan, you have:
- One £5 free Accumulator each month
- Eligible for Cash Race without extra prizes
- 1 free play in Beat The Drop
- 5% commission rate
With this package, you pay the standard Betfair commission rate of 5%. However, you won’t receive a 10% refund on losses and you only get a £5 accumulator each month.
Check out this article, for more information on how to profit from accumulators.
Last but not least, Betfair also offers a Basic plan. With this plan, punters don’t have access to any bonuses or refunds. Instead, you will just qualify for a 2% commission rate.
I imagine this will prove very popular with matched bettors and other punters looking to access a low commission rate.
If you don’t want to, you don’t have to opt-in to the My Betfair Rewards scheme, you can continue using the Betfair Exchange as you have done previously.
However, if you use the exchange at all, I suggest you opt-in to the Basic plan.
So which reward plan should you use?
The main question you’re probably asking is which reward plan to use.
Ultimately, this comes down to how you’re going to use the Betfair platform. Looking for bonuses and refunds? Then the Rewards+ package is going to best-suited for you.
If, however, you love using Betfair but just want a lower commission rate, then the Basic plan will probably suit your needs.
If you feel a plan is not working for you or you’re not getting the most from it, you can also change your plan at a later stage
Whatever you decide, make sure it’s right for you. The right plan for me may be very different from the right one for you.
Remember, before opting into anything it’s important to read the terms and conditions before depositing any money.
Why a 2% commission helps in your betting
As I mentioned earlier, Smarkets have long been the industry leaders in terms of commission rates. This has a significant outcome on your betting.
When placing bets at a betting exchange, you are charged a commission rate on any net winnings. Obviously, the lower the commission rate, the more profit you take home.
This is crucial in certain betting strategies like matched betting, as we’ll see below.
Matched betting and commission rates
If you’re new to matched betting, then you might not know how important a lower commission rate is for your profitability.
But it’s a vital matched betting tip that really makes a difference in the long run.
For more information on how a lower commission rate affects your profitability, check out this article.
Should you use Betfair now?
So the question is, should you start using Betfair now they’ve brought out the new My Rewards feature?
It’s up to you. The new commission and bonus structure certainly makes the platform look very enticing to new punters.
With Betfair now on par with Smarkets in terms of commission, there’s really not a lot to choose between them.
Let me know your thoughts on the new My Betfair Rewards scheme by leaving a comment below right now.