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Smarkets 3% commission

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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
= -£85.11
So a profitable trade now becomes a loss?


Edited by mark50

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In a nutshell I'd say "yes", based on the example given in the FAQ for placing multiple bets in a market.

My reading of the criteria for that rate of commission is it applies to "users who exceed £25,000 in net profit over the previous 12 calendar months".

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5 hours ago, freddie01 said:

That seems crazy harry_rag, Maybe worth emailing that example to them for clarification?

Nope, seems clear enough to me and doesn't impact me, mainly because I don't have an account with them! :lol

They reckon that 99.8% of their customers will be on the standard commission rate of 2% of net profit in each market so totally unaffected by this. The remaining 0.2% will be mainly high volume traders. Anyone looking to trade in that style will just have to factor that commission basis into their calculations before deciding whether a given trade is worth it or not.

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