Big news for many of you! Betfair rewards have just changed in a big way for everyone…
Yesterday they went main-stream with their tri-level rewards plan. Until now it was only available to a select pocket of customers (as a trial). Depending on your activity type, you’re now able to choose a rewards plan to fit account activity.
For aspiring traders, this is a pretty big deal with a 2% offering on the most liquid betting exchange. All the specifics are explained below.
Betfair Rewards Changes:
The changes are pretty clear, laid out in the table below…
To select your rewards plan, you’ll need to opt-in via the destination listed below:
Login to Betfair.com > My Account > Promotions & Rewards > My Betfair Rewards
A word of warning; be careful in your decision as it may not be easily reversed!
Default Rewards:
As of the 1st of October, you have 30 days to select your plan. After this, you will be enrolled in the middle tier by default. This plan is reflective of the standard Betfair Commission rate.
For anyone serious about trading, you’ll almost definitely want to select the new 2% plan.
Rewards Changes for Trading…
As traders, the revised rate of 2% is a big change to the bottom line (unless you’re a premium payer). The benefits far outweigh the chance for a few free spins on the casino…
The nature of trading ensures users turn over a large number of bets. Even on lower stakes, the numbers add up. By lowering the rate it leaves more in the end-users pocket, potentially increasing the amount turned over. So it begs the question – could this increase liquidity?
Possibly, although I don’t think it’s likely to in a massive way…
If nothing else, Betfair just put the brakes on growth for smaller competitors aiming to offer a lower-commission model. Now there’s the option to use a highly liquid exchange and get a lower rate.
For anyone that’s matched betting this is also a hefty perk, particularly when trying to get bets matched earlier in the day. It’s win-win.
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18 thoughts on “NEW Betfair Rewards Scheme? 2%”
How can anyone make money on the rewards+ plan? If you choose that you are branding yourself a mug!
I think its likely the 8% will appeal to the recreational punters mainly if any.
I will choose Basic.
I presume that for premium charge payers, 8% would actually be beneficial? It would increase the amount of commission one pays and thus reduce the charges, plus add in a couple of bonuses.
Ye, except did you see the T & C apply bits added to most those new rewards? PC payers won’t be benefiting from this :). I think you’ll also find PC payers are gubbed by default on the SBK so there’s no hope of getting anything on anywhere.
Caan,
I’m getting close to using up my 1K premium charge allowance, so I thought a higher commission would simply be offset from my future premium charge bill.
Your post suggests I have missed something in the T&C’s regarding premium charge payers?
What does it say?
Thanks,
Carlo
If you anticipate being a ‘future’ premium charge payer it’s not a bad line to take, Carlo. My comments were in reference to existing PC payers.
Having gone over my previous 6 months figues on Betfair, it is clear with no ambiguity that the Basic 2% is the choice by a long way compared to the first two choices. It will also enhance profits for most on here.
Yes Mike, highly likely. I know you’re onto the trading serious so it was only ever going to be the option for you…
I think they do this to make most exchange traders/gamblers feel like they are in control so they persuay some lost costumers to come back.
Also getting some market share back from betdaq,smarkets etc.
It is a smart move and I am affraid we never het rid of the premium charge.
They try hard to get market share back but neglect the bigger players.
Wish you a great weekend Gaan!
I agree with this whole heartedly Marc. Maybe it’ll bring some more liquidity back to the table too?
This move is clearly aimed at recovering traders who have moved to Smarkets and Matchbook for their lower commission rates. Betfair might offer greater liquidity in the markets but this is not really an issue for the average bettor. Here is a sure-thing wager: when Smarkets and Matchbook have folded their tents Betfair’s commission will go back to 5%, and higher for the more successful traders. I’m tempted by Betfair’s offer and I’m going to opt-in for the 2% commission level, but I’ll continue to use Smarkets for the vast majority of my wagers.
Very fair feedback, sure you’re right about later hikes too.
8% is scandalous I chose 2% last year and did not look back!
Yes, the 2% option is by far the best for serious users.
I have just unfortunately fallen into the chargeable bracket for the premium charge. I have a strategy that is proving successful at the moment for which I need liquidity in the market. Therefore, I see Betfair as my only option. Do you have any pearls of wisdom or do I just have to ‘suck it up’?
I presume that for premium charge payers, 8% would actually be beneficial?
How can this be so?
For me it’s not available in my account settings…
Maybe it’s because i rarely use Betfair or some country restrictions for this reward scheme?