In December 2019, online betting exchange Smarkets introduced two new commission tiers which are predominantly aimed at heavier users.
The standard commission charge at Smarkets is 2% on net profits per market. This has long been the main attraction to Smarkets over Betfair Exchange, although with the introduction of the Betfair Basic Plan which allows customers to pay just 2% rather than 5%, many will be heading back to Betfair due to the greater liquidity in available betting markets.
Smarkets have announced the following two additional tiers:
- Pro Tier (1% Commission): Anyone who places more than 1,500 bets or stakes more than £1m in a calendar month will have to opt-in to the Pro Tier to continue trading on Smarkets.
- Select Tier (3% Commission): This tier applies to anyone who exceeds £25,000 in net profit over the previous 12 calendar months.