What is Betfair Commission?

Unlike some places, at Betfair you don’t pay tax on your bets. What you do however is pay commission on your winnings. On the plus side you don’t pay anything if you lose.

The top rate of commission is 5% on your net winnings, but you will often pay less than this, the more you bet – based on a points system.

Points System

The way their system works is the more points you have with them the less commission you pay. And the way you get more points, yes you guessed it the more bets you place with them the more points you receive.

You earn points every time bet with them on a market. For every ten pence of commission you pay to them you’ll earn yourself one point, that’s assuming you have net winnings. If you get yourself a loss they’ll still give you points, they call this implied commission. They work this out in the same way as they do standard commission for you. They award points equally whether you get a win or a loss.

The way they work out their commission is by taking your net winnings and multiplying that by the market base rate, and this is when your all important points come in.

They take this figure and then apply the discount you’re entitled to based on your points discount.

The points work on a sliding scale. For example if you have between 1000-2499 points you’ll get a 2% discount all the way up to over 150,000 points and you get a 60% discount.

Now there is a little caveat to this, once you get to a 20% discount you stay there until you complete the Betfair know your customer checklist of requirements.  To complete this you need to send them copies of the following –

Personal Identification –

This can be a driving licence, passport or a national identification card.

Address Verification –

Is can be a copy of your bank statement, a tax bill or a utility bill. Whichever you choose it must be less than three months old.

Source of Payment Verification –

This only applies if you have a debit or credit card registered to your account.

A copy of the front only of the credit or debit card you use.

Copy of your card statement relating to the account you use, blanking out the card numbers except the first 6 digits and the last 4 digits.

A copy of your bank statement that has the card number you use on Betfair visible, again blanking out the card numbers except the first 6 digits and the last 4 digits. This must be less than 3 months old.


Using Your Points

Now once you’ve got all of that technical stuff out of the way you can get down to using your points.

As soon as Betfair calculate your discount they reduce your points balance by 15%. This is called the weekly decay. As long as you bet at roughly the same rate every single week your discount rate will remain the same. If you bet less every week your discount rate will go down. If however you start betting more and get enough points to move up a discount level that higher discount will be applied to your account immediately.

Every three months you get yourself something called a Betfair holiday. You can use this when you go away so our points don’t decrease in your absence and discount level stays where it is for when you get home. You can only have 4 of these holidays available in your account at any one time.

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