Betfair have launched My Betfair Rewards, a new rewards scheme for both new and existing customers.
Customers can now select one of three different packages which include a range of different account benefits.
It’s an interesting development for matched bettors as it means we can now opt in to pay 2% commission on our winning exchange bets, instead of their standard rate of 5%.
- Select one of the three packages from the ‘My Account’ page.
- Once you opt in, you will receive the same package, each month, until further notice.
- You can change to a different package at any time by contacting Customer Services.
- Changes take effect on the 1st day of the following month.
- You will receive the Exchange commission rate, and access to the rewards, as set out in your selected package.
- Your Exchange commission rate will apply immediately after you opt in.
How does it work?
The workings of the rewards plans are very straightforward. You simply select the package you want to apply to your account and the Exchange commission rate will apply immediately.
If you want to change your plan at any point, you can do so by contacting Customer Services.
For more information about betting exchanges and how they work, please see my What is a Betting Exchange? guide.
What packages can I choose from?
There are three different packages to choose from; Rewards+, Rewards and Basic…
As you can see, Rewards+ is very much tailored towards the Sportsbook side of things, with plenty of offers and a hefty Exchange commission rate of 8%.
The Basic package is perfect for matched bettors. If you’re willing to sacrifice the Sportsbook perks, you can pay just 2% commission on your Exchange bets.
Betfair do offer some pretty decent Sportsbook offers though, so it’s a case of weighing that up against the commission savings.
The Rewards package is the in-between option. You’ll get the standard Exchange commission rate of 5% and a handful of Sportsbook perks.
How do the packages compare?
You’ve seen the detailed breakdowns of each package above, but how do they compare?
Betfair have provided the following table to help you compare the different packages at a glance…
How do I get 2% commission?
If you’re serious about matched betting and maximising your profits, the 2% commission rate is a no-brainer.
If you haven’t got a Betfair account yet, you can sign up here and get money back as cash up to £20.00 if your first exchange bet loses.
To opt into paying just 2% commission, simply visit the ‘My Account‘ section of your Betfair account and select the ‘Basic‘ rewards plan. The 2% commission rate will be applied to your account immediately and you can start making those commission savings.
When do the reward plans expire?
At the moment there’s no word on whether the reward plans will expire at any point.
The Betting Exchange marketplace is a lot more competitive now than in years gone by and commissions are getting lower all the time.
So, even if Betfair decide to rethink their rewards strategy in the future, I think we can expect a 2% option of some description.
Get 2% commission with Betfair