Australian Racing Market Base Rates
are outlined in green, amber and red below:
In addition to these changes, credit card fees will also be removed on 7 July 2015. Find out more on deposit and withdrawal options, head to payments.betfair.com.au
Why is Betfair making these changes?
Racing authorities in many jurisdictions have recognised the vital role that the betting exchange plays in the wagering ecosystem and are taking steps to make it easier for Betfair to operate on their racing.
Why is Betfair increasing prices in some states?
Betfair is charged different fees to provide the betting exchange from state to state and has been absorbing the high cost of turnover fees whilst trying to work with racing authorities to make it easier to service betting exchange customers on Australian racing.
We are introducing a variable Market Base Rate (as opposed to a blanket 6.5%) across the three Australian racing codes, ranging from 6% to 8%. The changes (up and down) are reflective of the fees each racing body charges Betfair.
Our long term aim is to establish the right product fee model for a betting exchange across all Australian racing codes, enabling us to keep our MBR as low as possible.
How will I know what the commission rate is?
The commission rate (Market Base Rate) is displayed in the 'Rules' tab to the right of the market on betfair.com
and is found by clicking 'Rules' on betfair.com.au
. Tap 'Market Rules' at the bottom of the market to display the MBR on mobile (app and mobile site).
What about discount rates?
Discount rates are unaffected by these changes, customers will continue to enjoy a discount on the Market Base Rate based upon their wagering activity.
You have net winnings in a market of $200.
The Market Base Rate is 6%.
Your current Discount Rate is 10%.
Therefore the commission you pay is $10.80 ($200 x 6% x (1-10%)).