Today I received an email from BetDAQ stating that there will be a flat 2% commission paid (on winning bets) by those who offer a price on the exchange. This is similar to maker-taker in the financial markets where traders are given a rebate for offering a price rather than crossing the spread and taking a price.
Anything that reduces commission for traders can only be a good thing. There needs to be more exchanges, competing on commission, price and liquidity.
From BetDAQ's announcement...
From BetDAQ's announcement...
- You still only pay commission on winning markets.
- A bet offer is any bet that doesn't automatically match a pre-existing offer from another customer when it reaches the exchange. It becomes available for another customer to match.
- Where your market winnings are derived from offers you made on the exchange you will be charged a flat 2%.
- Where your market winnings are derived from matching other customer's offers you will be charged your normal commission rate.
- If you have winnings on a market where you traded with a mixture of offers made and taken then you will have a weighted average rate applied based on the back stake from your winning bets in the market (all losing bets in the market are ignored).
- Where a bet is part matched initially by an existing offer it will be treated as two separate bets, the first part taking another customer's offer and the remainder with you as the maker of the offer.
- The new changing structure applies to all sports, events and markets on BETDAQ from October 1st.
