Online betting exchange Smarkets has confirmed the introduction of a new ‘1% pro-tier’ commission operating across its platform, supporting ‘market-maker’ traders.
Yesterday, Smarkets Chief Executive Jason Trost announced the betting exchange’s new commission structure on the firm’s corporate blog – stating that it would support ‘fairness and transparency’ for players across its platform.
The commission restructure sees Smarkets realign its player commission rates, which to date have operated on a long-running 2% commission for all customers across all markets.
The betting exchange states that its pro-tier will remove big imbalances in the values of commission paid by certain customers, regardless of wagering volumes transacted.
Updating customers, Trost outlines that the changes will significantly improve exchange conditions for market maker traders operating on low margins.
“Market makers, in particular, play the crucial but difficult role of pricing hundreds of markets at a time, with tight margins, to the benefit of all. This balance of fairness is critical to attracting that market-making activity so that as an exchange we can continue providing a better ecosystem and low transaction fees for all users.”
Smarkets details that the changes will only impact approximately 0.2% of its players, based on current projections.
The betting exchange introduces its new commission structure this week, and has published an FAQ document outlining its proposed changes.
Trost added: “As an exchange trader myself, I am proud of the world-class platform we have built to date and I hope we can continue to work together to ensure that with every step we get closer to what I created Smarkets for a decade ago: using innovative technology to create the best and fairest exchange in the industry.”