Smarkets - can it take on Betfair/Betdaq?

[smarkets]

Hi everyone - just wanted to inform you about the new deposits and withdrawals fee structure that will be implemented at Smarkets on Monday, March 12th. You can read full details here: http://blog.smarkets.com/2012/03/06/rev ... structure/

Any questions, let us know.

Thanks

[spreadbetting]

Nice timing, bringing in £10 withdrawal charges just before Cheltenham, a new angle to entice in new accounts I suppose

[mister man]

mmm charge to deposit and then charge to withdraw!!!

shame, i really had high hopes for them, but into the bin they go.

[mugsgame]

I have a question:

Why post this on our forum?

Don't you have your customers contact details?

[Boing]

If Betdaq can't make a go of it I'm not sure others can either. Especially if they charge to deposit or withdraw money, did I read that correctly or is that a wind up?

[Ethanol]

mmm charge to deposit and then charge to withdraw!!!

shame, i really had high hopes for them, but into the bin they go.

Both debit card and bank transfer deposits and withdrawals appear to be free. It seems that it's only other less popular payment methods which accrue charges.

[LeTiss 4pm]

Where does it say about charging £10 per deposit and withdrawal?

I looked on their payments page and it clearly states UK debit cards have no fees, but require a minimum deposit of £10

There's no restriction on debit card withdrawals, or fees

[smarkets]

As is clearly stated in the post detailing the new fee structure, debit card and bank transfer deposits and withdrawals will remain free, with no limitations (apart from the minimum deposit requirement). In addition to this, users are entitled to one free credit card and/or moneybookers withdrawal per calendar month. There is still a way for users to avoid paying fees and given the value that we offer through lower commission, we feel that it is fair.

We elected to post in this forum because even though we contacted our customers, emails sometimes do not get read. The administrators have been kind enough to let us respond to customer queries we see on BetAngel as well as inform you of any upcoming changes.

[herbie]

Smarkets.. As soon as you have a API up and running with a vendor or software with a DOM (ladder screen) showing volume action and excel, I will trade your footy markets. If traders have the tools they require then your business will fly. Its great that there is more competition in the market place. Good luck

herbie

[steven1976]

Smarkets, how are your market makers able to offer liquidity based on betfair markets. I presume they pay commissions on betfair of a minimum of 5% although I would suspect its higher if they are experienced market makers. If you only charge 2% how is it possible for them to offer favourable odds after commission payments on losses to betfair unless they dont pay commission on betfair. Surely long term they will lose out or have I miss understood something?