Think of Matchbook as an online betting platform (like Betfair, for example) where you can place wagers against other punters and not an individual bookie. It is different than the average sportsbook, but Matchbook is not your typical betting exchange either.
What is Matchbook commission?
Usually, a traditional bookmaker offers you slightly worse odds than possible. Through these heightened prices, they make their profit. The technical term for this is “overround.”
The Matchbook website provides us with a platform on which punters can bet against each other and not against a bookmaker. This usually means better odds for you, and for this service, Matchbook charges a small commission. This commission can be calculated with the “Matchbook Commission Calculator.”
On the Matchbook exchange, you can not only bet against someone else (not a bookmaker), but you can also bet that the other person will lose. The technical terms are “laying” and “backing.” If you back a particular horse (buy its shares), for example, if you wish the bet to go through another person needs to lay on the same horse at the same price (sell its shares at the same price). Only then the two users will be matched, and the bet will go through.
To have a successful punting career on an exchange, you need to think about factors like population, for example. If there aren't many punters using the exchange, then there are fewer chances that your bet will be matched. For now, Matchbook is doing good compared to all the other UK exchanges, but its population is still smaller than Betfair's.
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How much commission does Matchbook charge?
There is a pre-set Matchbook commission rate, which is set by the company. Not so long-ago Matchbook announced that they would charge a 2% commission rate on all sports betting that takes place on their exchange. Another part of this commission scheme is that 2% will be applied only to your winnings. Unfortunately, the 2% offer doesn't apply to all customers. If you, not a resident of the United Kingdom, Republic of Ireland, Isle of Man or Channel Island, then your commission rate will be 4%.
One of the strategies to attract new customers is to offer them promotions. One was the Matchbook sign up offer – “Time to Move Over,” which offers new users 0% commission on all sports for a pre-determined period. This promotion was also known as the “Matchbook 0 commission offer”
There are other Matchbook promotions all customers can take advantage of not only the new ones.
Since Matchbook made a significant update to its app, users have been happy. They introduced a better user-friendly experience and a performance boost, which helps with the faster loading between menus and markets. You can get the app from Matchbook's official website. From there, you can choose which app you wish to download and click on the embedded link.
There are two available apps – one for iOS and two versions for Android. The reason for the two versions of the same app is strictly territorial. The residents of the UK & Ireland have a separate app than the rest of the world.
You can only access the app from specific points in the world. For that reason, the “Location Services” setting on your phone needs to be turned on while you are using the app.
If you don't have an account, you can open one through the application as well, and if you have a Matchbook Bonus Code – CASHMATCH, you can add it to the registration form to receive your welcome bonus.
Pros and Cons
Frequently Asked Questions about the Matchbook Commission
Q: What is an unmatched bet?
A: This is a bet which for whatever reason, no one with an opposing opinion decided to bet against you. In these cases, the bet will stay open as an offer, and the only way to remove it from the market is if you cancel it manually or the market closes.
Q: What is the minimum bet requirement on Matchbook?
A: There is a £0.10 minimum requirement across all sports and markets.
Q: How much is the commission on accumulator bets?
A: There is no commission on ACCA bets.
Q: What is the commission formula on Matchbook?
A: Matchbook uses this formula to calculate your commission: Commission charged = ((stake * odds) – stake) * commission rate. You can use it to see exactly how much commission you will pay on a certain bet.
Q: What documents do I need to verify my identification?
A: Matchbook uses both an address and a photographic ID verification. You can submit any of the documents listed below for the ID verification:
- Both sides of your Driver’s License
- Both sides of your National ID card
- Full Passport
For the address verification, you can submit any Utility or Tax bill or a Bank statement that shows your full address, and it is less than three months old.
Our Conclusion – Competing for the top
Matchbook had always had a unique view and practice when it came to commissions. Recently though, they decided to “even the odds” and changed their commission plan to suit the market and collectively, alongside other competitors, challenge the market leader – Betfair. Since then, Matchbook has become more popular and has attracted new customers.
They released a fully-functioning mobile app almost right away, but it wasn't something special because it had many quirks they needed to fix. After one of the latest updates, they fixed the issues and introduced a new design that is more user-friendly. The app didn't attract anyone then, but now it is undoubtedly an asset.
Unfortunately, for now, Matchbook doesn't offer live-streaming like some of its competitors. The benefit of watching how the events in a match turn out is something many customers rely on when placing their bets, especially if they would like to use the Cash Out option.
Overall, Matchbook is on the path, and they even might knock down the market leader if they continue advancing, the way they have this past year.