At the beginning of October 2019, Betfair introduced a brand new rewards program which gives all customers the choice of three plans, each with various benefits including a new lower commission rate of just 2%!
Since Betfair Exchange launched back in 2000, it has been considered the biggest and best betting exchange by many in terms of available markets and liquidity. One aspect of Betfair Exchange which has perhaps let other betting exchanges compete in the market is their above-average commission rate of 5%. However, with the new Betfair Rewards program, customers can get a new lower rate of just 2% along with additional benefits depending on the plan they choose.
Customers can choose one of three plans with the basic details of each plan being listed in the table below.
As you can see, there are pros and cons for each plan. With the Basic plan, you get the low commission rate of just 2% but you are excluded from promotions. With the Rewards and Rewards+ plans, you get access to promotions and some additional benefits but pay a higher commission.
Below is an image which may help you compare plans and decide which one is right for you.
We expect the majority of Betfair Exchange users to opt for the Basic plan due to the huge difference in commission rates. If you’re a matched bettor or trader then it’s likely that you’ll be making a large number of lay bets on a daily basis and a difference of 3% commission is additional profit on each trade. There may be a small number of customers who do not place a large number of exchange bets and choose to participate in some of Betfair’s promotions such as their 3/1 horse racing offer on ITV races which is very popular. These users may opt for the middle ‘Rewards’ plan which isn’t too different to what the majority of customers were getting prior to Betfair releasing Betfair Rewards.
How to Choose your Betfair Rewards Plan
Betfair Rewards was introduced at the beginning of October 2019 and customers have until 31st October to select which plan they would like to be on. If you do not select a plan before this date, you will automatically be enrolled onto the Rewards plan and as this is similar to the terms prior to Betfair Rewards, you shouldn’t see much difference apart from the addition of a £5 free Acca bet each month and the other perks listed in the table above. However, if you don’t select your plan before the end of October, don’t panic as you can change which plan you are on simply by contacting Betfair support.
To select your plan, simply log into your Betfair account and head to the Betfair Rewards page by clicking on ‘My Account’ > ‘Promotions & Rewards’ and then on ‘My Betfair Rewards’.
You’ll see the three available plans along with details of what you get with each one. Simply click on the ‘Select Plan’ button next to the corresponding plan and you will be enrolled onto that plan. The exchange commission of the plan you select will take effect immediately and so if you chose the Basic plan, you can enjoy 2% commission from that point onwards.
Should you wish to change the plan you are on at any point, simply contact Betfair support who will action the change. Change of plans can be requested at any time and will take effect onthe 1st day of each month.
Betfair Rewards Summary & Additional Information
1. You have until the end of October 2019 to select a Betfair Rewards plan. If you do not select a plan before this time, you will automatically be enrolled onto the ‘Rewards’ plan which has a commission rate of 5%
2. If you wish to change your plan, contact Betfair support. Changes to plans take effect on the 1st day of each month.
3. If you currently receive a discounted rate on Betfair Exchange to Betfair Points, this will not apply whilst you are opted into a Betfair Reward plan.
4. In order to receive the additional bonuses such as the Free Acca Bet and the 10% Refund on Losses, you must meet the minimum bet requirements each month. You are required to place bets in at least 20 Exchange markets each month to receive the rewards.
5. The maximum amount you can receive each month from the 10% Refund on Losses perk is £100.
6. Refund on losses and free bets are credited on the 1st of each month should you be eligible to receive them.