Market Base Rate Changes
Betfair has announced a new set of market base rates for Australian racing. These changes take effect on the 7th of July, 2015. They have been made to reflect the varying fees charged by each racing body to Betfair.
Betfair’s market base rate for sports and overseas racing remains at 5%.
Instead of the 6.5% rate that previously applied to all racing, Betfair has created a three-tier system, with the new rates ranging between 6% and 8%.
The figure below shows the new base rates for horse, harness and greyhound racing for each Australian state.
Some venues now have a lower base rate, however for most venues the rates are now higher. Betfair has made these changes to reflect the varying turnover fees charged by racing bodies in each state.
How Do I Know Which Rate Applies?
If you are ever uncertain which rate applies to the venue you are wagering on, click on the rules icon at the top of the odds area:
The market base rate that applies to that venue will then be shown:
Note that Betfair market base rates indicate the maximum commission that you can be charged on a winning bet. Discount rates apply based on your frequency of wagering. For example if the market base rate is 6% and your current discount rate is 10%, then the commisison charged will be 6% * (1-10%) = 5.4%. The maximum discount rate is 60% for Australian residents.
No Credit Card Fees
Betfair has also announced the removal of fees for Australian and New Zealand currency credit cards. This means that all deposit and withdrawal methods are now free: