I deposited $2,500 (max) into Matchbook today via MoneyGram. Not only do they not cover the $9.95 fee that other books do, they also took 3.2% of my deposit ($80) and added it to my commission credits. What do you guys think of this?
Sure, I know the fees are only $10, and also, that if I play enough, I'll get those credits returned to me and you could argue that the amounts are de minimis, but on principle, isn't that a little strange? Don't most books just absorb the 3rd party fees? Some books don't if it's under a certain amount, but I deposited the max - isn't that a good thing? If I were to lose it all before winning, then that would be basically taking $80 away from me that I could never use. This was their explanation, but I dont' really understand.
Katya<TSTAMP (04:21:31 pm) tstamp> : </STRIP_FOR_PLAIN>The reason that we do not return all of the fees, is because we are not a sportsbook but a betting exchange.
<STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:22:06> : </STRIP_FOR_PLAIN>our profit margin on games is much lower than sportsbook seeing that we only charge a commision on a net win in a market
<STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:22:41> : </STRIP_FOR_PLAIN>when you lose at a sportsbook the book gets your money, when you lose here another customer gets the funds.
<STRIP_FOR_PLAIN><O1190423409><STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:27:41> : </STRIP_FOR_PLAIN>On your net win in a market, you are charged 2% commission.
<STRIP_FOR_PLAIN><O1190423409><STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:27:55> : </STRIP_FOR_PLAIN>We refund the charge to you by taking the amount of commission owed off your commission credits balance and putting it on your account balance, as cash.
<STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:28:17> : </STRIP_FOR_PLAIN>This structure allows us to pay for all your incoming transaction costs, while also NOT imposing fees on outgoing deposits.
Sure, I know the fees are only $10, and also, that if I play enough, I'll get those credits returned to me and you could argue that the amounts are de minimis, but on principle, isn't that a little strange? Don't most books just absorb the 3rd party fees? Some books don't if it's under a certain amount, but I deposited the max - isn't that a good thing? If I were to lose it all before winning, then that would be basically taking $80 away from me that I could never use. This was their explanation, but I dont' really understand.
Katya<TSTAMP (04:21:31 pm) tstamp> : </STRIP_FOR_PLAIN>The reason that we do not return all of the fees, is because we are not a sportsbook but a betting exchange.
<STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:22:06> : </STRIP_FOR_PLAIN>our profit margin on games is much lower than sportsbook seeing that we only charge a commision on a net win in a market
<STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:22:41> : </STRIP_FOR_PLAIN>when you lose at a sportsbook the book gets your money, when you lose here another customer gets the funds.
<STRIP_FOR_PLAIN><O1190423409><STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:27:41> : </STRIP_FOR_PLAIN>On your net win in a market, you are charged 2% commission.
<STRIP_FOR_PLAIN><O1190423409><STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:27:55> : </STRIP_FOR_PLAIN>We refund the charge to you by taking the amount of commission owed off your commission credits balance and putting it on your account balance, as cash.
<STRIP_FOR_PLAIN>Katya<TSTAMP pm) tstamp (04:28:17> : </STRIP_FOR_PLAIN>This structure allows us to pay for all your incoming transaction costs, while also NOT imposing fees on outgoing deposits.