Beware Matchbook's "Commission Credits"

[knicknut]

Hey. Just want to give a PSA to read extra closely when considering Matchbook's deposit fees.

Matchbook incurs processing costs on most forms of deposit activity, including Neteller and credit cards. Current rates (our cost) for these transactions are always shown in the "Cashier" section. When a client makes a deposit using one of these designated methods, the processing costs are held as "Commission Credits" in his/her account and credited back against commissions on a dollar-per-dollar basis, up to the total processing cost.

Having not seen much about it in the rules I read, and after misreading in the cashier that "withdrawals are always free" and seeing deposits written on top of that, I assumed deposits were free.

I'm not saying that it's wrong for them to want to have their fees reimbursed through play. I'm just warning everyone that, for every $1000 deposited, they take out at least $29 in fees. Asumming it takes $3000 in bets to have $1500 in "winnings" to incur the $30 in fees, it's like having to play a 3x rollover on a bonus even though there is no bonus. (higher for other deposit methods)

And that assumes I don't bust out before then, so if I choose to deposit more, my required play will increase proportionately. (To make matters worse, I just withdrew half my balance before noticing, so hopefully I don't bust out soon.)

I just wanted to give a PSA to all players looking at Matchbook. Now that I know about it I can find it on the website relatively easily, but I just don't want others to realize later, like I did after I went deposit crazy one day when I found a lot of good lines, that they take a 3x rollover worth of commission whether you use it or not.

(Again, I'm not saying this is unscrupulous or wrong, I just want people to be more aware of it than I was when I made my mistakes.)

[joe blow]

Matchbook is a great out.I have no problum with the way they give you credits and you can get all the free netteller withdrawals you want FOR FREE.

[LGBoots]

I don't mind Matchbook doing their Neteller deposit system the way they do.

It is still free to deposit really as when you win you pay no com until your 'deposit credits' are used up.

I suppose they do it this way to make sure you come back if you hit a losing streak

[bigboydan]

i gotta agree with you both here. i too don't have any problems with matchbook's fees. personaly, i'd rather play at mansion though.

[pags11]

great topic here...I've emailed matchbook regarding this and they are working on this...I really think it's a bad move on their part to charge the customers up front...matchbook is a great book (one of my top 3 on the net), but this really scares potential new customers from signing up...I would encourage people to email matchbook at: info@matchbook.com

I'd like to see them change this by the start of football season...

[knicknut]

I'm not saying it's an unfair. I'm just warning others so they are more informed than I. If I had realized the front-loaded fees, I would not have deposited so much (and definitely wouldn't have withdrawn some of my winnings).

I don't know what they could do differently though if they're set on their "no fees" PR move.

[pags11]

I do think it's a little unfair...I know businesses like to pass on their expenses to their customers and all, but this is so rare for sportsbooks to do...especially a good book/ exchange like matchbook...

[Doug]

It all works out, just confuses people. I guess they could just eliminate it since it doesn't bring in any money anyway, if you think about it.

[pags11]

exactly doug...

[TLD]

Right now Matchbook is in the best 5% of sportsbooks in terms of transactions fees. All withdrawals free. All deposits free with the equivalent of a trivial rollover requirement. Really the only people who end up paying anything are “hit and run” style bettors who want to deposit to make one or two bets and immediately withdraw if they win, a style which costs sportsbooks a fortune in the fees they themselves have to pay.

About the only thing better is totally free in both directions, which is an exceedingly rare policy. (Mansion comes to mind.)

If people actually complain to Matchbook about their very generous transaction policies and prevail upon them to change them, I doubt it’ll be to the Mansion policy. (And if it is, who’s to say that won’t cost us in some other way, like foregoing a potential drop in the commission percentage?) Far more likely is they’d switch to something more conventional (and a lot worse) than the present policy like all free deposits and one free withdrawal per month.

Please don’t screw this up.

[freebie]

Playing with Matchbook is like losing before even playing.

deposit $1000 and before you even wager your first bet, you had lost already, because your balance is now $980 something.

[Doug]

The tradeoff is the better lines you'll get, you'll easily beat most any other book besides Pinny and Mansion on most bets. You get that $20 back on commissions not charged, it all works out.

[knicknut]

Well it's $29. So if you bust out you don't get those $29 to bet, even though you never paid any comission.

And TLD, I'd MUCH rather have the free deposits and 1 free withdrawal. It's rare that I need to withdraw more than once per month, and if I do it's better than them taking 3% of my deposit away before I even play.

[freebie]

Well it's $29. So if you bust out you don't get those $29 to bet, even though you never paid any comission.

And TLD, I'd MUCH rather have the free deposits and 1 free withdrawal. It's rare that I need to withdraw more than once per month, and if I do it's better than them taking 3% of my deposit away before I even play.

That's my whole point. Taking away your money that you haven't had a chance to wager. I know they give it back in commisions.

the point is, they take your money away before you have a chance to gamble.

[pags11]

TLD,

I agree with freebie here, it hasn't prevented me from playing with them (understand I am one of matchbook's biggest fans), but as I stated before, I think it scares potential customers away (which we need to have a legit exchange)...in the email response I received from them a couple of months ago, they said they may tinker with the number of free withdrawals one could make in a month (maybe two max, the rest you'd be charged for)...so I'd have no problem with that if they eliminated the commission credits...I know that MOST of the time you'll make it up on the back end, but not always...

[Doug]

You always retain the credits, don't you ? If you deposit $1,000 get a $29 fee, bet it all on one bet and lose, then return months later, the credit would still be there, I believe.

Anybody that plays there much at all would eventually use the credit. I haven't played there in awhile myself, I prefer Mansion, and some books that have things like team totals and parlays, but I know I'll return eventually.

I wouldn't be surprised to see them change because nobody else does it like this. I'd rather keep this structure with free unlimited payouts.

[knicknut]

That's my whole point. Taking away your money that you haven't had a chance to wager. I know they give it back in commisions.

the point is, they take your money away before you have a chance to gamble.

Yeah, I was agreeing with you, freebie. I was just pointing out that the fees were 45% more than you and the poster after you stated, so it's even worse.

[Santo]

I've taken the effort to email them in support of the existing structure, and would encourage others in agreement to do the same

[TLD]

That’s a good idea and I’ve done the same, Santo.

Perhaps if they do change, they could make it optional. So those who prefer to continue to pay zero fees can do so, and those who prefer to pay fees on at least some of their withdrawals can choose that instead.

[pags11]

keep sending those emails gentlemen...