Mansion Charges on Every Bet not Net profit

TheNuts · Aug 10, 2005

Check out how unfair this is.

I decided to test out how their exchange settles bets last night.

I made a bet on Minnesota -120 $120 to win $100.

I then offered this same price, and it was matched, so i had Seattle +120 $100 to win $120.

I therefore made no profit or loss on this bet by this morning, however, I was still charged $1 on me " winning " $100 on minnesota.

No other exchange works like this, as the fees should be charged on Net profit of the event.

WHALE · Aug 10, 2005

Just find a different book

LGBoots · Aug 10, 2005

At least they don't charge fees on 'buy' bets that lose, which was my main fear on their new fees policy.

Rotten prices last night compared to what they were before. Hopefully prices will improve as the new system 'Beds' in .

drunkguy · Aug 10, 2005

The Nuts said:
Check out how unfair this is.

I decided to test out how their exchange settles bets last night.

I made a bet on Minnesota -120 $120 to win $100.

I then offered this same price, and it was matched, so i had Seattle +120 $100 to win $120.

I therefore made no profit or loss on this bet by this morning, however, I was still charged $1 on me " winning " $100 on minnesota.

No other exchange works like this, as the fees should be charged on Net profit of the event.

I am no exchange expert, but I thought every exchange DID work like this?

They charge you a fee per contract (or event).

zee · Aug 10, 2005

No, this is untrue. Most others charge on NET PROFIT. Which is completly different. For example, on a live tennis match @ betfair I've had ammounts in the high 20k's traded for a mere 200-300 profit. With Mansion's software, I'd probably get charged 350 on my 300 net profit. This comission system does it for me, I'm done with Mansion.

Woody0 · Aug 10, 2005

The Nuts said:
Check out how unfair this is.

I decided to test out how their exchange settles bets last night.

I made a bet on Minnesota -120 $120 to win $100.

I then offered this same price, and it was matched, so i had Seattle +120 $100 to win $120.

I therefore made no profit or loss on this bet by this morning, however, I was still charged $1 on me " winning " $100 on minnesota.

No other exchange works like this, as the fees should be charged on Net profit of the event.

Your story has holes in it, Seattle won 1:0 against Minnesota last night Tuesday August 9.

If you bet Minnesota $120 to win $100 this bet lost and you bought a losing position with no fee.

You then layed Minnesota by making an offer and so held Seattle $100 to win $120. As you made this offer you pay no fees on your $120 win on Seattle.

You state incorrectly that you "won $100 on Minnesota".

The fees are charged on any "buys" you make. Are you absolutely sure you did not setup your positions as buyer and seller in the opposite way to what you are stating above?

nimue77 · Aug 10, 2005

My fears have been realized:


Having spoken to the Sportsbook Manager on your behalf I can advise you of the following information in relation to our Sportsbook prices.<?xml:namespace prefix = o /><o

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The margin on our Sportsbook prices have indeed increased to the industry standard of -110. This will include NCAA.

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Whilst we understand this decision may have confused some of our existing players, this decision is in line with a change of business model, which we are keen to point out has not affected the availability of the low margin high limit opportunities that you have become used to when betting with MANSION.<o

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One of the main features of the change is an increased focus on our Sports Exchange, where we have now decided to offer the low margin -105 prices that you would have previously found in our Sportsbook.

Of course, if it were really -105 they wouldnt bother ferrying people into the exchange instead. It's more like -106, which isnt horrible, but I also don't like the community max thing compared to the individual max.

TheNuts · Aug 10, 2005

Yeah you are right.

I made a mistake with what I typed here.

Obviously as Seattle was the favourite last night and they were who i had -120 $120 to win $100.

Since this bet won I paid $1 commision on it.

I'm obviously not compalaining about $1. But this is an example to confirm that they are charging 1% on every bet placed not on Net Profit for a market.

Mansion confirmed this by saying:

we can assure you that we only charge 1% on net winnings on each bet that is taken, we do not charge 1% on net profit.

Woody0 · Aug 10, 2005

The Nuts said:
Yeah you are right.

I made a mistake with what I typed here.

Obviously as Seattle was the favourite last night and they were who i had -120 $120 to win $100.

Since this bet won I paid $1 commision on it.

I'm obviously not compalaining about $1. But this is an example to confirm that they are charging 1% on every bet placed not on Net Profit for a market.

Mansion confirmed this by saying:

we can assure you that we only charge 1% on net winnings on each bet that is taken, we do not charge 1% on net profit.

Thanks for correcting this.

You pay the 1% only if you are the buyer.

zee · Aug 10, 2005

wtf does "we can assure you" means when it's obviously significantly worse for the gamlber?

winbet · Aug 10, 2005

Nuts, your nuts, your nuts havent been tweaked. In a nutshell, if you buy you pay one nut per 100 nuts won, the nuts and bolts of it are all in the rules. Personally Im nuts about the place, dealing with some of these off-shore books will eventually put you in the nuthouse.