Matchbook transfer fees, can someone explain them?

Journeyman · Nov 15, 2005

Just want to double check this...this is from their website.

Matchbook's philosophy on costs is simple: we believe in eliminating them wherever possible. As a result, we decided to absorb transaction fees entirely, but in such a way that they're offset against your future commission costs. So the bottom line is if you're paying commissions at Matchbook, you're not paying transaction fees.

On the deposit side, Neteller and credit-card fees are currently reimbursed via Commission Credits as follows:

<TABLE cellSpacing=0 cellPadding=9 border=0><TBODY><TR><TD>Neteller</TD><TD>$29 in Commission Credits per $1,000 deposited</TD></TR><TR><TD>Credit card</TD><TD>$49 in Commission Credits per $1,000 deposited</TD></TR></TBODY></TABLE>
For withdrawals, remember that Matchbook never charges a fee for Neteller or bank-check withdrawals, and there is no maximum number of withdrawals over a given time period. (Bank wires do cost a small but varying amount, depending on destination.)

Journeyman · Nov 15, 2005

When you send $1000 do they take out 29 right off the top, then credit your next 29 in commisions, is that how this works?

Phigment · Nov 15, 2005

Journeyman said:
When you send $1000 do they take out 29 right off the top, then credit your next 29 in commisions, is that how this works?

Yes.

Journeyman · Nov 15, 2005

thanks Phigment

Woody0 · Nov 15, 2005

You deposit $1000 from your NETeller account and $971 is put in your Matchbook account as cash and $29 as commission credits.

Since commission is 2% on winning bets you can now win $1450 before you pay any fees (since the fee is taken from your credit).

NETeller withdrawals are free.

Can't comment on what Maryland residents do since I (fortunately) don't live there. :howdy:

SportSavant · Nov 15, 2005

2% commission on winning bets?

is this commission charged on the STAKE amount aswell as the TO WIN amount?

or is it only charged on the TO WIN amount?

Fishhead · Nov 15, 2005

SportSavant said:
2% commission on winning bets?

is this commission charged on the STAKE amount aswell as the TO WIN amount?

or is it only charged on the TO WIN amount?

2% on WINNING wagers only.

For example, on a +150 dog, if you wager $100 to win $150, you will be charged $3 if it wins(2%) and nada if it losses.

Omni · Nov 15, 2005

Only the amount you win SportSavant. (And if you scalp both sides of an event, it's only 2% of the scalp profit and not 2% of the winning side of the scalp.)