Bookmaker termsGlossary
Commission
Also known as: Exchange commission
The percentage of net winnings a betting exchange charges on settled markets. Standard rates: Betfair Exchange 2-5% (lower for high-volume customers), Smarkets 2%, Matchbook 2%. Commission replaces overround as the exchange's revenue model — markets generally settle close to 100% implied probability, with the exchange's margin coming from commission on winners.